Business Bank Account Dubai
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Opening A Business Bank Account In Dubai
Transactions have become a necessity to not just take part in any business activity but also required to run day-to-day tasks. So if you are opening a business in a different country, holding a bank account in that particular country will give you extra benefits when transacting. Business setup consultants like Cohub can make this process super easy and quick to ensure a smooth start for your business.
Opening A Business Bank Account In Dubai For Non Residents
For non-residents that wish to set up a business in Dubai, it will be highly beneficial to hold a bank account in the concerned city i.e Dubai. You are not only entitled to offers that are specific to the region and catered to the people there but you will also have the ease of making transactions. The city’s banks will be more inclined to provide account holders in their banks with better interest rates for loans and other beneficiaries.
Things You Should Know !!
Processing Time
The usual time taken for processing digital applications is 14 - 25 working days and maybe more for in-person applications subjective to each case.
Online Application
Non residents can easily start the bank account procedure online with the help of Cohub. Virtual presence through an online video/phone call will be required.Post the bank's approval of your application, you will be required to physically appear in Dubai to sign the account opening form.
Eligibility Assessment
Our team of banking experts will assess your business activities, yearly turnover and availability of initial deposit for account opening. This survey will aid our team to suggest the most suitable business bank account Dubai based on your requirements.
How To Start A Business Bank Account In UAE?
Once you have acquired all related documents which we will cover below, you can proceed with the process of setting up your corporate bank account. Make sure to visit various banks and see the type of benefits and offers each bank will offer you and which one will best suit your company. You will be asked for further details other than the documents and details mentioned below depending on the bank you choose to hold an account with.
Requirements/Steps To Open A Business Bank Account In Dubai
We will take your through all the formalities and documentation you must be prepared for before we process your corporate bank account opening. The documents may vary among Mainland, Freezone and Offshore business bank accounts but here’s an overview of the basic set of documents you will need to set aside to move ahead. :
- Valid passport or ID along with the UAE residence visa and Emirates ID of all signing authorities and share holders, if applicable
- Submit legal & supporting documentation (I.e. Business licence, MOA or AOA, Partnership agreement, and certificate of incorporation)
- Board resolution or the Power of attorney, if applicable
- Address proof of all signing members
- Required details of ultimate beneficial owners
- Reference letter of bank and company profile, if applicable
- Audited financial statements have no requirements
- If a shareholder has a company outside of the UAE then the corporate legal documents and bank statements of said company are required.
Benefits Of Corporate Bank Account In Dubai
Any country or city will provide their residents or even non-residents with more offers when the individuals make use of the services that particular city provides. This also applies to the banking sector. Hence, banks provide many lucrative offers and facilities for potential customers to choose from.
- Business accounts can remain confidential
- Safe and reliable banking services for seamless business activities
- Online banking facility to ensure all business related transactions undertaken remotely
- If a business/client/customer wishes to transact with you, they will be more inclined and less sceptical to make payments to your account if it is a bank they are familiar with.
- Easy withdrawal and deposit of money
- There will be low upkeep costs that will be required to maintain your account.
Cohub's Expertise In Opening A Corporate Bank Account In Dubai (UAE)
Our expert team will make your bank accounting opening seamless however ,it is important to be aware of the burdens and obstacles you could face in the process of applying and hoping for corporate bank account to operate your business in UAE.
- Seamlessly procuring approvals for a business account opening, especially in high risk areas.
- Choose a bank with lowest initial deposit or no minimum balance (if applicable) to help you save on initial setup costs.
- Trustworthiness is essential for officials to have faith in allowing to operate a business in their territory.
- An actual local office space address is required. Another thing which Cohub can help you with.
Open Your Account With Few Simple Steps
With a multitude of banks offering different rates of interest and security, it will be quite confusing to choose a bank that is a good match for your business to make your company formation journey efficient. In such an event, Cohub will make the entire process of finding the best-suited banks much easier. Research data of all the banks and offers they provide, the documents that will be required by you, banks that provide good rates for loans, interests and rebates along with any other company banking establishment needs will be taken care of by Cohub.
Speak To Our Banking Experts
Frequently Asked Questions
Yes, with the documents mentioned above along with some extra details depending on the bank you want to make an account in, you can open a business account in Dubai.