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How to Open a Commercial Bank Account in Dubai?
For detailed information +90 542 381 3868 'Call.
Dubai boasts a world-class transportation network and a robust system of law and order. Alongside all this, Dubai is tax-free. All these factors make the city a primary choice for starting a new business. If you plan to establish your business here, you will need a corporate bank account for your commercial activities.
Stability and security are the hallmarks of the banking sector in Dubai. Along with reliability and excellent services, these qualities are what make Dubai's banks respected worldwide. As any reliable business setup consultant will tell you, if you want to run a business in Dubai, you also need to open a business bank account in Dubai and the UAE.
You need a business bank account in Dubai to:
In summary, once your business in Dubai is up and running, you will need a corporate bank account in Dubai to pay fees, receive and make payments, trade, and carry out routine operational purposes. This makes it difficult for you to conduct business in the UAE and transact with international clients without a business bank account in the UAE. Therefore, to avoid unnecessary delays that would affect your business transactions, you can contact an experienced company setup specialist like World Company Setup to help you open your bank account, so you can use your time to concentrate on other core activities of your business.
Obtain a Business License
This is the first step for company registration in Dubai. After registering your company, you will need to obtain a valid license. Without a license, none of the banks will recognize or allow you to open a corporate bank account in Dubai. To do this, you should consult reliable business setup consultants like World Company Setup.
Have the Required Documents
To open a business bank account in Dubai, you will need to submit certain documents. The documents provide proof of business, such as contracts and invoices, and information about the company's clients and suppliers. Although the list varies from bank to bank, the documents generally required to open a corporate bank account are:
You will also need to provide the buyer's name, the supplier's name, and the bank statement of the shareholders from their home country / or the UAE (if any).
Choose the Right Bank
An important yet often overlooked aspect of business setup is choosing the right bank for your requirements. You can also look at the eligibility criteria that various banks mandate to find one you can comply with. Most banks in Dubai will require you to have a residence visa and a local address in the UAE. Another thing you need to consider is the constant minimum balance you must maintain.
A study conducted by the Dubai Chamber of Commerce and Industry (Dubai Chamber) and the UAE Ministry of Economy showed that at least 65% of entrepreneurs believe banking is the biggest challenge they face when setting up a business. Opening a business bank account in Dubai can take as long as three months, which makes it difficult for businesses to start commercial activities. Some of the significant challenges of opening a corporate bank account are:
Strict regulatory and compliance requirements such as Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).
Companies in UAE free trade zones that lack office space or regulatory compliance may find it quite difficult to open a corporate bank account.
While these strict regulations implemented by the UAE authorities protect and safeguard against financial misconduct, opening a business bank account in Dubai is time-consuming and difficult. This is where World Company Setup Business Setup Consultancy can help you. With our extensive knowledge of international and local regulations, we have years of experience in dealing with banks and opening corporate bank accounts. World Company Setup is one of the leading business setup consultants offering services for opening a business bank account in the UAE.
World Company Setup can help you open your corporate bank account based on your requirements and purpose. While there are business setup consultants who offer seamless services, including business setup without having a corporate bank account in a UAE free zone, it is the entrepreneur who will bear the burden. The reality is that nearly 50% of companies in free zones are unable to open a corporate bank account in the UAE. You cannot achieve much by starting a business in Dubai without having a business bank account.
At World Company Setup, we understand our clients, their requirements, and their specific purposes, and with our complete and comprehensive business setup services, we can guide them from A to Z. This includes initial approval, document clearance, visa services, licensing, etc. Our team of experts consists of business setup consultants, experienced lawyers, PRO managers, offshore staff, and operations personnel to facilitate business setup. Our foundation is built on relationships and sustained by continuous innovation and productivity, and the trust that makes entrepreneurs who want to open a business bank account in Dubai smoothly rely on us.
Contact us now for a free consultation to learn more about opening a business bank account in Dubai, UAE. Our dedicated team of company formation experts is ready to assist you.
Dubai has always attracted entrepreneurs from all over the world. Thanks to its vibrant economy and large immigrant population, Dubai is attracting more than its fair share of investors who are eager to start a business and need to open a commercial bank account in Dubai.
+90 542 381 3868
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