IBM Global assists you with the corporate bank account opening in Dubai, guiding you through each stage and ensuring you are having a hassle-free experience.
Dubai is considered a dreamer's paradise by businesspeople around the world. The regulations and policies of Dubai's government facilitate business growth. This results in success stories of individuals who were not hopeful upon arriving but became millionaires after diligent work.
A corporation is an independent legal entity. It can do most of what an individual can do, including opening a bank account. Corporations always have someone acting on their behalf, even if it is not the majority shareholder. A company's treasurer typically opens its corporate bank account. During the process, the treasurer brings the corporate resolution authorizing him to open the account to the bank.
In a corporate bank account, there will usually be a list of authorized signers, including shareholders. Regular business accounts are often closely associated with the business owner. As long as the business does not have its own legal entity, such as a sole proprietorship, it will be a personal account named as a business.
Businesses in Dubai can offer assistance and support in setting up the business and starting their operations there. A variety of legal structures, requirements, and trade licenses will be required for different business types. Setting up each type of company, i.e. Mainland, Free Zone, and Offshore are all different. Additionally, you won't need a license if you're setting up a commercial or a professional business.
Read More Setting up a company in Dubai requires opening a corporate bank account. Even though the procedure is simplified, a reputable business setup service in Dubai will be needed to handle the formalities and open a bank account. People are often unclear about the process, which creates confusion. All types of companies can open corporate bank accounts in the UAE. The bank will need to review the documents including a business license and other certificates and approve them. Documents proving the identity of the individual will also be included.
If the stakeholders include individuals from foreign countries, the documents must be notarized and attested in their home countries. Apostilled documents are sent to the Ministry of Foreign Affairs (MOFA) in the UAE after attestation at the home country's ministry and UAE Embassy. MOFA performs the final attestation. Upon attestation by the MOFA, only foreign certificates and documents will become valid. In order to reduce risks, the Central Bank has established certain criteria for scrutinizing applications. In the course of opening the account, the expected turnover, the company's business area, and type will be verified. If you establish an offshore company, it will be highly restrictive. Tax evasion and similar frauds should be avoided.
Dubai banks are extremely popular due to their high level of privacy. Secrecy is one of the main factors contributing to the success of UAE banking, making it efficient and secure for your funds. As an investor, you can rest assured that your privacy will be respected. UAE and other countries have signed several agreements in recent years to combat tax evasion. As a result of these agreements, while firmly protecting privacy, some banks are required to share information with foreign authorities.
Read More You can always apply for a corporate account with local banks if you have a UAE Company (LLC, Free Zone, Offshore) or a registered branch or subsidiary company in the UAE. In addition, you can open an account with international banks, such as HSBC, Standard Chartered Bank, Citibank, but for SME and startup companies, a local account is preferred.
So, when you've decided which bank to apply to, your next question is whether you need to be present to submit the application. The local banks are more appropriate and suitable for you if you have a startup or SME company registered in UAE. More specifically, your presence as the banker is required just for a day or for 1 to 5 hours for submitting the application and verifying the passport. To comply with UAE law, you must provide documentation that shows business activities, the number of shareholders, the expertise of the management, and the business plan.
From April 14, 2012, the use of the International Bank Account Number (IBAN) is mandatory for all electronic payments and receipts within and outside the UAE (except for making payments through a credit card). IBAN is unique to the account. So, you will have a distinct IBAN for each of the accounts you hold in the same or different banks. Banks are required to inform their account holders of their unique IBAN.
Individuals and corporations alike can benefit from opening a bank account in Dubai. Establishing a company in the UAE is a major requirement for opening a corporate bank account in Dubai. A bank account in Dubai opens up a world of opportunities and can facilitate your international and local trading and service needs.
Read More Getting a Dubai bank account offers you the following benefits:
> Full confidentiality is guaranteed in banks in Dubai.
> The transfer of capital to and from Dubai is easy and reliable.
> Secure online and phone banking
> International banking services
> Almost all types of currency exchange options
> Personal, business, and auto loans
> Unrestricted credit cards
> Affordable rates
> Foreign exchange
> Joint accounts
> ATM services
Client Relationship Managers (minimum balance requirement).
Although opening a bank account for an offshore company registered in the UAE is less expensive, it is extremely difficult. The minimum balance and initial deposit requirements are also higher. Since the company account is not considered a resident account, it is constantly monitored for compliance.
In the UAE, opening a bank account for an LLC or a Free Zone firm typically takes 2 to 4 weeks.
Corporate accounts allow businesses to save money for the future. Some businesses utilize these accounts to keep their cash on hand for future transactions. Financial: A corporate account may be used to manage everyday banking transactions such as vendor payments and new item purchases.
A corporate account is a general word for a bank account used by businesses to hold their funds. Business accounts are commonly used to refer to corporate accounts. They can be used for banking, investing, and saving.