Corporate Bank Account Opening in the UAE

August 31, 2022 Samantha Platon Comments Off

Corporate Bank Account

Now that your business is registered, what’s next after the company trade license is issued?

Just as important as it is to conduct business legally in the UAE with a valid trade license, having a UAE corporate bank account is equally critical.

The UAE’s modern and reliable banking system, stable local currency, absence of currency controls, and convenient account management from any part of the world make it one of the most attractive countries in which to operate your company’s banking service.

Bank Account Opening in Dubai, UAE

The procedure for bank account opening in Dubai varies. Depending on the bank and in recent years, the application process in banks within the United Arab Emirates has become quite stringent.

Physical presence is necessary as it is a legal protocol for the financial institutions of the United Arab Emirates that the shareholders & managers be physically present in the UAE for the corporate bank account opening. In their absence, a Power of Attorney and/or Board Resolution must be in place. The reason behind the required physical presence is that an original/wet signature on the application documents and personal identity confirmation is mandatory as part of the compliance requirements of the UAE banks.

Documents Required for Dubai Bank Account Opening

The common documents required to open a corporate account with individual owners are:

Passport, Residence Visa, and Emirates ID Copy of Shareholders/Managers
Trade License, MOA (Memorandum of Association)/AOA (Articles of Association), Share Certificate of the applicant company
Power of Attorney/Board Resolution if applicable
Ejari or tenancy contract with Utility bills (For UAE Residents)
CV or Profile of the Shareholders/Managers
Bank Statement for last 6 months of shareholder or associate company owned by shareholder anywhere globally
Business Invoices, Trade Agreements, or Contract Copy for new or associate companies of shareholder (If Any)
Company Profile and Business Model
Online or Digital Presence of the Applicant or Shareholder and Company Website, if any

Where a UAE company is owned by a foreign entity, all the foreign company’s corporate documents along with the Board Resolution must be notarised by the UAE embassy in the country of issuance and the Ministry of Foreign Affairs in the UAE. Furthermore, any corporate document issued in a foreign language must be translated into English.

UAE Bank Account Opening Assistance

At EZONE, we provide your business with bank account opening assistance upon the incorporation of your company. The choice of the bank depends on your business requirements – whether it is a regular corporate account or private banking – as well as the size and frequency of the transactions the business will generate, among others.

After our banking team profiles the business and its shareholders, we will make an introduction to our network of trusted bankers and provide administrative support as well as follow-ups to ensure that your corporate bank account will be active in no time.

If corporate bank account opening is a priority for you, our team at EZONE is fully equipped to assist.

At EZONE Business Set Up Service Provider – our services will not stop at the issuance of your trade license. We will support you along every step of your business journey. Contact our team now to know more about your banking options.