Opening a corporate bank account in Dubai made possible!
October 23, 2018
At NHBC, we have excellent contacts at all major UAE local banks and we therefore know which documents are required and can push for your corporate account opening without any hassles.
You made the step to setup your business in Dubai or perhaps your company is already incorporated! Maybe you tried to venture out on your own or you’ve appointed a consultant to assist you with this process.
While Dubai’s tax-free business policies are indeed very attractive, one obviously cannot do business without opening a corporate bank account. Over the years we’ve encountered many cases where a company was successfully incorporated but the corporate bank account wasn’t opened.
In general, opening and operating a corporate bank account in the United Arab Emirates does not really differ from opening a bank account in any other western country. There are certain things that the banks want to know about you and your company for which they will require necessary documentary proof.
There are 23 local and 29 international banks operating in Dubai. The UAE’s Central Bank keeps a close eye on all financial dealings and has strict codes of compliance that all banks are required to adhere to. UAE Banks are therefore well-regulated institutions and have advanced banking systems and good online banking platforms catered to international transactions and offer multi-currency accounts. All banks have a different minimum balance requirement for their corporate banking packages.
Which bank is right for your business depends on a number of factors, such as the nature of your business, which countries you do business with, shareholders nationalities, shareholding structure and of course where the company is incorporated (Free Zone, Offshore or Mainland). In some cases, documents need to be notarized/legalized in the country of origin and at the Ministry of Foreign Affairs in the UAE.
Due to global initiatives against tax evasion and money laundering, the UAE Central Bank has enhanced customer due diligence procedures on financial institutions. As a result, banks have adopted a risk-based approach to account opening. It is therefore important that the Bank understands the business properly in order to open the corporate bank account. It is to be noted that the Bank doesn’t share the information provided by you with anyone!
At NHBC, we have excellent contacts at all major UAE local banks and we therefore know which documents are required and can push for your corporate account opening without any hassles. We not only provide advice on which bank would suit your business needs, but we prepare all the required documentation together with you so that at the time of the account opening, the Bank will obtain the required information without having to go back and forth, thus avoiding delays. NHBC offers its expertise to help you make your corporate bank account a reality while saving you valuable time, money and energy!