Corporate Bank Services UAE
To run a successful business or trade, a corporation must have a bank account. Commercial banks in the United Arab Emirates are categorized into 22 Emirati banks and 26 Foreign Banks. The Central Bank of the UAE is the autonomous organization in charge of supervising these banks' financial stability. These banks control the commerce of all onshore and offshore corporations undertaking business in the United Arab Emirates.
Depending on the size and nature of the business, opening a bank account in the UAE is a relatively simple procedure for free zone and mainland enterprises. However, the paperwork and documents required to open a bank account in the UAE necessitate the services of companies that specialize in bank account opening in the UAE. This can help save corporations a great deal of time and money.
FREEZONER is a company that employs a team of professionals to assist businesses in opening accounts in the United Arab Emirates. Over the years, we have proudly delivered value to our customers with our expert understanding of banking protocols to follow in accordance with the country's laws. We facilitate those companies looking forward to opening an account in providing all types of documents and guidance required for the application.
Process Of Opening A Bank Account In Dubai
The following series of steps lead to the opening of a business bank account in the UAE:
- The bank will require all papers documenting the legal existence of a company.
- Corporate companies need to submit identification documents for the management and beneficiaries of the operating structure.
- All documents must be notarized in the country of origin and again in the UAE.
- Further investigation is carried out in order to clarify the primary business of the company, the volume of transactions, total revenues, and the primary customers and suppliers of the business.
- Documents required:
- A business license;
- Certificate of Registration;
- Share Certificate(s);
- Articles of Association and Memorandum of Association;
- A board resolution authorizing an officer of the company to open the account;
- Passport copies for shareholders and authorized signatories.
* The documents can vary depending upon the company's nature and bank procedures.
Why Choose Our Business Banking
Our trained team can assist you with all aspects of banking.
Our products and services are tailored to meet your specific company goals and deliver end-to-end solutions.
We provide user-friendly, digital, and convenient banking options.
We deliver strategic value-added services to strengthen your organizational structure.
Business Banking – FAQs
Is it possible for a non-resident to open a business or personal bank account in the UAE?
Yes, non-residents can open an individual or business bank account, subject to some limitations by the bank. For online transfers, they will usually only enable the use of internet banking services. Non-residents will be denied credit or debit cards by the vast majority of banks.
Is there a minimum holding requirement in the UAE for banks?
A minimum balance of up to a certain limit (dependent upon the bank) should be maintained in the account. Usually, the range is between AED 20,000 and AED 150,000. A nominal fee will be charged to the users' accounts if the balance plummets to below average.
In the UAE, how long does it take to open a bank account?
The time duration differs from one bank to the next. There is a 2-4 week window for LLC and Free Zone enterprises in the UAE to register an account.
With which financial institutions do you collaborate?
We work with all banks operating locally and internationally. All the banks we collaborate with provide international-currency accounts and digital banking services. Depending upon the nature of the bank account, most banks we are working with offer debit cards.
Is it necessary for me to meet with the banker in person?
Yes, if the account is being opened in the Emirates. We have relationships with overseas banks to gather and authenticate the signatures of our clients. On the other hand, the client will be responsible for providing all of the information and papers requested by the bank.
How can I handle and operate the bank account if FREEZONER provides corporate director services to my company?
At FREEZONER, we assert full control of the company's bank account. Even if your dedicated administrator is on leave, we will supply numerous approved signatories to the account to ensure that your banking needs are met. Our standard terms and conditions of business govern the interaction between the beneficial owner and the corporate director. The authorized signatories will never act independently. They will only act if the beneficial owner provides specific written consent and instructions.
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