UAE Bank Account
UAE Business Bank Account Opening Service
Over the past few years, the UAE has emerged as one of the fastest growing economies in the world. It is considered a commercial hub in the Middle East due to its prominent location in between Europe, Asia, and Africa.
The UAE has been known to provide one of the best environments to incorporate a business in the GCC region. It’s favourable corporate policies, economic status, along with its advantageous location are some of the main reasons why more people are choosing to move to the UAE to start a business. Its robust banking system is just another bonus for business owners to open a local bank account as an asset to their company.
Advantages of a business bank account in the UAE
- The UAE has many banks available for you to choose from which are recognised globally, opening the possibility for your business to deal with international clients.
- Most banking institutions in the UAE offer a wide range of financial instruments and provide maximum protection of assets.
- Many banks will allow you to open a business bank account in an approved foreign currency which is useful as you can have all your business dealings in a stable currency without worrying about how the exchange rate will affect your transactions.
- Most banks have multiple packages to choose from when opening a UAE business bank account
- Some banks offer dedicated resources to business bank account holders such as a dedicated relationship manager and 24/7 business banking call centre.
- Depending on the type of business bank account you hold, you could be entitled to special rates on deposits and investments.
- Most banks in the UAE are familiar with incorporation policies and have moulded their business bank account structures to suit businesses that have been set up in the UAE.
- Banks in the UAE have taken special precautions to safeguard its customers’ investments.
Requirements to open a bank account in the UAE
Given the number of banks available to you to choose from and the various account types, the exact requirements for setting up a bank account will differ from case to case. The conditions most banks will ask for when setting up a new UAE business bank account are:
- A passport along with the residency visa of the company’s shareholder representative
- A copy of the shareholder representative’s Emirates ID card
- Passport copies of the company’s directors
- Information regarding the nature of activities that will be conducted via the business bank account
- Disclosure of the source of funds
- Existing contracts between the business and their clients
- Reference letters from business partners
- Business plan/structure
- All documents and certificates related to company incorporation
- Company Memorandum and Articles of Association
- Shareholder’s registry
- Company extract from the official company registry
- Certificate of good standing
How we can help you
Given the vast number of banking options available in the UAE, it can be challenging to make a decision on which option is the best for you and your business. If you have incorporated a company in the UAE, this decision is much harder to make because almost every bank will provide additional benefits for a locally incorporated business.
More Group has helped several clients establish a business and assist them in opening a bank account in the UAE. Our business banking experts have a lot of experience opening bank accounts with several banks and can help you identify which bank will be beneficial to your business.
We can assist you in making the final decision as well as carry out the tedious paperwork required to open a business bank account. We will provide you with transparent pricing, so you know every cost associated with opening your bank account. We will ensure that your bank account will be set up as quickly as possible so that your business transactions are seamless, and you can give your full attention to your business activities.
If you would like to discuss your banking requirements, please contact us and book your free consultation.