Dubai is one of the major investor’s friendly business centers in the world. In all businesses, conflict-free financial transactions are playing an important role in business growth. Bank account in Dubai gives the investors and companies very customer-friendly and hassle-free services once the applicant meets qualified requirements by the banks.
Grow your business with a corporate bank account in Dubai
If you require a bank account for commercial reasons, you’ll have to establish a company first and then open an account. UAE laws do not permit you to do business through a personal account. Generally, your corporate bank account will need to be a current account to enable a high volume of transactions. However, you may contact your Damalion expert if you are in a special situation.
The company bank account process in Dubai is a relatively easy task if you know the proper documentation and KYC requirements of the banks. During the opening of the company bank account in Dubai, the bankers may ask extra questions or demand supporting documents to open the bank account. While these differ according to the bank and type of company, they might include:
- company trade license
- certificate of registration
- share certificates
- company memorandum and articles of association
- board resolution empowering a company officer to open the account
- passport and visa copies for shareholders and authorized signatories
- copy of passport with UAE entry stamp page of shareholders
- duplicate of Emirates ID of shareholders
- List a few prospective or existing clients
- copy of last 6 months’ bank statement of the shareholders
- copy of utility bill of the shareholders showing the proof of address
- copy of corporate legal documents and bank statements
The above documents are the basic documents needed by bankers while opening a corporate bank account in Dubai. Besides the mentioned above documents and information, bankers might ask for additional clarification on transactions or invoices.
To open your corporate bank account in Dubai, for example in Dubai International Free Zone Authority and get a Dubai Golden visa, please contact your Damalion expert now.
