Setting Up a Corporate Bank Account in UAE
UAE is one of the leading destinations for a foreign investor or entrepreneur to start a business. It offers various tax incentives to foreign entrepreneurs and allows for 100% foreign ownership. Owning to these benefits and the business favourable climate of the UAE, it is irresistible for an entrepreneur to overlook the UAE for their business setup.
There are multiple requirements to set up a business in UAE, and one of them is to find a local bank and open a corporate bank account for your business to conduct your financial transactions. We at Enterslice can guide you in opening a corporate bank account in the most suitable bank as per the requirements of your business. You can connect with our experts to receive guidance on finding the best local bank, submitting the required documents, and opening a corporate bank account in UAE.
Benefits of a Corporate Bank Account in UAE
By opening a corporate bank account in UAE, you can enjoy a plethora of benefits, such as
A business owner or entrepreneur, by opening a corporate bank account in UAE, can operate his or her business in the business-friendly environment of the UAE, having world-class infrastructure, cutting-edge technology, 100% exemption on the payment of corporate or personal income tax and 100% foreign ownership.
If you open a corporate bank account in UAE, you are provided with additional online security for your account. It helps you to stay protected from various possible risks that businesses experience in telephone or online banking.
If your business is keen to engage in global trade and international transactions, an option is provided by the UAE banks allowing you to open multiple currency accounts. It simplifies the procedure of currency exchange and aids you in the global trade.
A corporate bank account opening in UAE is the best option for a foreign business owner or entrepreneur owing to the high level of secrecy offered by the UAE banks. You, being a foreign entrepreneur, don't have to be worried about the unauthorised misuse of your crucial financial information.
A corporate bank account in UAE can help you use various payment gateways to facilitate online payments from customers.
One more benefit is efficient financial management through various additional features like mobile applications and online banking. It facilitates the financial management of a business in the UAE.
An additional benefit of a corporate bank account opening in UAE is credit facilities provided by the UAE banks to the holders of corporate bank accounts. You can easily avail yourself of business loans and can utilize the funds you receive to grow your business further.
When you open a corporate bank account in UAE, it increases your tax transparency and encourages you to make precise and timely payments of taxes.
Lastly, it also enhances the credibility of your business in the eyes of investors, clients and customers. You can also enjoy the benefits of opening a corporate bank account in UAE by connecting with our experts at Enterslice.
Steps to Open a Corporate Bank Account in UAE
Step 1: The initial step is obtaining your business license from the Department of Economic Development. If you want to start a business in the UAE, you need to obtain a business license from the DED based on your business activity. There are various types of business licenses in the UAE, such as commercial licenses, professional licenses, tourism licenses, industrial licenses, crafts licenses and agricultural licenses.
Depending on the business activity you are engaged in, you should apply for a license with the Department of Economic Development. We at Enterslice will help you apply for and obtain a license from the DED for your selected business activity.
Step 2: The next step is to find a local bank that aligns with your business plan and strategy. Every bank in the UAE has its own set of requirements and costs, so you need to take care of these requirements before choosing a bank to open a corporate bank account in UAE. If you want to make or receive payments from international clients, then you need to choose a bank that has a sound global presence. Our experts at Enterslice will help you find a local bank that aligns with the strategy and requirements of your business.
Step 3: After choosing a suitable bank for your business, you should gather all the required documents to open a corporate bank account in UAE, such as a business license copy, a passport copy, a copy of the MOA and AOA, an application form for opening a bank account, share certificate copy and a BOD resolution authorizing the opening of a bank account.
Our experts will guide you in collecting and submitting the required documents to the bank as per the bank's specified rules and guidelines. You don't need to worry; we will take care of all the necessary documents required to open a corporate bank account in UAE.
Step 4: The next step after gathering the required documents is visiting the branch of your selected bank in the UAE. This step involves a one-on-one interaction between you and the bank representative. You can introduce your business to the bank representative and inform them about the business's financial requirements. The bank representative may also ask you some relevant questions in order to evaluate whether you are a suitable client for their bank or not.
This is a crucial step as you are representing your business in front of the bank. We will arrange your physical meeting with the selected bank’s representative and prepare you for all the questions that will increase your chances of opening a corporate bank account in the best banks in the UAE.
Step 5: After the physical meeting with the bank representative, you should submit the application to open a corporate bank account in UAE along with the required documents. Now the bank will conduct the review of your application and the submitted documents through a lengthy due diligence process.
The bank verifies the authenticity of your submitted documents as well as analyses the past financial records of your company. The goal behind this due diligence process is to analyse the element of risk linked with your business.
Step 6: The next step in the process of opening a corporate bank account in UAE is performed by the bank only. Following the review of the application and submitted documents, the bank will either select the application or reject it.
You will receive the details of your corporate bank account if your application to open a corporate bank account is accepted. The procedure of reviewing the application is lengthy and might take some extra time owing to additional requirements of some specific banks.
Step 7: Following the receipt of approval from the bank to open your corporate bank account, you should make some initial deposit in the account according to the guidelines of the bank. The deposit amount may vary depending on the type of account and particular requirements of some banks. As soon as you make the initial deposit in your corporate bank account, your account gets activated and allows you to make or receive payments for your business.
If you are worried reading all the lengthy steps mentioned above to open a corporate bank account in UAE, you shouldn't be, as our experts have extensive experience in establishing a business in the UAE and opening corporate bank accounts for them in the best local banks in compliance with all the rules and guidelines of the bank.
Challenges in Corporate Bank Account Opening in UAE
The first challenge you will face while opening a corporate bank account in UAE is proving your trustworthiness to the bank. You need to prove to the bank that you are well aware of the field in which you are going to commence your business in the UAE so that the bank is assured about your suitability as their client.
The next challenge is the strict regulations and guidelines of the banks in the UAE, owing to its dedication to eradicating financial crimes like money laundering from its territory. But you don't have to worry, as we at Enterslice have immense knowledge about the UAE banks' guidelines and will ensure the quick and hassle-free opening of your corporate bank account in UAE.
Many banks have physical office space conditions in the UAE, and they even conduct inspections of the addresses you submit to the bank. We at Enterslice can assist in finding a physical office space for your business in the UAE at affordable prices.
If you are a resident of the UAE willing to open a corporate bank account in UAE, then you need to show your residence visa to the bank.
The most important point is that you being a business owner should be fully equipped with all the required documents and important details about the business. The bank representative can ask you anything about the business and you should be well prepared with your answers. Our experts at Enterslice will guide you in collecting and submitting all the documents required to open a corporate bank account in UAE.
Open a Corporate Bank Account in UAE with Enterslice at Affordable Prices
Enterslice offers affordable packages for corporate bank account openings in the UAE for entrepreneurs and business owners who are willing to establish their businesses there. Our experts will provide you with step-by-step assistance for a smooth and hassle-free experience and will fulfil your dream of a successful business in the UAE.
We will help you apply and obtain a business license from the Department of Economic Development as per your selected business activity. There are six types of business licenses for businesses operating in the UAE, namely industrial, commercial, craft, tourism, agricultural and professional licenses. Our experts will assist you in applying for the business license as per the business activity you have selected.
We will assist in finding not only the best bank to open a corporate bank account in UAE, that you can get to know even by a simple Google search. Our experts will provide you with personalised assistance by finding the most suitable bank for your business as per your objectives and requirements. Every bank has its own set of rules and guidelines, we will find a bank that will align with your business goals.
We will also guide you in one-on-one personal meetings with the bank representative of your selected bank. Not only we will arrange your physical meeting but also prepare you to represent your business in front of the bank to leave a positive image in their mind. A bank representative may ask some questions to determine the suitability of your business for their bank but we will prepare you for that also.
Moreover, we will help you gather and submit the required documents, such as a business license copy, a passport copy, a copy of the MOA and AOA, an application form for opening a bank account, a share certificate copy, and a BOD resolution authorizing the opening of a bank account.
We will be at your service till the bank approves your application to open a corporate bank account in UAE and help you activate the bank account by making the initial deposit in your account.