An Overview of Opening a Bank Account in UAE Upon the completion of company registration in UAE, the next step is to open a corporate bank account and explore the banking options that are available for the company. Opening a corporate bank account in UAE could be complex for shareholders and company owners due to the newly implemented guidelines, ever-changing compliance regulations, and international banking protocols together, with expectations needed from the banks over the past few years can make it very time-consuming. Business owners may find the task of obtaining corporate banking way more tedious than the form filling and compliance checks that were needed for setting up the company in the UAE. Banking in the UAE may differ from the home country of the entrepreneur. However, post the selection of the right company structure, they can easily overcome the banking hurdles and can become eligible for corporate banking in UAE and enjoying the benefits of no corporate or personal tax. Advantages of Opening a Bank Account in UAE The various advantages of opening a bank account in UAE are discussed below – UAE provides full privacy to foreign investors and entrepreneurs willing to open a corporate bank account here. Corporate bank accounts in this destination can be opened in most currencies, thereby providing easy & hassle-free currency exchange. It's easier for entrepreneurs to monitor cash flows and transactions through a business account. A business account enables an entrepreneur to access tax liabilities with a business account, which facilitates maintaining transparency in tax payments. Business entrepreneurs use their business accounts for tracking their spending and enable the management of costs more effectively. Availing of business loans can be easy for business owners for their company or getting a credit card. Free from all maltreatment on the telephone and web banking frameworks. The guidance to worldwide banks and their administration is also conveniently done here. necessary papers Needed For Opening a UAE Corporate Bank Account The below-mentioned necessary papers shall be required for opening a bank account in the UAE. Passport Copy of the shareholder representative and Emirates ID Comprehensive CV Utility Bills Detailed business plan Information about the type of activities on the account Last 6 months' personal bank account and corporate bank account statement List the names of at least 5 suppliers and 5 customers Disclosure of the source of funds Existing contracts Complete set of certified company incorporation necessary papers MOA and AOA Certificate of incorporation Shareholders registry Company extract Certificate of good standing Key Considerations for Choosing the Bank for Open an Account in UAE If the entrepreneur has an LLC in the Mainland or Free Zone or a branch office or subsidiary, he can apply for opening a corporate bank account in UAE. In the case of a start-up or an SME, the entrepreneur’s presence as a bank signatory is also required for a day or a few hours for the submission of the application & verification of the passport. For Paper works, the entrepreneur must consider the business activity, the no. of shareholders, the business background, and the business plan for a new entity in the UAE. Along with this, the entrepreneur must consider the following parameters in order to choose the bank for opening a bank account in UAE. The entrepreneur’s expected volume of banking transactions Some of the initial capital intended to be deposited by the entrepreneur with the bank Other additional financial services the business may need The minimum account balance requirements of the account by the bank The type of currencies the entrepreneur be transacting in Ease of making the transaction Detailed Process for Opening a Bank Account in UAE The detailed process for opening a bank account in UAE is discussed below – Obtain the Business Licence Getting a business license is an important step while opening a bank account. Without the license, the bank won’t be able to recognize the entrepreneur’s business, and it won't be able to open a corporate bank account in this destination. Arrange the requisite necessary papers. The next step would be to arrange the requisite necessary papers for submission. E.g., duly filled application form, detailed business plan, copy of the Emirates ID and shareholder representative, MOA and AOA etc. Check visa requirements The next step would be ensuring that the entrepreneur's shareholders also need a residency visa. Some banks would need that as proof of residence from at least 1 shareholder, while other banks might not need it at all. Choose the bank: Upon the arrangement of the requisite necessary papers, the entrepreneur must choose a bank that suits his needs. There are various national and international banks to choose from. Application process This process is carried out after a discussion with the bank branch or an advisor who guides the entrepreneur through the process. Subsequent to the submission of the above-mentioned necessary papers with a duly-filled application form, it must be submitted to the bank. The bank will thereafter do the authentication of every detail and verification upon approving or disapproving the application. After the approval, the bank collects background information about the management team of the entrepreneur, its Shareholders, and its Directors. The last step is the interview. The bank interviews the entrepreneur. Once completed, the bank account will be created.