Banking services for your business: opening a corporate account in the UAE

Developed economy, lack of exchange restrictions, reliable banking systems — all that are the features of the United Arab Emirates. This country is the most favorable region for conducting business in the Middle East. Registering a company in the UAE comes with a lot of additional processes, and among the most important ones is opening a corporate account. In this article, we delve into the details of opening a corporate account and what to expect in the process.

Opening a corporate account in the UAE: nuances and advantages

Due to the unstable economic and political climate in the world, opening a corporate account in the UAE becomes a more complicated task. Banks are toughening their requirements for background checks of the clients, so sometimes one can’t get around without the help from the intermediaries. The situations when the business is technically open, time and resources are spent and the request to open the account is still denied happen quite often. To make sure that doesn’t happen you should get professional assistance and make plans for potential risks ahead of time.

But why do more entrepreneurs go for registering their business and open an account in the UAE despite all the complications? The answer lies in all the unique opportunities that it provides:

1. Access to international markets. The UAE is a financial hub of the Middle East which provides easy access to international clients and markets.
2. Tax exemptions. Most businesses in this country are free of the income tax.
3. Lack of currency regulation for international transactions. The UAE banking institutions support IBAN which allows their clients to freely accept and move funds to any country.
4. Modern technologies. The Emirates banks offer a wide variety of modern online services that make finance management and bookkeeping a lot easier.
5. Security. Reliable financial system ensures complete safety and security of the deposits.
6. Multi-currency operations. The ability to open accounts in multiple currencies allows to minimize the risks that are related to potential fluctuations of exchange rates.
7. Access to fast transfer of funds through the SWIFT system.
8. Free account service. If the minimum required balance is maintained, the account service is free of charge.

Which documents are required to open a corporate account in Dubai?

• copy of the commercial license — the main document that confirms the legality of the company;
• passport, visa and Emirates ID of the stockholders;
• incorporation documents;
• confirmation of the business address;
• company business plan;
• documents confirming 3 incoming and 3 outgoing transactions;
• CVs of the founders;
• bank statements from all the founders’ accounts for the last 6 months.

Make sure that all the paperwork is translated in English and the translation is notarised.

How to open an account in the UAE bank?

If you need to open a corporate account in Dubai fast, you should keep in mind those key points:

1. Passing of the compliance check. In order to do that, collect as much truthful information about the activity of your company, completed transactions and sources of funds as you can and submit it to the bank.
2. Cultivate the trusting relationship with the bank manager. The end result depends on how interested they will be in cooperating with you.

The procedure of opening the corporate account itself consists of the following steps:

1. Choice of bank depending on the services they offer.
2. Preparation of all necessary paperwork.
3. Application for the opening of an account.
4. KYC check.
5. Waiting for the bank’s decision.
6. Getting the banking details of your new corporate account.

How much time does it take to open a corporate account?

Opening a corporate account in Dubai is not a quick process. It can take several months as the average waiting time falls within the period from 1 to 3 months.

Stablegrowz: consulting on opening an account in the UAE

Stablegrowz provides professional consulting in opening corporate accounts in the UAE. We will help you choose the suitable bank, assist with all the required paperwork, show you all the nuances of the compliance check and open an account for your company in Dubai without issues.
We offer a case-by-case approach to all our clients. With us you can focus on developing your business, leaving additional issues to the professionals.

Contacts

United Arab Emirates, Dubai, Barsha Heights, I-Rise Tower, 29th Floor, Office 5