Bank Account Opening In Dubai
The UAE has a positive economic outlook, and it is no surprise that more global companies are establishing their base there. Once you get a business license, you must create a bank account to manage your financial operations conveniently.
MATRIXX Project Management Services handles all the paperwork and walks you through the Bank Acount Opening process. We will help open bank accounts with major banks in the UAE, including Emirates NBD, Rak Bank, Dubai Islamic Bank and Mashreq Bank.
Why You Should Open a Corporate Bank Account in the UAE
Bank Account Opening in Dubai
Can A Non-Resident Open A Corporate Bank Account In The UAE?
How Does It Take To Open A Corporate Bank Account In The United Arab Emirates?
Do I Have To Meet The Banker In Person?
Is There A Minimum Holding Requirement For Corporate Bank Accounts In The UAE?
Frequently Asked Questions (FAQs)
Why You Should Open a Corporate Bank Account in the UAE
The United Arab Emirates has built an excellent reputation for its banking sector and provides stellar customer service. The flourishing banking industry allows businesses to flourish alongside the country’s economy. Here are reasons why you should have a corporate bank account in the UAE:
- It provides international investors and companies with complete privacy.
- A multiple currencies corporate bank account in the UAE is convenient for currency conversion.
- Your business can access loans or credit cards.
- You will have access to global banks but with local administration and customer service.
Bank Account Opening In Dubai
The United Arab Emirates government does not allow you to make business transactions through a personal account. You will need a business bank account to facilitate high-volume transactions. This process can take anywhere between 2 and 4 weeks.
MATRIXX Project Management Services will take care of the entire bank account opening process. Expat investors required additional documents to open business bank accounts. The documents vary from one bank and the type of company. Some of the documents you may need include:
- Certificate of registration
- Company trade license
- Share certificates
- Passport and visa copies for all the authorized signatories and shareholders.
- A board resolution empowering a company officer to open a business account.
Please note our professional consultants will also help you open a bank account with some of the most prominent digital bank accounts in the UAE, including: Mashreq New, E20 and WIO Bank.
Frequently Asked Questions (FAQs)
Can A Non-Resident Open A Corporate Bank Account In The UAE?
Yes. However, in most cases, banks limit the facilities and services available to the business or the individual.
How Does It Take To Open A Corporate Bank Account In The United Arab Emirates?
There is no specific time. Every bank has internal procedures and a specific time frame for the bank account opening process. Usually, the process takes 2 to 4 weeks for a free zone company and an LLC in the UAE. However, it is not the same for Mainland companies, where each application is subject to internal management and the company’s compliance.
Do I Have To Meet The Banker In Person?
Yes. Most banks will need you to go to the bank to open a corporate bank account.
Is There A Minimum Holding Requirement For Corporate Bank Accounts In The UAE?
Yes. Many banks require you to maintain a minimum balance. However, the amount depends on the bank and your account type. If your balance falls below the stated amount, a nominal fee will be charged to your account.
If you are a new investor in the UAE, hire the services of a professional agency to help you with the bank opening process. MATRIXX Project Management Services professional consultants will guide you through the entire bank opening in Dubai process and help you know what type of documents you need in advance.
