Getting a Corporate Bank Account for your UAE Business
Setting up a corporate bank account in the UAE can be a little arduous for international entrepreneurs. It requires careful consideration and there are several boxes to tick to ensure you have everything in place before approaching your bank of choice.
Setting up a corporate bank account in the UAE, here’s your five-step guide to opening a UAE bank account, covering everything from the documents required to the account opening process.
1. Get your business License.
This step is absolutely crucial. Without your business License, the bank will not recognize you as a business and you won’t be able to open your corporate bank account.
2. Get your documents in order
The next step is to ensure that your legal and corporate documents are in line. The exact documents required will differ slightly from bank to bank. As a general rule, however, most financial institutions require the following:
A corporate account opening form.
A board of directors’ resolution sanctioning the opening of the account, and the
signatories to the account.
A copy of your company’s certificate of incorporation
A copy of your trade license.
A copy of your share certificates.
A copy of the company’s memorandum and articles of association.
Copies of passports for all partners in the company.
Some banks may also require additional supporting documents: this may include contracts or invoices, reference letters from business partners, company business plans, and information regarding your intended business activities.
One more thing to note: If your company is owned by another company, you may be required to provide the same documents for both. If the owner company is registered outside the UAE, these documents will need to be attested by the UAE embassy from the country of origin, as well as the Ministry of Foreign Affairs (MOFA) in the UAE. Your local company formation specialist can give you detailed advice on these requirements.
3. Check visa-related requirements
The next step towards opening your corporate bank account is to establish whether your company shareholders are required to have residency visas. Some banks require proof of this from at least one shareholder, while others do not ask for it at all. So the issue of whether or not your shareholders have residency visas in place may have a bearing on which banks you consider applying to. It’s best to find out early which banks have these requirements so it doesn’t cause any delays to your application further down the line.
4. Application process
Once you have the required paperwork in place, you can begin the formal account opening process.
It’s usually advisable to visit a branch and speak face-to-face with an advisor who can answer any questions you might have. You can either book this appointment yourself or ask our Client
Service Specialist to do it for you through our Bank Account Opening Assistance Service.Setting up your Business Account has never been easier. Bait Alshibl (CSP) takes care of it all so you can focus on what matters – building your business. For more information about company account in the UAE mainland or free zones, please call us on +971 4 328 7711 or email us at : info@shibls.com
