Arab Business Consultant Helping You in Opening a Company Bank Account in Dubai
The business friendly policies and attractive sops to corporates have made Dubai a hot destination for businesses. Opening a company bank account in Dubai is pivotal to routine operations and many startups and entities often flounder due to a lack of awareness about the procedures. Businesses that are unaware of the amount of time that is required, the mandatory submissions, and formalities may end up experiencing delays in opening a bank account which could jeopardize their operations. With the global clampdown on tax evasion, all banks undertake due diligence and it is therefore important to ensure that you are fully prepared to fulfill the requirements. Outlined below are important information about bank opening procedures and requirements.
Average minimum account balance
The minimum account balance that is required to be maintained may differ from bank to bank but the least is around $ 5,500 and this could go up to as much as $1,37,000. It is important to understand that there are two types of business entities in Dubai – an offshore company or an onshore company. An offshore company will have to maintain higher minimum balance, while an onshore company will have to maintain lower minimum balance. However, the procedures for opening an offshore company bank account in Dubai are more complex when compared with the account opening formalities for an onshore company.
Necessary documents for opening a business account
Any business that intends to open a company bank account in Dubai needs to furnish a minimum of six categories of documents – (1) company memorandum and articles, (2) corporate structure and ownership, (3) source of funds/investments (4) license/incorporation details, (5) business activities and (6) leadership experience in related activities. Documents that disclose the above details are to be furnished at the time of account opening formalities. The passport and residency visa of the shareholder representative of the company also requires to be made available for account opening formalities.
The time required for opening business bank accounts
Depending on the bank that you choose, it may take anywhere between one week to around four weeks for conclusion of formalities before the bank account is successfully opened. This is because of the need for due diligence and KYC requirements. Typically, it takes lesser time to open an onshore account than an offshore account. This is because of the lesser formalities involved, on a comparative scale and the time taken for verification of the same. Onshore accounts are generally preferred by businesses that need to set up operations at the earliest. Without a bank account it would be difficult to commence other activities.
Are you looking for assistance to open a company bank account in Dubai? As one of the trusted service providers in business consulting, we are a natural choice for businesses. Our solutions are turnkey in nature and businesses that entrust the handling of formalities to us, have freed up their time and resources to focus on operational requirements. Our efficient teams handle all the liaison and formalities, assisting clients to meet obligatory requirements easily. When Arab Business Consulting handles formalities for establishing offices, or opening bank accounts, approval is achieved in the earliest possible time. This is largely due to the experience in handling the requirements, the thorough in-house checking of documentation and submission as per mandatory requirements.
