All companies require a bank account, but banking in the UAE, especially how to open a bank account in Dubai is becoming increasingly difficult due to international transparency and anti-money laundering initiatives. Many banks will no longer open accounts for non-resident companies. Dealing with high risk countries is strictly not acceptable. In any case, the client has to meet with the due diligence requirements, and this varies from bank to bank.
Follow the procedure to incorporate your Company whether it is mainland, free zone or offshore. While incorporating, make sure that the activities of the company are clearly mentioned in the license or in the Memorandum and Articles of Association. The object of the Company must align with the business plan you are giving to the Bank.
While the documentation differs according to the bank, here is a list of the general documents needed:
Other supporting documents required on case to case basis are sample contracts or invoices, reference letters from business partners, Business plan and details of company website.
In case of Branch companies or subsidiaries, corporate 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.
Once your documents are in place, you can now approach one of the UAE’s many banks. There are several local and international banks to choose from in the UAE including Emirates NBD, Noor Bank, RAK Bank, Mashreq Bank, Emirates Islamic Bank and First Abu Dhabi Bank (FAB).
When choosing a bank, you should consider the facilities offered by the banks and the documents needed. The deposit requirements also vary depending on the banks and whether it is a retail or premier account. The average balance usually starts from AED 10,000 to AED 250,000.
Once the paperwork is ready, we can start the application process. The signatory will have to sign the forms in front of the bank officer unless the signature can be certified by an overseas branch. At this point, the sales representative will give you information on the banking services and the due diligence requirements. Account opening usually takes 3 weeks or more depending on the completeness of the information.
Zenesis has long standing relationships with several banks and hence are able to offer you bespoke solutions with regard to banking in the UAE by offering you a reliable introduction and help you with the application process. We also ensure that all the documents and information are complete thus saving delays in the account opening process. Regular follow ups go a long way in expediting the process.
Working with an expert is the best way to ensure this process runs smoothly. Our advisors can assist with the entire process – helping you decide which bank is right for you, putting you in contact with the relevant institutions and checking your application for errors and omissions. However, we cannot accept responsibility if the account is declined or for the stability of solvency of the bank itself.
Zenesis Corporation is a 12-year old innovation-led bespoke management solutions provider. Our key areas of focus are Brands, Operations, Customers, Employees, & Results (BOCER). We tackle each of these areas using our consulting model of Review-Analyse-Develop-Execute-Monitor (RADEM) to delve deep into the organization and drive brand enhancement, business efficiency, profitability, employee engagement, and customer happiness.
Look no further to turn your ideas into reality and take your existing business to new levels.