Bank Account Opening

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    Overview

    All companies require a bank account, but opening accounts is becoming increasingly difficult due to international transparency and anti-money laundering initiatives.

    People and International companies open offshore bank accounts for different reasons:

    • To protect their assets
    • Minimize taxes
    • Easy business management
    • More flexible foreign legislation
    • High degree of confidentiality and anonymity.

    These are just few examples of advantages of foreign bank account. If you want to know more – call our specialists and receive a free consultation from our specialists.

    All companies require a bank account, but opening accounts is becoming increasingly difficult due to international transparency and anti-money laundering initiatives. Many banks will no longer open accounts for non-resident companies. In any case, the client has to meet with the due diligence requirements, and this varies from bank to bank.

    The usual documentation required by banks are corporate documents, passport copy, utility bill and three months personal bank statement of the authorised signatory. Some banks insist on companies having a tenancy contract and might also require the signatory to be a UAE resident. Dealing with high risk countries is strictly not acceptable. The signatory will also have to sign the forms in front of the bank officer unless the signature can be certified by an overseas branch.

    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.

    Zenesis has long standing relationships with several banks and hence are able to provide you with a reliable introduction and also help you with the application process. However, we cannot accept responsibility if the account is declined or for the stability of solvency of the bank itself.

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