Setting Up A Corporate UAE Bank Account
Doing business in the United Arab Emirates? You’ll need a corporate bank account to get started! This guide will walk you through the process of setting up your new account, including what documents you’ll need and how to choose the right bank. Let’s get started!
How to get started?
The first step in setting up your business bank account in the UAE is to choose the right bank. There are many factors to consider when making this decision, including the type of business you’re running and your specific banking needs. Do some research and compare different banks to find the one that’s best for you.
Once you’ve chosen a bank, it’s time to gather the required documents. You’ll need to provide proof of your company’s incorporation, as well as documents showing your share capital and ownership structure. You’ll also need passport copies for all shareholders and directors.
Now it’s time to open your account! The process will differ slightly depending on the bank you’ve chosen, but generally you’ll need to fill out an application form and submit all of the required documents. Once your application has been approved, you’ll be able to start using your account.
Documents required to open a business bank account in the UAE
- Valid Trade License
- Certificate of Incorporation / Registration
- Share Certificate(s)
- Company Memorandum & Articles of Association
- Board Resolution authorizing a Company Officer to open the account (if applicable)
- Passport copies for shareholders and authorized signatories (if applicable)
There are additional banking documents that will be required and this will depend on the bank, corporate structure and business activities your company performs.
Additional documents that maybe required to open your corporate bank account are inclusive of:
- Copies of contracts and agreements
- Invoices from supplier or receipts issued to customers
- Reference letters and so forth
How much does it cost?
The cost of setting up a corporate bank account in the UAE can vary depending on the bank and type of account you choose. Some banks may require a minimum deposit, while others may charge monthly or annual fees. This balance begins at 50,000 AED and goes up to 500,000 AED depending on which UAE bank you apply to. For example, for Emirates NBD, it starts from 50,000 AED. If you do not maintain the minimum monthly average balance, a penalty of 250 AED per month applies. Be sure to compare different banks and accounts to find the best deal for your company.
Now that you know how to set up a corporate UAE bank account, it’s time to get started! Follow the steps outlined in this guide and you’ll be up and running in no time. For a more smooth and hassle-free experience, connect with the experts at Smart Zone!
