Dubai’s economy has been on a rise for quite a long time now with real estate improvements and an increased tourist demand. The financial outlook is also appearing strong, it’s no surprise more and more foreign businesses are looking to incorporate in the UAE. One of the important steps after you set your business in Dubai is to open a corporate bank account for your business. While the overall safety of banking in Dubai is attractive, opening a bank account in the emirate as an international company can present some hurdles. However, the process isn’t impossible, and many businesses start banking in Dubai every day.
Dubai is a home to many national and international banks. The top options for choosing a local bank are as follows,
Major foreign banks that open accounts for companies registered in the UAE include:
The requirements for opening a bank account in Dubai vary from bank to bank, but during the process the presence of a shareholder and director is typically required. Sometimes attorney’s can set up accounts on their clients behalf, though this isn’t often the case. Here are the steps you must follow while opening a bank account in United Arab Emirates.
Banking in Dubai is known to be fraught with fees, and it’s always a good idea to get a full list of potential charges before choosing where to open your business bank account.
An offshore bank can be difficult to open in Dubai than any other major financial markets like Hong Kong or Singapore, but Dubai offshore banking is still preferred option for a few investors because of the reasons like,
There are a number of banks offering Shariah compliant products in the UAE, you can choose from a wide range of Islamic bank accounts such as savings, current and deposit accounts. The process of applying for an account may differ across banks. You can visit any Dubai Islamic Bank branch and submit an application. You will be required to submit the necessary documents such as copy of the Emirates ID, visa and passport copies along with the originals. A recent salary certificate from your employer is also needed. You can also use phone banking or live chat if you have any queries and need assistance before visiting the branch.
All in all, opening a business banking account in Dubai should be a fairly a painless process with plenty of options for choosing the right account for your business.
Business Setup Worldwide is a platform the help you start a business in the United Arab Emirates. Our advisors will take care of the entire bank opening process right from helping you select the bank account to collecting all the necessary documents and submitting the same to the bank of your choice. Contact us today- we’d be happy to help you.