How to open a bank account in Dubai?

Given the fact that Dubai is one of the world’s major international financial centres, as well as one of the world’s fastest-growing cities, it is unsurprising that it is a hotspot for corporate banking. Dubai is a favoured banking destination over other financial centres because of its stable financial market, robust bank secrecy, and minimal regulatory burden.

Generis Global’s extensive knowledge of banking protocols in the United Arab Emirates, as well as our excellent working relationships with most international and local banks, has enabled hundreds of our clients to successfully open a corporate bank account in Dubai, Abu Dhabi, and all other emirates.

You will need the following items in order to open a bank account in Dubai.

Original business records are available upon request (COI, MoA, License, etc.)
A copy of the passports of the shareholders and signatories [in the event of corporate shareholding, a document proving parent company ownership up to a copy of the passport of the ultimate beneficial owner (UBO)]
a photocopy of your UAE visa (resident or visit)
The presence of the signatories in Dubai in order for them to sign documents in the presence of the banker
You may also be asked for the following information:

Shareholders’ bank statements over the previous six months Customary Know Your Customer (KYC) inquiries
What Are the Banking Advantages in the United Arab Emirates?

Accessibility on a global scale
Interest rates that are competitive
There is no taxes.
Transfer of money is simple.
Investing over a longer period of time
Banking alternatives that are not restricted
Asset management is a term used to refer to the management of assets.
Relationship manager who is available at all times
Banking through the phone and the internet

When opening a business bank account in Dubai, what is the procedure to follow?

Opening a business bank account in Dubai has a number of requirements that differ from one bank to the next. The presence of a significant director or shareholder, on the other hand, is required. It is possible that an attorney may open accounts on their clients’ behalf on occasion, but this is not a regular practise in the legal profession.

The following are the procedures to take in order to establish a corporate bank account in Dubai –

1. Obtain a business licence for your company.

In order to establish a bank account, it is necessary to first acquire a business licence. If a business does not have a business licence, the bank will not recognise it as legitimate.

2. Put your documents in the proper order.

The papers that must be submitted in order to open a corporate bank account have already been stated. The specific papers required will vary from one bank to another. Other supporting papers such as contracts or invoices, a reference letter from a company partner, a business strategy, and information about the planned business activities are required by certain financial institutions as well.

3.Confirm the requirements for obtaining a visa.

Check to see whether the company’s stockholders are needed to obtain a residence visa in order to do business in the country. A proof of this from at least one shareholder is required by certain banks, while others do not need any evidence at all from any shareholders. In this case, whether or not your shareholders have residence permits in place may have an impact on which banks you choose to approach for a lending opportunity. It is important to find out as early as possible which banks have these criteria in order to avoid any delays in your application later on.

4.Select a Financial Institution

Once the necessary papers are in place, the company must contact the banks in the United Arab Emirates. The one that is most appropriate will be determined by particular needs. One should take into consideration –

Criteria for Eligibility

When selecting a bank in the United Arab Emirates, it is essential to keep in mind that most banks need you to have a resident visa in the country. Additionally, some banks in the UAE may need you to give a physical address in the country.

Income

The majority of banks in the United Arab Emirates demand a minimum balance to be maintained on a continual basis. This may go up to AED 1m, but most people start with a considerably smaller amount. Noor Bank, for example, provides three levels of accounts with minimum balances ranging between AED 20,000 and AED 500,000, depending on the account type.

5.Process of submitting an application

It is now possible to begin the formal account opening process.. It is preferable to visit the bank in person rather than contacting them through the internet. Alternatively, a bank account opening expert such as Generis Global may be enlisted.

When starting a new company, you have a slew of things to worry about; don’t let the process of setting up your corporate bank account add to your list of worries.

The Use of an Offshore Bank Account Is a Real Option

If you own a company in the United Arab Emirates, you will almost certainly want to take advantage of the many advantages that come with having a bank account here. If you are unable to open a corporate bank account for your company in the UAE due to a variety of factors (such as the nature of your business activity, nationality restrictions, and so on), we have some good news for you!

Instead, you may establish an offshore bank account in Dubai, which would be more convenient.

An offshore account in Dubai is one that is located in a nation other than the one in which your company is headquartered. It offers you with the same degree of accessibility and advantages as before, as well as additional perks!

ABC Banking Corporation, Mauritius has accepted Generis Global as its authorised introducer. It offers the following features and services:

A deposit of just 5,000 USD is required to establish an account (or equivalent)
Accounts with several currencies
E-banking There are no statement or ledger fees with e-banking.
Internet banking is provided at no cost (both viewing and transaction)
It is important to note that you do not need to have your papers certified a second time for the offshore bank account.

Generis Global is a one-stop shop for the opening of corporate bank accounts.

Generis Global is a legally recognised company that provides assistance to small, medium, and big businesses, as well as entrepreneurs. We take care of all of our customers’ business needs and help them with the formation of their companies from the beginning to the finish. In order to ensure our customers’ company growth, the business development team at Generis Global works hard to minimise our clients’ obligations while also guaranteeing that their assets are safeguarded via free money repatriation and zero taxes, among other things.

When it comes to establishing a corporate bank account in Dubai, we can help you with every step of the process, from filling out the bank account application paperwork to attending the bank interview on your behalf. We can also assist you with the establishment of an offshore bank account.

Please get in touch with us right away if you need assistance with your bank account in the United Arab Emirates.

This used to be required, but it is no longer so. The need for a capital deposit has been waived by the vast majority of licencing authorities/registrars in the UAE, with the exception of a few licencing authorities (like DMCC free zone, Abu Dhabi Department of Economic Development).