Banking Services

Why open a bank account in Dubai, UAE?

As an international business center, Dubai is a lively city where a lot of financial activities take place. To simplify these financial activities, there are numerous financial institutions operating in Dubai and the UAE. The banking sector in the UAE plays a vital role Middle East. You can open a bank account in Dubai and the UAE for both personal and business purposes.

Opening a bank account in Dubai for non-residents is not a hurdle. If you are a non-resident of the UAE, you can open a bank account in the UAE, but with certain criteria to abide by for selecting the banks and the services they provide. Finoxe's consultants offer bank account opening services in the UAE that facilitate the opening of bank accounts in Dubai and other emirates.

Many institutions struggle to survive and are focused on building confidence with customers and planning for new challenges. The banking sector is closely linked with the United Arab Emirates’ strategy on competitiveness and growth. In particular, the strategy of the Central Bank of the United Arab Emirates includes enhancing the further regulatory framework whilst nurturing innovation in the financial services sector. The United Arab Emirates remains a key financial center in the region.

We are experienced in advising on the regulatory, accounting, valuation, systems, and control issues facing clients in the retail and wholesale banking industries, as well as other businesses in retail finance, such as peer-to-peer lenders and platforms, debt management companies, and FinTech’s.

Our expertise includes:

• Audit and Tax assurance

• Regulatory advisory services

• Advice on obtaining regulatory approval for changes

• Banking license applications

• Due diligence, Systems Integration, and SOP for Operating

• Valuations of financial investments

• GAAP & IFRS accounting

• Advice on all aspects of financial instrument standards

Once you have incorporated your company in Dubai or the United Arab Emirates, you will need to open a corporate bank account. Companies, regardless of their type and the region in which they operate, should have a corporate bank account to conduct their business. The formalities for opening a corporate bank account for companies in the UAE mainland can be completed effortlessly

Companies wishing to open a corporate bank account in the UAE must provide proof of their legal existence. If the branch is owned by a corporation, additional documents regarding ownership and management must be submitted. Notarization of company documents may be required in the case of company ownership. Notarization must be carried out in the country of origin and the same procedure must be carried out in the UAE.

Regardless of the jurisdiction in which your company operates (mainland UAE, free zone or offshore company), you can either approach a local bank or a foreign bank to open a corporate bank account. The choice of bank depends solely on the requirements of your company. If you have established a start-up company or a small or medium-sized business in the UAE, opening a corporate bank account with a local bank is the best option. A local bank offers the investor the advantage of flexibility.

The physical presence of the signatories is mandatory at the time of application. Verification of the signatories' passports must be done in the presence of the banker.

The required monthly balance varies from bank to bank. The amount varies from AED 20,000 to AED 500,000.

Guide to opening a bank account for business in Dubai, UAE

The requirements for opening a bank account in Dubai or UAE vary from bank to bank. Banks do not have a standardized policy for opening a corporate bank account. Check the bank charges of different banks before choosing your preferred bank. The managing director and the shareholder of the company should be physically present to complete the process. The detailed instructions for opening a corporate bank account in Dubai and UAE are given below.

• Trade license of the company

• Certificate of incorporation

• Memorandum of Association and Articles of Association

• Document with board resolution

• Emirates ID and passport of the shareholder (copy)

• Copy of the Director's passport

• Certificate of registration of the shareholders

• Certificate of authorization

• Business plan

• Existing contracts

• Declaration on the fund