It is important to mention that the procedure of UAE bank account opening for corporate use differs from bank to bank. Opening a bank account in UAE requires some time in order to finish all mandatory stages of the application and registration. The best solution to save your valuable personal and business time is to consult experienced professionals who went through this process many times. However, in order to have a general idea about the procedure itself, please read the following information.
Bank Account in UAE – presence requirements
According to legal rules of the financial institutions of the United Arab Emirates, it is mandatory for the company investors to be personally present during application for new UAE bank account. Otherwise, the procedure will be considered illegal and business-management of corporate assets can be blocked. However, there is an alternative how to make the process legal without applicant's visit to UAE – bank representative can meet an applicant on his territory. Also, it is possible to open bank account in UAE if the investor visits any official branch of the bank even outside the UAE. Original signature of the documents and personal identity verification are mandatory requirements which allow company-applicant to open a corporate bank account in UAE.
Opening Bank Account in UAE for foreign company
It is allowed to open bank account in UAE for the company registered outside the country, regardless either it is offshore or onshore company; however, all the constituent documents should be legalized. The procedure of UAE bank account opening is quite expensive and requires certification of the documents by the consulate of UAE in your country, and later on by the Ministry of Foreign Affairs of the UAE.
UAE Bank Account – checkbook
Using checks is quite common for modern financial system of the UAE. It is convenient and at the same time secure mean of payments for individuals and companies as well. However, in order to receive a checkbook for corporate account of the company, its investor should be UAE resident. Also, it is important to remember that all financial operations with checks are subject to the rules of the bank system and are regulated according to UAE legislation.
Bank Account in UAE - debit card and online banking for corporate use
Opening a bank account in UAE bank gives you an opportunity to receive a debit card. It is classic and convenient tool for any financial operations. Its holder can make payments through payment terminals as well as withdraw money from the ATM machines. Terms and conditions of debit card use directly depend on its type.
Those who are interested in UAE bank account are usually interested in online banking option as well. Nowadays, in modern business world, it is irreplaceable tool of managing monetary assets from anywhere in the world what facilitates financial transactions. Especially it is very important for those companies who have international activity and need to transfer money funds from one account to another internationally. Moreover, it is important to mention that online systems of UAE banks are highly secured and protect its customers from frauds. So, one of the main benefits of online banking is that while you open bank account in UAE, you can have full control over your assets from anywhere in the world.
Required documents to open bank account in UAE
In order to open bank account in UAE the following documents are required:
- Documents' registration for the company – License
- Identity Card (can be Emirates ID)
- Passport Copy of the shareholder with visa
- Copy of main passport pages of the Managing Director (in case MD is not a shareholder of the company)
Our professionals provide full service of UAE bank account opening, both for individual and corporate needs. If you would like to get more detailed information, please send us your online request or call us by phone/Skype.