Open Corporate Bank Account in Dubai & UAE
The prerequisites for creating a corporate bank account in the UAE differ from bank to bank.
Finding trustworthy information and the ideal banking partner may be rather frustrating. With
the correct information and assistance, though, it can be trouble-free.
How virtue can help you to open an account ?
At Virtue, we take pride in our ability to open all sorts of personal and business bank accounts quickly, our solid relationships with the Leading UAE banks, and our commitment to helping our clients fulfil all requirements for a successful bank account opening in the UAE. We cover all you need to know about using banking services in the United Arab Emirates, such as how to open an account there, what documentation is required, and how to close an account.
Banking in UAE
The UAE has four different types of banks
Commercial banks
Branches of foreign banks and locally incorporated banks make up the bulk of the classification of commercial banks. Basic banking services like savings accounts, loans, mortgages, investment services like CDs, and safe deposit boxes are offered by commercial banks. The amenities offered by a commercial bank are available to both customers and small to medium-sized businesses.
Investment banks
Investment banks offer banking services to big firms and investors, while commercial banks cater to people and small enterprises. The many services provided to owners of investment bank accounts include brokerage services, company restructuring services, and merger and acquisition (M&A) strategies.
Industrial Banks
A commercial company that is not connected to any federal financial agencies often owns an industrial bank. Industrial banks, commonly referred to as industrial lending companies (ILCs), are well recognised for offering low-interest loans to individuals and small enterprises. With the help of this programme, entrepreneurs and small company owners can easily set up shop in the UAE.
Islamic banks
Islamic banks are those that conduct business in accordance with shariah (Islamic law). The Qur’an serves as the foundation for Islamic banking’s laws and regulations (the religious text of Islam). The Islamic banks adhere to the philosophy of sharing the gains and losses with the lenders and investors rather than adding any type of interest to your loans.
Documents Necessary for Non-Resident Foreigners to Open a Bank Account in the UAE
Documents Needed to Open a Corporate Bank Account in the UAE
- Copy of a passport (photocopy immigration stamp).
- Copy of your resume.
- Letter of recommendation from your home country's bank.
- Copy of your most recent passbook.
- Passport-size photographs
- Evidence of revenue, including sources of funding.
- Proof of a valid visa.
- Copy of a passport (photocopy immigration stamp).
- Copy of your resume.
- Letter of recommendation from your home country's bank.
- Copy of your most recent passbook.
- Passport-size photographs
- Evidence of revenue, including sources of funding.
- Proof of a valid visa.
Documents Necessary for Non-Resident Foreigners to Open a Bank Account in the UAE
- Copy of a passport (photocopy immigration stamp).
- Copy of your resume.
- Letter of recommendation from your home country's bank.
- Copy of your most recent passbook.
- Passport-size photographs
- Evidence of revenue, including sources of funding.
- Proof of a valid visa.
Documents Needed to Open a Corporate Bank Account in the UAE
- MoA (Memorandum of Association) and AoA copies (Article of Association) a trading permit.
- Copy of both your passport and the passport of your shareholder.
- Certificate of incorporation as proof.
- Emirates shareholders' ID (If shareholders have UAE residency).
- Latest shareholder banking statement (not older than 6 months).
- Address proof of shareholder
- Bank statements and corporate legal paperwork.
- Social Security Number (SSN) or Employer Identification Number (SSN). certificate for the trade name.
Some banks in the UAE demand that you keep a certain minimum balance in your account. If your bank account balance goes below the minimum balance set by the bank, they impose an extra fee.
As an expat, the procedure to open a bank account can be confusing. You can get in touch with knowledgeable experts at Virtue to determine which bank to create an account with and the sort of bank account for your business.
We will direct you and give you all the information required to open a bank account in Dubai or the United Arab Emirates.
We also provide VAT Consultation, Visa Services, Accounting and Bookkeeping Services in Dubai.
All you need to do is give us a call,
and we'll do the rest.
