To do business in the UAE, opening a corporate bank account is essential. It allows businesses to transact in local and international markets, access credit facilities, and manage their finances efficiently.
Steps to Open a Corporate Bank Account in the UAE
- Step 1
Choose the Bank: The first step in opening a corporate bank account in the UAE is to select a bank that suits your business needs. Research different banks and compare their services, fees, and requirements before making a decision.
- Step 2
Gather Required Documents: The next step is to gather the necessary documents. The documents required vary depending on the bank and the type of business entity. Generally, the following documents are required:
- Passport copies of shareholders and directors
- Emirates ID copies of shareholders and directors
- Memorandum of Association (MOA) and Articles of Association (AOA)
- Board resolution approving the account opening
- Trade license copy
- Company stamp
- Step 3
Submit the Application: Once you have gathered all the required documents, you can submit the account opening application to the chosen bank. The bank will review the application and may request additional information or documents.
- Step 4
Account Opening: After reviewing the application, the bank will inform you of the account opening decision. If approved, you will need to deposit the required minimum balance to activate the account
How Corporate Banking Assists with Business Setup?
Corporate banking offers the following benefits to businesses:
Local and International
Transactions
A corporate bank account allows businesses to transact in local and international markets. It enables businesses to receive payments from clients and customers, pay suppliers, and manage cash flow.
Credit Facilities
Corporate banking provides businesses with access to credit facilities such as business loans, overdrafts, and credit cards. These facilities can be used to fund business expansion, invest in new projects, or manage cash flow.
Efficient Financial
Management
Corporate banking allows businesses to manage their finances efficiently. It offers online banking services, mobile banking, and other digital tools that allow businesses to monitor their accounts, make payments, and manage transactions easily.
How BusinessLink Can Help You Set up
a Corporate Bank Account Smoothly?
Opening a corporate bank account in the UAE can be a time-consuming and complicated process, especially for foreign investors.
Business Link can help you set up a corporate bank account smoothly. Here are some ways Business Link can assist you:
Bank Account Selection
Business Link can help you select the right bank that suits your business needs. With our deeply established relationships with different banks in the UAE, we can recommend the best bank for your business.
Document
Preparation
Our professional PRO experts assist you in gathering the necessary documents and preparing the account opening application. We also provide document translation services if needed.
Application Submission
and Follow-up
We submit the account opening application on on your behalf and follow up with the bank to ensure a smooth account opening process.
