UAE Banking industry is known for its highest standards of customer service and modern standards of banking requirements. The improving financial stability in Dubai has attracted more foreign businessmen and investors to park their money and assets in these city banks.
The procedure for opening a corporate bank account varies from bank to bank. There is an array of complex steps and procedures to be followed if an investor wishes to open a Corporate or a Personal Bank Account.
Opening a corporate account in Dubai bank can be tedious process as well therefore, Smart Zones UAE assists our foreign investors to take a break with this tedious process while we take care of the implemented guidelines, ever-changing regulations and banking protocols.
Corporate Banking facts in the UAE:
- There are 4 types of Banks in the UAE: Commercial, Industrial, Merchant & Islamic Banks.
- All banks are regulated by the Central Bank of the United Arab Emirates.
- Before opening your corporate bank account, having a business license is a must.
- There are 23 local banks and 26 Foreign banks in the UAE.
- To open a corporate bank your presence is required just once.
- Continuous minimum balance required should be between 10 Thousand AED to 1 Million AED.
- Application process usually takes upto 2-4 weeks depending on the bank chosen and other requirements.
- Some banks in the UAE require at least one shareholder to hold a residency visa.
Wrapping it up
Since UAE banks have to be more stringent with their screening processes with increased number of requests for information and transfer the policies and rules of each banks are firmer. Do not let this put you off, there is no trouble in opening any type of bank accounts in this city. Although, do not go with what appears to be the cheapest or the easy company setup options as it may take more number of days required to setup your company account and the regulations could change time and again.
With Smart Zones UAE help our clients get priority banking in Dubai, we recommend suitable bank for your business needs, guide to compile all the required documents for opening a corporate bank account, brief you on the banking requirements.
Connect with our Business Incubators to know more: firstname.lastname@example.org
+971 527797111/ +971 529604444