How to open a business bank account in the UAE?

The opening of a business bank account in the UAE is a very significant issue for every firm that operates in the country's economy. The whole process was created to be in line with the local rules, but at the same time to provide smooth access to financial services for businesses. Here are the steps involved in opening a business bank account in the UAE.

Read more: Requirements for opening a bank account in UAE

Requirements for Opening a Business Bank Account in the UAE

1. Company Documents: The documents required by banks in the UAE include a valid trade license, certificate of incorporation, memorandum and articles of association, and proof of address for the business. Other documents may also be required; these can include a board resolution that authorizes the opening of an account and copies of the passports and visas of the company directors and shareholders.
2. KYC requirements: The banks in the UAE have strict rules based on the KYC, thus they call for elaborate information concerning the operation of the company, the business model, as well as the general amount of transactions expected. This process helps the bank to verify the nature of the business, as well as what the customer intends to use the account for.
3. Initial deposit and minimum balance: Most of the banks in the UAE require an initial deposit to open a business account, including keeping minimum liquid balance, which also varies bank-wise and account-wise. The amount is better inquired about from the bank.
4. In-Person Visit or Online Application: Although a few banks might allow online application setups, most UAE banks require a visit to the branch in person, where business owners or their authorized representatives can open an account. This step helps the bank verify the authenticity of the documents and conduct interviews for due diligence.

Summary

The opening of a business bank account is subject to documentation, know your customer requirements, and deposit amount. This will imply that, once these needs are met, companies can easily access banking services in UAE. Certain policy clarification should be discussed directly with the bank to ensure the speediest set up for the business operational needs in UAE.