What you need to open a corporate bank account and for personal bank account in UAE

What you need to open a corporate bank account and for person bank account in UAE

What you need to open a corporate bank account and for personal bank account in UAE

Introduction

For businesses to run successfully, services have to be provided that make it easy for the businesses to operate. Today, businesses are not selling products under shops and expecting people to come to them just because they exist in the market. Attracting clients and customers has become more complex than it ever was before. Not only do businesses need to be efficient in order to sell products at a price that customers are willing to pay, these businesses also have to maintain their service and product quality while meeting the marketing and other costs as well.

It is the ancillary services in the markets that have allowed businesses to prepare for the intense competition that they face in the market. The reason is that ancillary services allow businesses to focus on core decision making while the secondary actions are delegated to service providers.

The banking industry is also a type of ancillary support for the businesses because transactions and money is handled by the bank upon the request of every business setup in Dubai. Not only does it keep the money safe, it also provides a legal and flawless system of cash transfer for a business setup UAE owner.

The way that banking industry has developed and the way that it has adjusted to the environment and chosen its course of actions is truly remarkable. The authorities have also been able to regulate the sector and make things easy for the people.

Requirements for corporate bank account

Corporate bank account opening is not a difficult task if you documentation is complete. Let’s see the requirements to open up a corporate account are:

  1. No matter what type of business you run or what the legal structure of your business is, you will have to provide the trade license that you have acquired from DED in order for the bank to verify your status.
  2. Documents like Memorandum of Association, Article of Association and passport copies related to your business setup in Dubai have to be provided.
  3. Another important document that is required is passport copies of shareholders.
  4. Company profile and business also has to be shown to be totally legal.
  5. Resumes or CVs are also important because they can be helpful in verification of personnel coming to the UAE under employment of a specific company.
  6. Trade license also has to be provided if a business setup UAE wants to open a corporate bank account.

Note that the requirements for corporate bank account change only slightly as the type of company changes.

Requirements for a person bank account

For a personal bank account, the list is not too long. Let us have a look at it:

  1. Bank statement of last six months from your home country.
  2. A reference letter from bank.
  3. You will have to provide your utility bills.
  4. An average balance of AED 200,000 has to be maintained.
  5. A person can also maintain zero balance if he invests in investment bonds or insurances.
  6. A copy of stamped entry page of the passport.

All that is required is for you to take help from Business Setup Consultants Dubai. They have the expertise to guide you about business setup, company formation and services like bank account opening. If you are new to Dubai, you will find that the experts at Business Setup Consultants Dubai have all information on their finger tips and that can only benefit you.

Message us today via email or give us a call. We are quick to respond to all queries that our clients want solutions too.


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