For any organization, opening a bank account is crucial after acquiring a business license. We can assist you with the account opening and offshore banking in Dubai. With our links to several institutions, we can assist both free zone and mainland businesses in opening bank accounts in the UAE.
Opening a Bank Account in UAE
Business enterprises and high-net-worth individuals of various nationalities wish to open a bank account in Dubai and other United Arab Emirates locations. There are various requirements to open a business bank account in the UAE, and we can assist you in locating the best UAE business bank account. With our assistance, opening a bank account in Dubai for non-residents or corporate entities is indeed very simple.
Despite the apparent complexity of bank account opening requirements, Alberts assists you in locating the correct banks in your location that offer the lowest rates on banking facilities, a streamlined reporting system, high-quality services, and competitive costs. Consult our business advisors to open an account at the top bank in Dubai or to learn about any of the UAE banks or offshore banking services.
Benefits of Setting Up a Bank Account in UAE
In this phase, the essential resources for the company are analyzed. The requirements of hardware / Software, availability of Capital investments and whether a change can be accommodated with the capital being invested are some of the most important aspects in this phase.
Timeframe to Open a Bank Account in UAE
Normally one to two weeks are required to open bank account in UAE but depending the nature of the business, the domicile of operation (free zone/offshore or mainland), and the nationality of the signatory may impact the timing.
Requirements of Opening a Bank Account in UAE
Banks in UAE require certain documentation, minimum balance requirements, and sector-specific expertise. Depending on the circumstances, the strategy may differ. According to our client’s needs and preferences, we may supply them with a list of reputable and trustworthy banks.
Documents
In some instances, additional supporting papers, such as invoices, reference letters, etc., may be required to open an account. Bank statements and documentation regarding the parent corporation must be provided if the business is a branch. Generally, the following documents or information are necessary to open a corporate bank account in UAE:
- Company business license
- Memorandum and Articles of Incorporation
- Board resolution authorizing a corporate officer to open the account
- Passport and visa copies for investors and authorized signatories
Minimum Balance
In most UAE banks, a minimum balance is required. Taking into account the type of your business, we recommend the most suited banks for you. We offer the greatest support for opening a bank account.
There are numerous traditional account options available, including ENBD, Mashreq Bank, First Abu Dhabi Bank, National Bank of Fujairah, Union National Bank, and ADCB accounts.
Bank Opening Process
Alberts Chartered Accountants is an experienced and professional firm that specializes in providing feasibility studies to clients. They have a team of experts that are well-versed in all aspects of feasibility studies and can provide a thorough and detailed analysis of your proposed project with following additional features
Initial consultation
The first step is an initial consultation with the client to understand their specific needs and requirements.
Selection of bank
Based on the client’s needs, Alberts Chartered Accountants will suggest the most appropriate bank to open the account with. The factors considered for this selection include the type of account needed, location, fees, and features.
Document collection
Alberts Chartered Accountants will collect all the necessary documents from the client, including identity proof, address proof, and other relevant documents as per the bank’s requirements.
Filling of application form
After the documents have been collected, Alberts Chartered Accountants will assist the client in filling out the bank account application form. This includes filling in the required information accurately and completely.
Submission of application
Once the application form is complete, Alberts Chartered Accountants will submit it to the bank along with all the necessary documents.
Follow-up
Alberts Chartered Accountants will follow up with the bank on behalf of the client to ensure that the application is processed and approved as quickly as possible.
Account activation
Once the account is approved, Alberts Chartered Accountants will inform the client and provide them with the necessary details to activate their account.
Post-account opening support
Alberts Chartered Accountants will provide ongoing support to the client post-account opening, including assistance with any issues that may arise and providing guidance on how to make the most of their account.
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Alberts – Accounting and Tax Consultants [AATC] one of the leading accounting, auditing, management and financial consulting firm in Abu Dhabi and Dubai, UAE.
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