The requirement for opening a business bank account in Dubai varies from one bank to other. However, the presence of a major director or shareholder is needed. It may sometimes happen that the attorney may set up accounts on behalf of their clients, though this is not a common practice.

Here are the steps to open a corporate bank account in Dubai –

1.Obtain a Business License

It is important to obtain a business license to open a bank account. The bank will not recognise a business if they don’t obtain a business license.

2.Get Documents in Order

The documents required to obtain a corporate bank account are mentioned above. The exact documents needed will differ from bank to bank. Some banks also require having supporting documents like contracts or invoices, reference letter from business partner, business plan and information regarding intended business activities.

3.Check Visa Related Requirements

Check whether the company shareholders are required to have a residency visa. Some banks require proof of this from at least one shareholder, while others do not ask for it at all. So the issue of whether or not your shareholders have residency visas in place may have a bearing on which banks you consider applying to. It’s best to find out early which banks have these requirements so it doesn’t cause any delays to your application further down the line.

4.Choose a Bank

Once the documents are in place, the business must approach the UAE banks. The one that is right will depend on specific requirements. One should consider –

Eligibility Criteria

When choosing a bank in the UAE, it is important to consider that most banks require you to have a residence visa. Additionally, selected banks may request you to provide a local address in the UAE.

Income

Most banks in the UAE require a continuous minimum balance. This can range up to AED 1m, though most start much lower. For example, Noor Bank offers three tiers of accounts with minimum balances ranging between AED 20,000 and AED 500,000.

5.Application Process

One can now begin the official account opening procedure. It is better to go physically to the bank rather than getting in touch online. Or one can also take of bank account opening specialist like Commitbiz.

You have already got plenty of things to worry about when establishing a new business: make sure that setting up your corporate bank account isn’t one of them.