Latest News and all That You Should Know for Doing Business in the UAE
Starting your own business in the UAE is never a process fully completed until you take care of two other vital priorities once your trade license is issued: Applying for a Residency Visa and Opening your Corporate Bank Account.
Today we will discuss about banking procedures in the UAE.
Benefits of UAE Banks
Either for a Personal or a Corporate Account, the UAE banking system is known for being one of the safest, modern, and most stable systems in the world.
The national currency, UAE Dirham, is considered in fact to be extremely stable in terms of exchanged rate stability (pegged to the US Dollar at a fixed rate of 1 USD to 3.67 AED)
The organ supervising all the national and foreign UAE banks is the Central Bank of the United Arab Emirates, which oversees the entire monetary and credit policy of the country.
Steps for Opening your Corporate Account
Getting your business trade license is the first official step for your corporate entity. With that in your hand and your visa, you can approach any national bank in the UAE.
The procedures for opening a corporate bank account is overall a pretty basic process: you need to get the right documentation before signing the bank papers and submit your file for approval. As soon as the approval from the bank compliance team is complete, in a matter of a few days your bank account will be operational.
Overall banking procedures can last between two to three weeks. However, gathering the right documentation i.e. official corporate documentation, translated supporting evidence if required by the bank, complete visa procedures, etc. can be a lengthy procedure, which if not done properly and in order from the very beginning, could cause massive delays for your account setup, and in turn, in the running of your business operations.
When thinking about which bank to choose for your corporate account the list of banks in the UAE is very long. But not all banks are the same. In fact, it is important to know in advance which bank can offer you the best solution in line with your entrepreneurial needs, the volume of your business, and the type of company you decide to set up.
Some UAE banks favor free zones licenses over offshore, while others prefer to deal with mainland companies.
Your business activity can make a huge difference when it comes to choosing the right bank, especially for certain types of service licenses or when importing and exporting special goods. Another important aspect that most UAE banks take into consideration at the time of opening a corporate account is the type of office premise linked to your company license.
That is why it is always best to be aware of the banking requirements, even before finalizing your trade license. In this way, if your banking documentation is set right from the beginning, you will encounter minimal stress when opening a bank account.
At Profikuo Consultancy our consultants are directly working with several banks in the UAE, and are therefore ready to advise you on the right bank account for your business operations, helping you find the right bank in accordance to your business license, jurisdiction (Free Zone, Mainland, or Offshore). Our dedicated team will assist you in finalizing your documentation directly with a bank representative who will meet you only at the time of signing the official documents. In case you are not able to come in person to the UAE, Profikuo can also assist you with your banking needs remotely.
If you are in need of banking support reach out at firstname.lastname@example.org and get rid of that banking burden right off your shoulder!