Dubai is one of the leading international financial centers and among one of the fastest-growing cities in the world, this naturally makes it the hotspot for corporate banking.
Dubai’s stable financial market, strong bank secrecy, and low regulations make it a preferred city for banking over other financial centers.
At Express Group Business, our in-depth knowledge of banking and our excellent relationship with most of international as well as local banks has helped hundreds of our clients open a corporate bank account successfully in Dubai, Abu Dhabi, and other emirates.
Corporate Bank Account Opening in Dubai
What do you need to open a corporate bank account?
• All the original documents of the company (COI, MoA, License etc.)
• Passport copy shareholders and signatories (in case of corporate shareholding – a document of parent company till the passport copy of UBO)
• Copy of UAE visa (resident or visit)
• Signatories to be presented in Dubai and to sign forms in banker’s presence
Banks may also ask for the following:
• Last 6 months bank statement of shareholders
• Customary KYC (Know Your Customer) questions
What are the banking benefits in UAE?
High level of secrecy
• Easy international access
• Attractive interest rates
• Zero taxation
• Easy transfer of funds
• Flexible investment period
• Non-restrictive banking options
• Asset management
• Dedicated relationship manager
• Phone and online banking
Express Group agent helps small, medium and large companies as well as entrepreneurs. We take care of all the business requirements of our clients and assist them with company incorporation in RAK ICC, from start till end. The business development team from Express Group works towards limiting our clients’ liabilities, and ensuring that their assets are protected with free money repatriation and nil taxation, thereby ascertaining their business growth.
FAQs for Bank Account Opening
- Is it mandatory to deposit a capital in the bank for opening a company?
This used to be mandatory but not anymore. Capital deposit requirement has been waived by most of the licensing authorities/registrars in the UAE, except a couple of licensing authorities (like DMCC free zone, Abu Dhabi Department of Economic Development). - Do the banks issue a debit/credit card after the company bank account has been opened?
Mostly not; but a few banks would issue a debit card if it is a singly owned company. Same with a credit card; most banks do not give credit cards. But a few would give it against a deposit.
- Do banks in the UAE give cheque books for an offshore company bank account?
No. - Can one open a multi-currency account in the UAE?
Yes; companies in the UAE can have accounts in different currencies like AED, USD, Euro, GBP, CHF etc.Is an offshore company eligible for L.C.? - Offshore companies are not eligible for L.C. (letter of credit) or any other credit facilities from the banks.
What is the minimum balance required?
These days, most banks do not have a minimum balance policy. The balance requirements are kept in the form of monthly average balance. Some banks have the minimum monthly average cap as low as AED 10,000 or equivalent amount in any other currency.
For more information, Contact us today!