UAE Banking to Enhance your Business
Banking plays a crucial role in business. It is mandatory to choose a perfect bank that will make our business improvement. Since Dubai has become a major hub for international business, banks in Dubai to have more positivity to support business people by creating a Business setup in Dubai .
Benefits of UAE Banking:
Banks offer the whole repatriation of corporate capital and also the profits. It has the most stable currency rate and has the international trading instruments. It supports the business by providing fast and easy transferring of the amount within 2 to 3 days worldwide. It gives the facility of debit card usage.
Categories of Accounts:
Personal account for UAE residents is the easiest and one of the most narrow categories. Every UAE resident is eligible for this category of a bank account. It can be opened nearly within 1 to 3 days in any of the banks with most simple documents like passport, visa, letter of salary and Emirates ID.
A personal account for UAE non-resident requires the personal visit of the person who is willing to open the bank account. It is mandatory to provide the following documents such as passport, a utility bill to give the proof of address, CV with both the personal background and also the professional background. It also requires a personal statement from the bank from the native land. This type of account can be opened within a period of one to two weeks.
Banks provide corporate accounts for the local companies and it is the greatest demanded type of bank accounts. Companies like UAE offshore companies, Free zone and Mainland companies are eligible for this category of the bank account. In this account, the shareholders are normally appointed as the account signatories of the company. It requires some of the paperwork to process the application:
It needs incorporation of the documents of UAE business, passports of all the shareholders of the company, utility bills for providing address proof, CVs with proper experience details, Personal statement of the bank of the shareholders with proof of the funds, documents of some other existing business and the profile of the business. It is necessary to give the expectations of the annual turnover and the initial deposit to be made to the new account which has to be opened.
Since it is a tedious process with more documents it takes time from 2 weeks to almost 2 months for opening the account.
UAE banks provide corporate accounts for global businesses also. It is a complicated type of bank account and the approval of this account is very low. This requires the documents to be legalized properly by the UAE Embassy. Then it has to be attested by the Foreign Affairs Ministry of Dubai. Since it requires these legal formalities; the process of creating this account is quite expensive. It will range nearly 800 USD for a single document. It needs nearly 5 documents such as:
- Certification of excellent standing
- Certification of incumbency
- Memorandum of Association
- Registration certificate
- License if it is available
This is a risky business and most banks are not willing to provide accounts easily. It takes more time to get the approval of the accounts. It is mostly connected to the compliance process for the companies which are overseas.