Global Office regularly opens corporate bank accounts with all UAE banks. For a number of international clients we also handle and manage their complete banking transactions on an ongoing basis with full power of attorney.

Due to the fact that banking differs a lot from banking in the Western world it is highly advisable to hire a locally experienced consultant who can effectively deal with the red tape and specific requirements of this market.

Dubai has a number of key advantages over other offshore locations which, when combined, provide clients with the most confidential and secure offshore solution offered anywhere.

However, setting up a bank account in Dubai is not necessarily a straight forward process. Banking rules and regulations can vary from branch to branch and bank to bank. The UAE has plenty of banks – local and international. Strictly speaking anybody requesting a bank account would need a residence visa. This is not always strictly applied. There are quite a few banks who will give savings type bank accounts to non-residents including online-banking facility.

Opening a corporate bank account is sometimes a quite cumbersome process and can take from 4 days to 2 weeks with frequent bank staff interaction. Normally banks ask for all company related documents such as business license, corporate share certificate, certificate of incorporation, chamber of commerce membership in some cases, passport copies of the managers, reference letters from banks in home country.

Corporate bank accounts can only be opened if the company is registered in UAE – either through free zone or local sponsor set up. A lot of bank forms need to be filled detailing applicant’s home address, source of funding, amount to be expected on an average monthly basis. For corporate bank accounts Dubai and Abu Dhabi banks usually expect a monthly turnover of no less than AED 50,000 otherwise charges will go up significantly. Many banks also charge for the online-facility. Overdraft facilities are not readily given and usually have to be backed by assets.

Corporate bank accounts are always in the name of the company mentioned on the business license. If a company moves to a different location ,which in the UAE means a new legal set up has to be done, the existing bank account in Dubai or any of the other emirates needs to be closed and the new bank account has to reflect the company name change, even if the change is only in FZE (free zone establishment), FZ-LLC (free zone company with limited liablity), FZC (free zone company), FZCO (free zone company) or LLC (limited liability company registered through Dubai Department of Economic Affairs).

Please contact us now for further assistance if you wish to open a corporate bank account in the UAE.

Office Tel. +971-4-3644691
Mobile +971-50-8462421

Email: mailme@globaloffice24.biz
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