Bank account services
Opening a bank account in Dubai is a crucial step in making a successful move to Dubai. It offers several benefits, such as zero taxation, asset protection, attractive interest rates, and convenience for frequent travelers. It also ensures easy accessibility of funds, allowing you to make and receive payments easily, invest without hassles, and operate your business smoothly.
Steps to open a corporate bank account in the UAE
- Obtain a business license
A valid business license is mandatory to open a corporate account. Banks require this as proof of legitimacy, and without it, your business cannot be recognised in Dubai’s banking system.
2. Prepare the necessary documents
Issued to individuals making significant contributions to the UAE economy, the investor visa offers flexible options based on the type and value of the investment. It supports economic growth while granting investors residency benefits.
3. Understand visa-related requirements
Certain banks mandate that at least one shareholder holds a UAE residency visa. This varies by institution, so researching visa prerequisites beforehand ensures smooth processing without unexpected delays in your application.
4. Choose the right bank
Selecting a bank involves assessing your specific needs, including eligibility requirements, residency stipulations, and local address proof. It’s crucial to pick an institution that aligns with your business activities and offers suitable account options.
5. Consider income thresholds
Many UAE banks require maintaining a minimum balance, ranging from AED 20,000 to AED 1 million. Tiered accounts may be offered, catering to different financial capacities, ensuring options for various business sizes.
6. Complete the application process
Initiate the account setup by visiting the chosen bank in person, as this is often more effective than online applications. You can also engage specialists like Beyon to simplify the process, freeing up your time for other business priorities.