Things Know Before Bank Account Opening in Dubai
Dubai’s economy has been on a rise for quite a long time now with real estate improvements and increased tourist demand. The financial outlook is also appearing strong, it’s no surprise more and more foreign businesses are looking to incorporate in the UAE. One of the important steps, after you set your business in Dubai, is to Bank account opening in Dubai for your business. But some it can be a tricky and tedious task. That’s why in this blog we present the important things that you should be considered before opening a bank account.
You can open a bank account in Dubai for the purpose of personal as well as company operating locally and for conducting international business. Keep in mind that UAE banks have imposed a mandatory personal presence of account holders to open any account-whether corporate or personal. This applies to all banks in the United Arab Emirates.
Bank Account Opening in Dubai
Dubai is one of the leading investor-friendly business centers across the world. In all businesses, trouble-free financial transactions are playing important role in business growth. Bank account in Dubai provides companies and investors very client-friendly and trouble-free services once the applicant accomplished appropriate needs by the banks. Offshore company bank account opening in Dubai procedure is an easy task if you know the correct paperwork and KYC requirements of the banks. During the time of company account in Dubai, the banker can ask further questions or supporting documents to open the bank account. So it is very crucial to reply in this information by the applicants.
Bank Account Requirements
Dubai bank account opening need widely based on the type of bank account you have in mind. The general type of bank account can be divided into two types are: personal and corporate.
Each type of account has different opening demands and also has privileges and perks. Generally, you will have to be legally present in the UAE to open a bank account and to sign different bank account opening forms. Sometimes banks asked for the following requirements:
- The owner has a visa of the UAE or in case the owner resides in an OPA who holds a residency visa.
- Profile of the applicant
- Invoices are used as evidence on some transactions that are mentioned on the statement.
- Legal documents for the company formation in the United Arab Emirates and UD of the owner.
- Keeping a small investment price makes the process easier.
Document required to Bank Account Opening in Dubai
The documents required for bank account opening in Dubai are mentioned below:
- Passport copy with UAE entry page
- Personal Profile of the applicant – CV
- Latest utility bill
- Original bank reference letter of applicant from his/her personal or company bank account in the country of origin or anywhere in the globe.
- Lats six months personal bank statement of the applicants
- Copy of trade license
- Copy of Memorandum of Association and Article of Association
- Copy of share certificate
- Copy of Emirates ID of shareholders
SME Bank Finance in Dubai
Running a business in Dubai is not a simple task, and you can face certain hurdles at different phases, which can require financial support to run and develop the business. Emerging business can require accelerated business loans to remain in a consistent status in the Dubai market, and hence increasing competition among financiers.
SME bank finance in Dubai is an unsecured installment-based product proposition designed to complete the small business requirements of the clients including business expansion or working capital finance needs. These loans are tailor-made to suit the requirements of SMEs. Whether you are looking to invest in factory infrastructure or sustain a healthy cash flow, an SME bank finance in Dubai would prove to be the smartest financing option for your business. Some other benefits of SMEs bank finance are:
- Working capital facility for 3 months period
- Term loan of up to four years period
- Competitive interest rate-below the average market rates
- Easy documentation
- Quick turnaround time
Above we mentioned the things that you need to know before opening a bank account in Dubai. we hope these all things will help you.