Company Bank Account
Opening a company bank account in Dubai is an important step for businesses operating in the United Arab Emirates (UAE). Having a local bank account provides numerous benefits, including ease of doing business, processing transactions, and managing finances. Here’s an overview of the process to open a company bank account in Dubai.
Choose a Bank
Research and select a suitable bank in Dubai that meets your company’s needs. Consider factors such as the bank’s services, fees, reputation, and proximity to your business location.
Gather Required Documents
The exact documentation required may vary depending on the bank and the type of company (Free Zone, Mainland, or Offshore). Commonly needed documents include:
- Company Trade License and Memorandum of Association (MOA)
- Certificate of Incorporation
- Passport copies and residence visas of company shareholders and directors
- Board resolution authorizing the account opening
- Proof of address for shareholders and directors
- Business plan and financial statements
Submit Application
Visit the chosen bank’s branch with all the required documents to initiate the account opening process. Some banks may allow online applications as well.
Complete KYC Process
As part of the Know Your Customer (KYC) process, the bank may request additional information and conduct due diligence on the company’s shareholders and directors.
Deposit Minimum Balance
Many banks require a minimum balance to be maintained in the company account.
Choose Account Type and Currency
Select the appropriate account type (e.g., current account, savings account) and the desired account currency (AED or other major currencies).
Obtain a No Objection Certificate (NOC):
For companies registered in Free Zones, some banks may require a No Objection Certificate from the respective Free Zone Authority.
Receive Account Details
Once the account is approved, the bank will provide you with the account details, including the account number and other relevant information.
Activate Online Banking
Most banks offer online banking services, enabling you to manage your account, conduct transactions, and access various banking services remotely.
