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How to open a company bank account in Dubai?

LogoThe UAE Central Bank is primarily responsible for overseeing banks, so the entrepreneurs may feel safe in UAE bank account opening, except in the Dubai International Financial Centre (DIFC), where the regulatory authority is the Dubai Financial Services Authority (DFSA).

The 2019 Data of UAE on the scale of Global competitiveness

• Improved UAE GDP forecast due to recovery in oil prices, fiscal consolidation and a stable and well capitalized banking sector.
• Economic reforms such as revised investment and visa laws is expected to stimulate further growth and enhance consumer confidence.
• The UAE is squarely placed amongst the top 5 in the 2019 World Competitiveness Rankings driven by strong performance, government and business efficiency and advancements in technological and scientific infrastructures.
• 100% foreign ownership now allowed in certain economic sectors in the UAE.

Bizgate is going to help to open a bank account anywhere in UAE for both Personal account and Business account for all Offshore (Locally & Internationally) , Mainland, Freezone and 100% offshore companies.

Opening a bank account in Dubai is not that tough because the formalities and mandates do not vary from bank to bank. A bank account can be opened for business and trade, personal savings and for salary transfers.


The documents required for private bank account opening in Dubai are
• Passport copy
• Emirates ID copy
• Residence Visa copy
• Incorporation Certificate or Trade License , MOA, AOA, POA
• Residence Utility Bill for last 2 months
• Bank Statement for last 6 months


Offshore company bank account opening in Dubai

With its promise of security and lucrative offers from global banking institutions, offshore banking is on the rise in the UAE. By using 100% offshore bank account opening in Dubai, residents gain access to the highly personalised world of banking, often at a surprisingly low entry point. If you have a global lifestyle, and are looking for a safe, accessible way to grow, protect and preserve your wealth, then offshore banking could be the right solution for you.

Picking the right bank in the right location is important. Knowing that your money is in a politically stable environment with a strong and robust economy, as you lay the financial foundations for your future generations, will give you peace of mind.

What are the perks?

Services in suitable orientation
A single dedicated Relationship official based in the UAE is available to assist with your financial needs, allowing you to enjoy customised solutions tailored to your specific banking and financial planning needs.

Easy access to other trading platforms
One can access online trading platforms that offer an array of features with focus on wealth management products such as online mutual funds, brokerage, and FX services on major global markets outside of the Gulf region with real time quotes and performance charts. Manage all your accounts across countries on a single platform. Also, allocate and monitor how your investments perform as well as rebalance your portfolio with the help of the Total Wealth Advisor tool in real time.

Security without restrictions
Offshore accounts can be used to accumulate and grow your savings in a potentially tax efficient location. As an expatriate, being able to keep your bank account in one place as you relocate — and no matter how many times you move around the world — is a major benefit. These savings will be easily accessible to you with the added bonus of financial security. By using an offshore bank, based in a highly regulated, transparent jurisdiction and offering individuals an element of protection with a deposit compensation scheme, you can feel safe that your wealth will be protected from the risks of capital accessibility restrictions, control and potential currency devaluation that might affect your home country and it further provides an added cushion against foreign exchange fluctuations.

Flexibility and Control
Having an offshore bank account gives you more options — meaning more freedom without any absolute dependence on any one country. Offshore banking has always been a successful way of ensuring real control over your long-term finances.

Today it is completely flexible and offers the same high level of service you would expect with traditional, onshore banking, not to mention a diversified product range including investment custody services. This convenience and flexibility is especially pertinent for expats who move from one international assignment to another abroad.

Easy access
Depending on the bank you choose, you will often have access to accounts in several different currencies and you can manage accounts to automate payments back in your home country, every day expenses in your host country, and any oversees travel.

BIzgate suggests banks like EmiratesNBD, ADCB, Standard Chartered and Citibank etc. for offshore accounts because
• The account is secure, reliable and stable.
• Free repatriation on profit
• Stable political and economic condition
• No personal or corporate tax
• Easy exchange of currencies
• Visa relaxation
• Confidentiality
• Online money transaction from all over the world

Documents for UAE Offshore Company Bank Account

Incorporation Certificate or Trade License, MOA, AOA, POA, Share Certificate of
Passport Copy with Entry Stamp to UAE
Ejari or Tenancy Contract
Trade License and company documents of Associate or Affiliate Company or Business
Business Invoices, Trade Agreement or Contract Copy of new business or affiliate business
Bank Statement of last 6 months of shareholder or associate company
Company Profile and Business model and Mechanism
CV of all Shareholders
Latest Residence Utility Bill of Home Country
Digital Presence of shareholder or Website of the company

Non-resident bank account opening in Dubai

UAE banks offer ‘non-resident’ accounts that non-residents or even tourists can apply for. The minimum bank requirements, documents for submission and time it takes to process the request can vary from one bank to the next. However, here are some basic details that you can refer to if you would like to register for such an account.

UAE residents have to provide fewer documents, like simply providing your passport copy and the residence visa. Tourists may be asked for more documentation.

Documents for Non-resident bank Account

Documents needed could vary depending on whether you are a former resident or a tourist. This is a comprehensive list of documents, collected from various national banks in the UAE:

• Passport copy with UAE entry stamp of Applicant
• Trade license and company formation documents of UAE Company or Income proof of Applicant
• Latest Residence Utility bill like electricity, telephone, internet from Home Country
• CV of the Applicant
• Personal / company bank account of last 6 months of applicant from the country of origin or anywhere in the world
• Digital Presence of the Applicant or the company website of the applicant
• Tax identification Number of the applicant at home country or country of residence

Mainland, Offshore or Freezone company bank account opening in Dubai

In UAE, to open a bank account, physical presence is mandatory though you have got a registered company with in the country to sign all the important documents. The corporate bank account can allow offshore companies; Free zone companies and mainland companies’ bank account opening in Dubai, the documents in foreign languages must be translated to English language.

The UAE companies owned by the foreign entities or foreign companies have to be notarised by MOFA and the UAE embassy in that country.

The documents required to open a corporate accounts are:

• Passport Copy, Residence Visa and Emirates id if available or else entry stamp to UAE
• Trade License, MOA,(Memorandum of Association), AOA (Articles of Association) , POA (Power of Attorney), Share Certificate of the applicant company
• For Non-resident Applicants Latest Residence Utility bill like electricity, telephone, internet from Home Country
• Ejari or tenancy contract (For UAE Residents)
• CV or Resume of the Shareholders or the applicant
• Incorporation Documents of any associate or affiliate business owned by the shareholders or the applicant in UAE or Anywhere Globally (if Any)
• Bank account Statement for last 6 months of shareholder or associate company owned by shareholder anywhere globally
• Business Invoices, Trade Agreements or Contract Copy for new or associate company of shareholder (If Any)
• Company Profile and Business model and mechanism
• Online or Digital Presence of the Applicant or Shareholder and Company Website If any

In case if concerned compliance authority wants more documents in order to satisfy its mandates, then documents are necessary to provide.

Services offered by banks on Company bank account opening in Dubai

• Online Banking
• Types of Bank Account (International, Offshore)
• ATM Services
• Credit and Debit Card
• Cheque Book
• Flexible Transfer of Funds
• Multi-Currency Account
• Customer Service
• Facility of Credit

Benefits on corporate bank account opening in Dubai

• Confidentiality and commitment
• Easy repatriation
• Joint Account options for partners
• Safe phone and online banking
• Easy approach to international banks
• No currency exchange bar
• Debit/Credit facilities
• Mobile based banking apps to operate accounts
• Online Bank account opening in Dubai

Dubai introduces instant bank account for new entrepreneurs

Dubai Economy has established a block chain consortium in partnership with six UAE banks, whereby freelancers and entrepreneurs in Dubai will soon be able open bank account instantly. "KYC (Know Your Customer) Block chain Consortium" consists of Emirates NBD, Emirates Islamic, HSBC, RAK BANK, Abu Dhabi Commercial Bank and Commercial Bank of Dubai. Through the first KYC block chain platform to be introduced in the UAE, authenticated and validated KYC data of companies will simultaneously be shared with financial institutions of their preference. These expedite the opening of a bank account for newly registered companies and reduce the burdensome and costly requirements of managing KYC data for already registered companies. This is in stark contrast to the status quo, whereby multiple paper-based KYC files are redundantly originated and managed in silos.

Opening a bank account has been a major hassle for new entrepreneurs, freelancers and small businesses due to tough requirements from the banks and this platform will make life easier for them.

The platform offers a digital 'Instant Bank Account' functionality, allowing for faster and less cumbersome on boarding journey with banks and significantly improving the experience of new investors looking to establish themselves in the UAE. This in turn will boost customer satisfaction as well as ease of doing business in the UAE as a whole.

Importance of BVI bank account opening in Dubai

British Virgin Island has around 1 million offshore companies in the state that constitutes of half of the total offshore companies in the world.

Benefits

• The BVI business law roots are from UK
• Ownership can be either business body, an entrepreneur or individuals
• Auditing and meetings can take place from any corner of the world
• No compulsion on royalty and dividend
• Account can be open swiftly with simple mandates and papers
• No partnership allowed to open a company, the venture should be run by sole ownership
• Waivers on death duties, capital gains or inheritance taxes

Bizgate can help you with Bank account opening in Dubai once required documents will be provided by the applicant:

• Passport
• Company license
• Incorporation Certificate
• MOA & AOA
• Certified copies from CPA
• Electricity, phone bill and water bill (of latest three months)
• Business plan and transaction records
• Bank statement of last 6 months

Cayman Island Bank Account opening in Dubai

The Cayman Island are constitute of three Islands in western Caribbean, which are known as Grand Cayman, Little Cayman and Cayman Brac. English is the official language of the Cayman Islands. So, there is no need for document translation for U.S. based or other English-speaking countries.

Benefits

• Offer asset protection lawsuit
• No physical presence required to open an account
• Interest rate 8% to 12% annually
• No intrinsic mandates
• This location is Tax Haven

Bizgate can help you with Bank account opening in Dubai once required documents will be provided by the applicant:

• Passport
• Company license
• Incorporation Certificate
• MOA & AOA
• Certified copies from CPA
• Electricity, phone bill and water bill (of latest three months)
• Business plan and transaction records
• Bank statement of last 6 months

Singapore offshore bank account opening in Dubai

Singapore is no longer for only the affluent and celebrities because an individual with no special importance can also open a bank account. Biz gate is going to help you with simplified process for investment and retail banking

• The information required are
• Name, DOB, Residential address and contact(passport and supporting documents)
• Progressive bank relation certificate
• Answer the question, Why you are investing?
• Provide information source of funds
• US tax certificate for US citizen

Benefits
• Some banks do not need physical presence while opening an account
• Good chance to diversify investment

Hong Kong offshore bank account opening in Dubai

Hong Kong bank account opening is much simpler than bank account opening in US, UK and Europe. Bizgate can help you with Bank account opening in Dubai once following documents will be provided by the applicant:

Bizgate can help you with Bank account opening in Dubai once required documents will be provided by the applicant:

• Passport
• Company license
• Incorporation Certificate
• MOA & AOA
• Certified copies from CPA
• Electricity, phone bill and water bill (of latest three months)
• Business plan and transaction records
• Bank statement of last 6 months

Benefits

• No need to be resident
• No need to be physically present
• Even a tourist can open a bank account

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