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SERVICES / Company Formation / Banking in UAE
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Banking in UAE

Given the fact that each bank is unique – different sets of services – from classical retail to full corporate or private banking, different documentation requirements and minimum balance, different tariffs, specialization in certain sectors or countries, etc.  The correct choice of bank is the key to continued success of cooperation with it. Taking into consideration the specificity of each bank, it becomes noticeable that opening a bank account abroad is an important step in the structuring of foreign business and tax planning. It requires serious analysis and approach in each case, as well as proper preparation of all necessary documents for the bank.

Basing on your preferences (reliability and prestige, the bank’s rating, a set of services provided by the bank, the minimum deposit required, the costs of banking services, etc.), our advisors will provide you with a choice of reliable banks in stable and economically developed countries, following a strict privacy policy.  Our office has good links with a number of banks in the region including local as well as international banks. They will make all the necessary steps to open accounts in the UAE and will prepare the necessary documents for you. At the same time, if necessary, they will give you an opportunity to open an account without visiting the  bank. Our office can act as signatory of a client business bank account and administer the account under clients’instruction. You can familiarize with the basic set of documents for opening a bank account below:
Personal bank account
  • Passport copy
  • Residence permit – temporary or long-term
  • Utility Bill or proof of address
  • Mobile phone number in the UAE
Company Bank account
  • Incorporation Certificate
  • Memorandum of Association
  • Trade License
  • Passport  copy of director/shareholder
  • Utility Bill of director/shareholder
 
(In case of foreing companies, corporate documents will have to be certified in the country of origin and attested in the UAE)
 
Timeframe

 
As banks in the UAE have strict compliance and due diligence policies and requirements, the bank account opening usually takes around 2 to 3 weeks.  All local and international banks in the UAE offer efficient and easy to use online banking facilities.