Why Setup a Corporate Bank Account in the UAE

Dubai has always been a great destination to start your next big venture. Being tax-free makes this city extremely business-friendly. Apart from that, the visa regime in Dubai is in favor of expats. The region’s high-quality road transport network, as well as a strong law and order system, are among the highlights of choosing Dubai for setting up a business.

The banking industry in the UAE is synonymous with stability, thanks to high levels of security, reliability and excellent services, the UAE banks are recognized worldwide. These qualities are the very incentives that investors and businessmen across the world are seeking to open a corporate bank account in Dubai or the UAE in general.

The process of opening a corporate bank account in the UAE is much straightforward now as the country is home to a large number of highly reputable national and international banking institutions. for opening a corporate bank account in the UAE, you need to note that each financial institution has its own requirements. Though there are mandatory stages of registration, but every bank has its unique particularities. The requirements for opening a corporate bank account are regulated by current legislation and apply to all financial institutions in the UAE. Among all the considerations you should note that opening a corporate account without a personal presence of a company founder is impossible, and otherwise, the procedure is declared invalid and the account will be blocked. A bank representative can meet a founder in the applicant’s territory and open a corporate bank account during a private meeting. Aside from that, it’s possible to have the registration in one of the bank’s subsidiaries outside of the UAE.

It is also noteworthy to mention most of the UAE local banks require an average minimum monthly balance to be maintained, this depends on the type of account and the Bank. For corporates, the minimum balance can range between 50k AED to 200K AED, and of course, if the balance falls below the threshold, the bank will levy a small fee for that.

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