Have you successfully set up your business in Dubai? The next thing is to open a business bank account. To help you we have put down the steps on how to setup a business bank account in Dubai.
Find the right banking solution
Financing your business in a free zone in Dubai means getting the right bank account. Therefore it is valuable to work with company formation experts. Company formation experts understands the process and will guide you when you start your business in Dubai.
Above all you need to find the right banking solution that is appropriate to you and your business. It requires a massive amount of paperwork when opening a business bank account in Dubai. Some original documents are required, and others needs to be attested as genuine. For instance banks cannot accept large documents by email due to Anti Money Laundering checks. It is very important to be aware that if you fail to supply the documents to the bank it will cause serious delays or lead the account being declined.
If your business is taking a physical office. The bank will come to your office to check if it is real. This is part of the bank physical substance requirement testing. Example this means that your business can show it has commitment in the form of taking office leases and not just a tax vehicle. Some business types are not allowed to use serviced office spaces. Other business types are required to have a minimum office size.
Choose your bank
Start to arrange to see one of the many banks in Dubai to setup your Business bank account. This can take from up to 10 days to over 30 days if you aren’t properly prepared. Many business owners who are new in Dubai, are normally completely unprepared for what the banking system is like in the Dubai.
There is a lot of documents needed. Failure to supply the documents to the banks will cause serious delays or the account being declined. Each business account requires you to supply close to 1.5KG of physical paperwork. Some original documents are required, some will need to be legally attested as genuine from your home country.
Most importantly once the bank has received and approved all your documents, you are ready to start your business in Dubai. If you need more information about how to setup a business bank account in Dubai, get in contact with Company Formation experts to get more knowledge.