Bank Account Setup

Bank Accounts Dubai | Which Banker Wants Your Business?

Bank accounts Dubai: Suitable bank, where to find one, introduction, requirements for opening account, physical presence

Bank accounts Dubai: Varal fee US$ 960

Bank accounts Dubai: How would you find a suitable bank?

There are many banks in the United Arab Emirates [UAE]. Both locally owned and branches of multinational ones.

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However their policies keep changing based on the market conditions.

  • The minimum average balance goes up and down
  • The fees charged for various services changes
  • The types of companies they will entertain changes
  • The jurisdictions they accept vary from time to time

82% of the population in the UAE are foreigners. So they can just leave the country whenever they wish. Over the years banks have been stuck with unpaid loans to those who have left the country. And so they are wary. Especially of new companies and entrepreneurs new to Dubai.

Foreign banks adjust according to their parent’s strategies and have changed local requirements overnight in the past.

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Bank accounts Dubai: Where would you queue up to sign up for an account?

So would you go from bank to bank on Khalid Bin Waleed Street [used to be called Bank Street as many banks have branches there] to find one who will open the account of your company?

Obviously not.

Would you instead prefer to have us vouch for you and give you information on shortlisted banks. And introduce you to one who is interested in having you as a client?

Of course.

In most cases the bank’s representative will come to Varal Consultancy’s office to meet you and have the application form signed by you and your partners.

As a policy we don’t work with foreign banks as their requirements are fickle and information exchange requirements with various governments depends on their parent organization.

Bank Accounts Dubai | Which Banker Wants Your Business?

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Bank accounts Dubai: What are requirements for opening the account?

  • Company business license
  • Company incorporation details
  • Partnership deed if any
  • Passport copies of the shareholders
  • Proof of address [sometimes]
  • Bank reference letter from some other bank [sometimes]

A thorough bank application form is required to completed. This includes information on suppliers, customers and the type and value of transactions.

Anti-money laundering information is also sought.

Internet banking is included. You can also give power of attorney to anyone to bank on your behalf or as a second signatory with you.

Rates of different services vary from bank to bank. You need to be aware of what services you are paying and why.

Bank accounts Dubai: Is your presence required?

Yes, in most cases.

Bank officers are required to view your original passport for verification of identity and signature.

Companies where nominee services have been availed of may have some flexibility. However, banks increasingly require the names of ultimate beneficiaries.

But yes, the bank account can be opened by the nominee shareholders and then transferred to the ultimate beneficiary.

Bank Accounts Dubai | Which Banker Wants Your Business?

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Bank Account Setup was last modified: February 15th, 2016 by Ramapati Singhania

Ramapati Singhania

He strives for excellence in all he does and brings out the best in his people through guidance, a strong vision and support. He is exceptionally open-minded, flexible, dependable, understanding and straightforward in all words and actions and encourages personal as well as professional growth.

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