Setting up Bank account in the uae

Setting Up Bank Account
In the UAE

To set up a corporate bank account in the UAE, you must follow these general steps:

Choose a Bank:

Contact your agent to assist you in researching different banks in the UAE that offer business banking services. In your research you must consider factors such as reputation, services offered, transactions fees for the services you will require, account requirements, and accessibility.

Determine the Account Type:

Identify the type of business account you need, such as a corporate account or a business current account. Each bank may have specific requirements and features for different account types.

Gather Required Documents:

Prepare the necessary documents based on your business type and the bank’s requirements. Commonly required documents include:

  • Valid trade license and commercial registration certificate
  • Memorandum and Articles of Association
  • Passport copies of authorized signatories and shareholders
  • Board resolution authorizing account opening
  • Proof of address (e.g., utility bill, tenancy contract)
  • Additional documents may be required depending on the bank and your specific business type.

Visit the Bank Branch:

Schedule an appointment with the chosen bank and visit the branch in person. Some banks may offer online or remote account opening, but visiting the branch is generally recommended for a smoother process.

Complete Application Forms:

Fill out the business account application forms provided by the bank. Provide accurate and complete information, ensuring that all sections are properly filled.

Submit Documents and Identification:

Present the required documents to the bank representative. They will verify the documents and make copies as needed. Make sure to have the original documents and copies ready for submission.

Initial Deposit:

Deposit the initial funds required to open the business account. The minimum deposit amount varies between banks. The bank representative will inform you of the specific amount.

Review and Sign Documents:

Intellectual property services assist businesses in protecting their intellectual property rights. This includes trademark registration, patent protection, copyright registration, and legal advice on intellectual property-related matters.

Government Liaison and Representation:

Carefully review the account opening documents, including the terms and conditions. Sign the necessary forms and agreements as instructed by the bank representative.

Provide Source of Funds and Purpose of Account:

Be prepared to explain the source of funds for the account and the intended purpose of the account. This information helps banks ensure compliance with anti-money laundering (AML) and know your customer (KYC) regulations.

Activate Online Banking:

Upon successful account opening, the bank will provide you with login credentials and instructions to activate online banking services. This allows you to access and manage your business account online.

Additional Services:

Inquire about any additional banking services you may need, such as business credit cards, merchant services, or business loans. Understand the requirements and processes for accessing these services.

It’s important to note that the exact process and requirements may vary between banks and the specific needs of your business. Therefore, it’s advisable to check with your chosen bank for their specific account opening procedure and documentation requirements.

UAE GOLDEN VISA

The UAE Golden Visa is a long-term residency visa program that offers extended residency benefits to eligible individuals. The eligibility criteria and requirements for the Golden Visa vary based on different categories. Here are the main categories and their corresponding requirements:

Investors:

Invest a minimum of AED 10 million in a new or existing business in the UAE.

The investment must be in a real estate, partnership in a company, or a deposit in an established investment fund. The investment must be retained for a minimum of three years.

The applicant must provide proof of the investment and financial stability.

Entrepreneurs:

Establish a new business in the UAE with a minimum capital investment of AED 500,000.

The business must be innovative and contribute to the development of a strategic sector in the UAE.

The business plan must be approved by an accredited business incubator in the UAE.

The applicant must provide proof of financial stability and relevant qualifications or expertise.

Highly Skilled Individuals:

Possess specialized talents, such as scientists, doctors, researchers, and specialists in priority fields.

Hold advanced degrees (Ph.D., medical doctorate, etc.) from internationally recognized universities.

Provide evidence of exceptional professional experience and achievements.

The applicant’s expertise must be in a field that is of strategic importance to the UAE.

Executives:

Hold a high-ranking position (C-level or equivalent) in a reputable international company.

Provide evidence of a minimum salary of AED 30,000 per month.

The company must have a presence in the UAE.

It’s important to note that meeting the eligibility criteria alone does not guarantee approval for the Golden Visa. The UAE authorities have discretion in granting the Golden Visa, and additional requirements may apply based on individual circumstances. It’s recommended to consult with immigration specialists like WhinChester or relevant government authorities for the most up-to-date and accurate information regarding the Golden Visa program and its specific requirements.

For your bank account opening in the UAE and your UAE Golden Visa, contact us at WhinChester, we will be delighted to hear from you.

Table of Content

    • Conclusion

    Book Your Free Consultation

    For more information consult WhinChester at:

    © 2023 whinchester. All Rights Reserved.

    Designed and Developed by MISPL

    ×

    Get a Free Consultation

      • By completing this form and submitting to us, we will be able to analyze your application and advise you on the best option available to you. There is an immigration route for everyone. US Green Card might just be the one for you. Just complete form and submit.

        We review, We analyse, We advise, and You decide. To acquire your US Residency & Green Card, send us your Enquiry and Question. Complete this Assessment Form and Click Submit.

        We will surely contact you to provide you with all the information, guidance and support you need to become an American.

      • Your reason for researching the EB-5 Program.

      • To be eligible for the EB-5 Investor Visa, you must meet the following 3 key requirements. Tick if you can satisfy the requirements.

      • Can you satisfy all these EB-5 Visa requirements? *

      • Please give us any details on your situation which you think may have a positive or negative effect on your application. Let us help you!*

      ×

      Get a Free Consultation