If you want to start a business in the UAE, first of all you need to decide on two parameters: 1. Where you want to work – outside the country or on its territory;
2. From whom do you plan to receive money – from foreign companies or from local companies.
It is neccessary for determination the type of company and the form of its registration in the United Arab Emirates.
As practice shows, in the UAE there can be the following problems when opening a company:
1. The registration emirate does not allow to operate in another desired emirate.
2. The selected activity in the license does not correspond to the actual activity.
3. Banks refuse to open a corporate account for the company.
To successfully complete the phase of opening a corporate account, it is necessary to prepare and submit to the bank such a list of documents in order to initially minimize the number of questions to the company. As you understand, banks request various documents in order to later prove to their auditing bodies that they know their clients, the nature of their business and the source of income. Often when opening a corporate account, the bank requests additional documents in the form of contracts, letters from partners, etc.
If your company belongs to another company, you will need to provide the same sets of documents for both companies: copies of passports of all partners; copies of certificates confirming the shares of all partners; a board decision, a registration certificate, a copy of a marketing license; a copy of the memorandum, the company’s charter, and an extract from the trade register stating that your company is acting. Before that, all documents must be certified by the embassy and the UAE Foreign Ministry.
The bank will be glad to get acquainted with the information about the beneficiary, his biography, look at bank statements, read the business plan and, ultimately, see you in person when submitting all the documents. So, to open an account in the UAE, a personal presence of the business owner is always required to sign the necessary securities. If the founder wishes to appoint an additional disposer, the personal presence of the future disposer and all of his papers and documents will also be required. It is impossible to organize a proxy account.
Together, all of the factors listed above produce favorable and trustworthy impressions on banks, and in 5-10 business days the corporate account will be open.
Make your business safe and secure in the UAE!