The UAE gives a lot of opportunities for business, investments, development of innovations not only for citizens of the UAE but also for people from different countries of the world.
When you first open business in the UAE, your main step will be OPENING THE BANK ACCOUNT.
There are many advantages of opening a bank account in the UAE.
First of all, it is a stability of the exchange rate of the national currency to the US dollar (US $ = 3,65 dirhams);
It is reliable functioning of the banking system;
Low rates of bank processing payments;
Free movement of capital in all directions and some others.
Both: residents and non-residents can open accounts in the UAE banks. Individual types of accounts are available to resident individuals, such as personal savings account and personal current account; for non-residents – personal demand account and personal escrow account are available. People, planning business in the UAE, will need a corporate bank account. In particular, corporate accounts are opened for companies in the UAE’s free economic zones and for companies with LLC ownership.
The documents which you’ll need are the folllowing:
Trade license: the bank does not recognize you as a legal entity and will not open an account without it. Constituent documents: the list includes a questionnaire for opening a corporate account, a decision of the board of directors, a certificate of registration, a copy of a marketing license; copies of certificates confirming the shares of all partners; copies of passports of all partners; a copy of the memorandum and the charter of the company.
The market of the UAE is characterized by a strong and developed banking structure.
Some banks require additional documents, which include, for example, contracts and invoices, letters of recommendation from partners, business plans, information about the type of planned transactions.
Resident visa: some banks require UAE resident visas only to the applicant, others- to all partners. Resident visas are issued upon registration of the company. If your company is registered in a free economic zone, the resident visa will be valid for three years, if in the main territory – within two years.
Also be prepared for paying the bill for some banking services. For example, Noor Bank charges for online banking at a rate of 1,500 dirhams a year; other banks offer free online banking, but you will have to buy insurance or other banking products.
Submission of documents is carried out by the applicant personally. The registration process takes from 30 to 60 minutes. If all documents are in order and accepted by the bank’s employee, opening of a bank account can be expected within 5-10 business days.
If a company is registered in a free economic zone in Ajman or Sharjah and has only a virtual office, the account opening will take from two weeks to two months.