If you open a company in Dubai, then you will most likley need a company account. This is called a Corporate Bank Account in Dubai and usually includes the following:
The requirements for opening a bank account continue to be tightened by the UAE central bank. The respective local banks are of course subject to these regulations and are obliged to implement them accordingly. It basically doesn't matter whether the company in question is based in a free zone or on the mainland, the requirements are usually the same.
IS IT POSSIBLE TO GET A BANK ACCOUNT IN DUBAI?
Due to these tightened measures, the topic is widely discussed in various forums. Many fresh company owners indicate that it is impossible to get a company account with a Freezone company. As already mentioned, it doesn't matter to the bank whether the company was registered in a free zone or on the mainland, the regulations are the same and must be met.
Both types of companies must comply with the same provisions and provide the necessary documents and information. In general, it can be stated that without an Emirates ID (Residence Visa) it is practically impossible to open an account, neither for the company nor privately. So stay away from cheap lure offers that do not include a visa.
CRITERIAS THAT WILL STOP YOU FROM GETTING A BANK ACCOUNT
The selection of the free zone is an important aspect, the wrong decision can lead to a rejection by the bank. There is also many activities that banks have on their black lists. We are aware of those and will advise our clients to choose the right activity.
Another issue is that opening an account is only possible with a high 5 or even 6-digit amount as a deposit. This is true in certain banks and depends entirely on the way the banker fixes this deposit. Therefore the meeting at the bank is very important. A good first impression must be backed with the right documents.
To sum it up, it is important to present the respective company to the bank accordingly and, of course, to provide the requested documents, business plan and information.
WHY ARE ACCOUNTS REJECTED?
The reason why so many bank accounts are being rejected, even after1 year of trying, is mostly due to having been ill advised by the set-up agency. Its a combination of badly chosen company name, black-listed activities, unattractive business plan and not answering the bankers questions the right way.
At EmiratesSetup, all customers receive information about which banks they can open a corporate account with and what needs to be considered. Our customers receive this information immediately after company formation.
We also offer Bank Account Opening Packages. Here an expert takes over the entire procedure for you and on your behalf. You can also book this package anytime after the company formation.
Included in this package are:
PROOF OF RESIDENCY OR PHSICAL OFFICE
A proof of residence or physical office contract is required in most banks. If you cannot provide, we can procure through sources (extra cost of AED 5,500 for our clients)
COSTS CORPORATE ACCOUNT - 100% MONEY BACK GUARANTEE
The cost of a corporate account application starts at AED 4,500.00 for existing clients and AED 6,500.00 for external clients. For a meeting with a designated banker or in difficult cases, the cost is AED 13,000.00 for existing customers and AED 22,000.00 for external customers and goes upto AED 23,000.00 respectively 32,000.00 for difficult Nationalities or problematic activities. If the bank declines the account for reasons out of our control, we offer a 100% refund. This does not apply if client did not provide necessary documents.
OUR SUCCESS RATE IS MORE THAN 99%
COST FOR OPENING A PRIVATE ACCOUNT
The cost of opening a private account is AED 2,800.00 for existing customers and AED 3,800.00 for external customers.
The price includes only service fees for the account opening and does not go beyond that.
We ask for your understanding that once the account has been opened, we are no longer available for questions in this regard. You will then need to deal directly with your bank.
The decision to open an account ultimately lies with the respective bank or the UAE central bank. For this reason, we unfortunately cannot give any guarantees.
The timely and conscientious transfer of the necessary documents is a basic requirement for the success of the account opening. The opening time varies greatly, and is highly dependant on the customer and the requirements