22 August, 2023

Essential Documents Required for Corporate Account Opening in Dubai

documents required for corporate account opening in dubai

People from all over the world come to Dubai to open their businesses. This means that they need to open a bank account as well to make sure that their funds and finances are in order. Opening a bank account in the UAE has many benefits including access to financial services and aids that may be quite beneficial to your business.

Opening a bank account can be a cumbersome process. This is because of the elaborate steps and the list of documents that need to be presented to get your account opened. This is why you need to be up to date with the latest rules, laws and procedures. You can also skip the hassle and get in touch with a Business consultant.

This blog takes into account the essential documents that you need for corporate bank account opening in Dubai. Take care of these and you will be good to go.

Finding the right bank for your business

The bank account opening process starts with the selection of the most appropriate bank for you. Why so? Because each bank has different facilities and services to offer. This means that you can find one bank more suitable and more aligned with the values and needs of your business as compared to the other one. This requires a lot of research and staying up to date with the latest services and offers provided by each bank in the area. You can make a choice between a local bank or a foreign bank’s branch in Dubai. Due to the different services provided, the banks also charge different fees for their services. This makes it essential that you make your choice according to your budget.

Submitting the right documents

Documents are used as a means to verify who you are and support facts related to your business and your finances. It is also essential for your shareholders’ identification and to get a background check on you and your stakeholders. Submitting the documents are also essential to know what kind of financial aid and services you are eligible for and help you stay on budget.

There are various documents that a bank can ask for. While the main documents differ from one bank to another, the major ones are listed below for your reference. This will ensure that you are always up to date with your banking related documents and paperwork.

  • Company Documents : These documents are associated with your company and its formation and identity. These include the article of association, memorandum of association and trade licence of the company. These will provide the bank with your company’s authenticity and other details.
  • Personal documents: These documents provide information on your identity and your background in the industry. These include your passport copies, visa , passport size photographs and Emirates ID.
  • Company information: This provides information about your company including your company’s trade name, registration number, address and contact details. These are essential for opening a corporate bank account.
  • Banking information: This information provides banking information from your end as the account holder for the business. These details include the type of account you want to open and the banking services that you are opting for.

These documents are the main requirements for opening a bank account in any reputed bank in Dubai, UAE. This guide can help you make a checklist for your bank visit to avoid any hassle. The documents needed may however vary from one bank to another and even with the type of bank account that you are opting for. Please contact the bank before proceeding with any steps.

How much can a bank account opening cost?

It is quite difficult to give you the exact cost of opening a corporate bank account in the UAE. It is therefore advisable to seek help from an expert or to enter your details in the RadiantBiz cost calculator. We give you the cost according to your personal need and let you choose what is the best for you.

How can RadiantBiz help you open a bank account in Dubai?

RadiantBiz is a team of business setup experts from all over the industry who have helped people with unique needs. Our experience can help you choose the best option for you and your company. Our happy clients are a testament to our successful business bank account setup services and also to our other services. Contact us today to get started on the right pace.

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