Bank Account Opening

 

A company – be it onshore or offshore – will need a bank account to undertake any sort of business. Opening a corporate bank account in the United Arab Emirates is an almost straightforward process for UAE Mainland Companies. Therefore, client identification requirements may depend upon the size and activity of the business.

The financial institution will ask information detailing the legal presence of the entity. Companies that are claimed by corporate entities should give a full set of corporate documents to identify the management and absolute beneficial ownership of the structure. However, in most cases, these documents will require to be notarized/authorized in their nation of origin and UAE.

Worldwide initiatives against tax evasion, terrorist financing and money laundering in the previous decade have obliged the Central Bank to impose improved client due to diligence process on financial institutions that open a bank account for Offshore Companies. Therefore, banks have to adopt a risk-based way to deal with account opening. The financial institution should additionally comprehend the client’s essential business regions, the anticipated volume of currency and total deposits, the level of incomes and its fundamental clients and suppliers.

Offshore Bank Account:

Many of the banks in the UAE open offshore bank account. Offshore company account will not be qualified for a credit card or cheque book, however, they can use an online banking system to transfer funds. Shareholders of offshore are qualified to open a personal bank account in the same bank.

Documents required for Offshore Bank Account:

  • Incorporation Certificate
  • MOA
  • Share Certificate
  • Shareholders Passport copy
  • Shareholders Business profile
  • Personal bank account statement of 6 months
  • Evidence of business in the home country

Freezone Bank Account:

Freezone company accounts are qualified for a cheque book, credit card, debit card and all other credit facilities from a bank. They can avail of the net financial facility too. Banks offer loans to buy vehicles or assets for the company.

Documents required for Freezone Bank Account:

  • Incorporation Certificate
  • MOA
  • Shareholders Passport copy
  • Business profile
  • Trade License
  • Tenancy Contract

Documents required for Personal Bank Account:

  • Passport Copy
  • Utility Bill
  • Bank reference letter
  • Bank account statement of 6 months

At MSZ corporate services provider, we assist our customers with all matters related to opening a corporate bank account in Dubai, contact us today +971562181007 or email at info@msz.ae

 

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