Simplified Banking: Your Handbook for Setting Up a Bank Account in the UAE
Opening a bank account in the UAE involves a series of steps and the submission of specific documents. To assist you through this process, we’ve compiled a comprehensive guide for a hassle-free experience.
STEP 1: ARRANGING DOCUMENTS
To open a bank account in the UAE, you’ll need the following documents:
- Trade License
- Certificate of Incorporation
- Share Certificate
- Memorandum & Articles of Association (MOA/AOA)
- Board Resolution
- Passport copies of all Ultimate Beneficiaries (UBO) – one UBO should be available to meet with the bank
- Organizational Structure of the company on official letterhead
- Lease Agreement
- Signed passport copies for owner and shareholders (only the signatory needs to present the original passport)
- Emirates ID and Visa copies of all Shareholders, Partners, and Signatories
- Owner’s Resume/CV
- Proof of Address (DEWA Bill, Tenancy Contract).
- Business Model detailing the company’s cash flow
- Registered address, website, and line of business, along with invoices, agreements, CV’s, and company stamps for 3 suppliers and 3 clients.
- Personal Bank Statement of last 6 months
- Any other necessary approval from other institutions (such as GoAML registration for certain kind of business activities)
Also note that, above mentioned list is exhaustive and requirements of documents will vary on case to case basis.
STEP 2: SUBMITTING DOCUMENTS
After arranging the required documents as per the business activity, organization structure, nationality of partners/owner/directors etc. above documents will have to be forwarded to the concerned bank for further processing and approval.
STEP 3: REVIEW BY BANK
After submission of documents, bank will review all the documents and do all necessary scanning process relating to business activity along with nationality of owner/directors.
If after reviewing, bank requires any further additional details or documents then we have to submit the same.
STEP 4: ACTIVATION OF BANK ACCOUNT
When review is completed, bank may require to visit the office or business place for verification purpose. If not, then bank will active the bank account and share the account details with the authorized person on his registered contact details.
We at AB CAPITAL SERVICES can help you with the above seamlessly and efficiently in minimum practical time.
If you require any assistance or guidance in opening a bank account, feel free to reach out to us.
Email: email@example.com firstname.lastname@example.org
Phone: +971 523655193