Dubai Business Setup | Which Banker Wants Your Business?

Suitable bank, where to find one, introduction, requirements for opening account, physical presence

Dubai business setup: Varal fee US$ 960

How would you find a suitable bank?

There are many banks in the United Arab Emirates [UAE]. Both locally owned and branches of multinational ones.

Please invest 2 minutes of your time to watch the Dubai business setup video below. It spells out how you can benefit. Or if you prefer to read, then feel free to skip the video and go straight to the text below:

HABOT: The document manager you have been looking for. Subscribe now and unlock numerous possibilities!

However, their policies keep changing based on market conditions.

• The minimum average balance goes up and down
• The fees charged for various services changes
• The types of companies they will entertain changes
• The jurisdictions they accept vary from time to time

82% of the population in the UAE are foreigners. So they can just leave the country whenever they wish. Over the years banks have been stuck with unpaid loans to those who have left the country. And so they are wary. Especially new companies and entrepreneurs new to Dubai.

Foreign banks adjust according to their parent’s strategies and have changed local requirements overnight in the past.

HABOT: The document manager you have been looking for. Subscribe now and unlock numerous possibilities!

Where would you queue up to sign up for an account?

So would you go from bank to bank on Khalid Bin Waleed Street [used to be called Bank Street as many banks have branches there] to find one who will open the account for your company?

Obviously not.

Would you instead prefer to have us vouch for you and give you information on shortlisted banks? And introduce you to one who is interested in having you as a client?

Of course.

In most cases, the bank’s representative will come to Varal Consultancy’s office to meet you and have the application form signed by you and your partners.

As a policy, we don’t work with foreign banks as their requirements are fickle and information exchange requirements with various governments depend on their parent organization.

HABOT: The document manager you have been looking for. Subscribe now and unlock numerous possibilities!

What are the requirements for opening the account?

• Company business license
• Company incorporation details
• Partnership deed if any
• Passport copies of the shareholders
• Proof of address [sometimes]
• Bank reference letter from some other bank [sometimes]

A thorough bank application form is required to complete. This includes information on suppliers, customers and the type and value of transactions.

Anti-money laundering information is also sought.

Internet banking is included. You can also give power of attorney to anyone to bank on your behalf or as a second signatory with you.

Rates of different services vary from bank to bank. You need to be aware of what services you are paying and why.

Is your presence required?

Yes, in most cases.

Bank officers are required to view your original passport for verification of identity and signature.

Companies, where nominee services have been availed of, may have some flexibility. However, banks increasingly require the names of ultimate beneficiaries.

But yes, the bank account can be opened by the nominee shareholders and then transferred to the ultimate beneficiary.

HABOT: The document manager you have been looking for. Subscribe now and unlock numerous possibilities!

Does the content of this page about Dubai business setup resonate with you? If yes, please share it with your friends using one of the social media buttons or chat with us.

Go from Dubai business setup to Varal Consultancy DMCC homepage