Bank Account Assistance

Bank Account Assistance

UAE is one of the most promising business hubs and continues to lure investments worldwide. Free zones have no corporate and personal income taxes, and the mainland makes it an ideal destination for businesses to park their investments. The government is making continuous efforts to ease the process of company formation in the UAE. To ensure security, it has also put forth strict norms that sometimes demand more from business owners. 
Opening a corporate bank account in the UAE remains a challenging task for businesses when they set up their company in the UAE. There are several conditions and clauses that you must meet before you can open a bank account in the UAE. The international rules and strict guidelines issued by the government make it more difficult for businesses.
 Our experts in providing company bank account assistance in Dubai have curated the common challenges faced by businesses that endeavour to open a corporate bank account in the UAE. A deeper understanding of what is expected at the banks would help you prepare better and help you overcome the challenges, and open a corporate bank account seamlessly.

Why is corporate bank account opening harder in the UAE?

The following section presents some challenges that businesses face when they attempt to open a corporate bank account in the UAE.

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Lack of a physical office in UAE

To set up a bank account in Dubai, UAE banks demand that businesses have a physical address. The banks will verify the physical address through contact point verification (CPV), where banks have authorised third-party vendors who would send their representatives to the address mentioned in the document. The third-party vendor is supposed to check if the physical address is valid and whether the person is conducting business from the address. If the work is not completed, the banks may reject the application.

Strong business and personal profile

It is required that the founder or owner of the business must demonstrate their skills in running a business to the banks. The owner must demonstrate their proficiency in the field the business would operate. The easiest way is to establish their experience in the field and prove their reputation and history of debts. The bank also inspects the income to determine whether the business has all it needs to operate successfully in the UAE. You should have a strong business and personal profile for a company bank account opening in Dubai.

Nationals from high-risk countries

If you are a national from a high-risk country, opening a corporate bank account in the UAE could be difficult. Any government across the world can sanction a person. They are called Specially Designated Nationals (SDN), and banks have all rights to restrict transactions involving a person. For example, non-resident Russians cannot send money back to Russia from the UAE. Similarly, Chinese who are not residents of the UAE are not allowed to conduct trade, export and import, or involve themselves in the textile business in the UAE. So, when businesses are in for corporate bank account opening in UAE, nationality plays a crucial role in determining their eligibility.

Absence of a company website

A website is something that banks use to draw fundamental information about the business. It also adds to the strength of your business profile. The website offers key information like shareholder details, product or service profiles, contact details, etc. They are important for banks to validate the business. At Oxbow corporate services, we help you build a website for your company in no time. Talk to our company formation experts regarding the same.

Find the ideal location for your business in the UAE

Identify the perfect location for your business to thrive. Whether it's Sheikh Zayed Road, Al Karama, Bur Dubai, Deira, or other bustling areas, choose the jurisdiction that aligns with your business activity and budget. The ideal location for your business depends on the nature of your business activity and budget plans. In case you are into trading, then incorporating your business in close proximity to Jebel Ali, Mina Khalid and other busy ports helps. Given that there are no restrictions on opening branch offices, businesses can strengthen their local presence with time.

Weak business profiles

Before you kick-start a company in the UAE, it is important that you have a deeply thought-out business strategy. The process to set up a bank account in Dubai requires that, as an organisation, you must submit a financial plan, suppliers and target customers, the financial background of the founders, and so on. When you do not have a strong financial plan and background, there are chances that your corporate bank account opening process could be delayed.

Residency visa for shareholders

For company bank account opening in Dubai or UAE, a majority of banks require that you possess a residency visa. Some banks also ask to provide a local address. Some banks require that you demonstrate residency for just one company shareholder. Some others require that all shareholders submit proof of their residency permits. To know more, book a free consultation with us for complete bank account assistance in Dubai.

Transactions with high-risk nations

If your business is trading with high-risk nations, setting up a bank account in Dubai could be complicated. Financial institutions conducting business with high-risk nations should strictly comply with the laws that address terrorism funding and money laundering. The National Committee for Combating Money Laundering, Terrorism Financing, and Illegal Organisations determines the laws for trading with high-risk nations. They should also abide by the norms listed by the Financial Action Task Force and UN Security Council resolutions (FATF), and require that Financial Institutions have a strong policy in place that monitors and controls trade and transactions with high-risk nations.
  ● Sanctioned nations include Cuba, Myanmar, Iran, North Korea, Ukraine (Crimea), Sudan, and Syria.
  ● High-risk nations include Nigeria, Somalia, Ethiopia, Serbia, Yemen, Kenya, Uganda, Saint Kitts and Nevis, Anguilla, Malta, Cyprus, Zimbabwe, China, and Libya.

Why Choose Us

Bank account opening services in Dubai

Trizone Corporate Services offers end-end company formation services, including company bank account assistance in Dubai. We help you curate all the documents needed, build a strong personal and physical profile, set up a physical office space, seek a residency visa, and set up a bank account in Dubai. We also help you set up a highly functioning POS solution with options for payment integration. The POS system can be customized to meet your business needs. It can be easily integrated with the existing business and works offline. Though the rules may seem complicated, with rich expertise in the field, we help you set up a bank account in Dubai in a shorter time frame. We help you reduce the hassles and let you invest your time on core business activities while we take care of the Corporate bank account opening.

Book a free consultation with our experts for end-end company bank account assistance in Dubai.