- October 6, 2021
- Posted by: Nikhil Sharma
- Category: Banks
The thriving economy of the UAE has been alluring millions of Indian nationals in the United Arab Emirates. Indian citizens come to UAE to establish their businesses. But opening a bank account is also an essential part to maintain your company transactions. There are a lot of facilities provided for bank account opening for Indian nationality in UAE to maintain their monetary asset. Opening a bank account in UAE is very easy but the documentation process seems a bit difficult but no need to we at Taskmaster is here for you to cover all matters related to bank account opening in UAE. We will help you with every step during the whole process.
In current times Indian nationals have begun investing heavily in the market of the UAE. Nearly 50% of the business people, and freelancers presently conducting their business in Dubai are Indian citizens. There are doing significantly well in the UAE business scenario.
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Nevertheless, beginning a company in the UAE can be challenging and exciting for expatriates. The business establishment procedure involves a lot of necessary elements and things that may sound a bit daunting to most people, particularly to budding entrepreneurs. One of these vital things is to bank account opening in UAE. If you are a citizen of India looking for a bank account opening in UAE then, here we mentioned some important things that you should know.
The Process of Bank Account Opening for Indian Nationality in UAE
1. Get Your Trade License
A Business license is the identity of your business. this is essential to get a business in UAE to begin a business and for bank account opening in UAE. Without a business license, you would not be able for opening a bank account, especially a business bank account.
2. Get the Essential Documents
The next important phase is to ensure that your documentation process is in order and as per the needs requested by the bank. The document demanded by the bank in UAE can differ slightly from one bank to another. The Taskmaster professionals will help you during the process of documentation and complete it in a short possible time.
3. Choose the Bank
After the completion of documentation, then you can locate the best bank that is most suitable for your needs. Analyze the eligibility criteria and your income while choosing the bank. Banks offering the facility of business bank account in UAE are – Emirates NBD, Dubai Islamic Bank, Mashreq Bank, Abu Dhabi Commercial Bank.
4. Application Process
This is recommended to go to the bank to have face-to-face communication with your consultant. Clear all your queries and doubts about bank account opening in UAE. Once you have presented your application form, the bank would review your request and notify you of the acceptance or rejection of your application via email. After approval, you would be the proud owners of your business bank account in the United Arab Emirates.
Documents Required for Bank Account Opening for Indian Nationality in UAE
The documents that you will have to be ready for bank account opening for Indian nationality in UAE are –
- Bank account opening form from your chosen bank
- Copy of trade license issued from the Department of Economic Development
- Copy of share certificates
- Business plan
- Copy of Memorandum of Association and Article of Association
- Copies of valid passports of all the stakeholders and business partners
- Declaration of the Board of Directors authorizing the bank account opening, and the signatories sanctioning its opening.
Sometimes you would be needed to provide invoices, reference letters from or recommendation letters from the stakeholders and utility bills, and any extra details concerning your proposed business activity.