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Freezone Company Bank Account Opening
A free zone company requires a bank account to handle transactions and other money-related matters. Freezone company bank account opening may be a tedious task but with the help of the best guidance, it becomes an easy and smooth process. Banks in the United Arab Emirates are the most trusted in the region, but account opening is not easy, you do not have to worry. The taskmaster consultants in Dubai will assist you in opening a bank account for your free zone company.
The process of Free zone company bank account opening is a complicated and tedious task and includes a considerable charge of paperwork as well, although the requirements vary from bank to bank. All standard banking services that are given by the banks such as savings, current, and deposit accounts.
This is very important to mention that the free zone bank account opening process for corporate use differs from bank to bank. Opening a free zone bank account demands some time to finish all the steps of the compulsory application steps.
To save valuable time you can consult with us. We have gone through this procedure many times in Dubai. We will guide you through the whole process of opening a bank account for your free zone company in Dubai.
Types of Bank Accounts you can open in Freezone
When opening a bank account for your free zone company, you need to select from current, savings, and investment accounts.
Current Accounts: You can use your account for day-to-day money transfers or financial transactions. Current accounts involve issuing a debit card, a credit card, and a checkbook, which means you are a resident of the United Arab Emirates. You can use this account to transfer wages, and they can also be held in multiple currencies, like USD, Euro, GBP, AED, etc.
Savings Accounts: Savings accounts typically provide a higher interest rate than current accounts, and may set penalties for withdrawals. A savings account can provide a variable or fixed rate of interest. A savings account can be multi-currency and can be opened in US dollars, Dirhams, pounds, and euros.
Investment Accounts: Investment accounts typically give a higher rate of interest compared to savings or current accounts, but often accessibility to funds maintained in these accounts can be limited or unavailable for a fixed period. Given this, investment accounts may be inconvenient if you require regular access to funds. The opening of an investment account is done based on the conclusion of the investment contract with the bank. The term, depending on which contract varies from twelve months and can go from five to ten years or more. As per this agreement, you can transfer a fixed amount of money into an investment account that is opened in the bank, and the bank manages your portfolio in turn and invests in different financial instruments, due to this you can earn from 3 to 7 percent per year.
*All these above-mentioned documents are required for a free zone company account opening in Dubai.
- Company Profile.
- Six months’ Bank Statement.
- Physical existence proof.
- Copy of Trade License.
- Copy of Valid. Passport, and other relevant documents.
- Memorandum and Article of Association.
- Board Resolution.
Basic Document Required for Freezone Company Bank Account Opening
- Manage your resources effectively.
- Easy and reliable transfer of capital in and out of Dubai.
- Helps in the productive growth of your business.
- Secure online and phone banking system.
- Business finances are easily managed.
Advantages of Freezone Company Bank Account Opening
Eligibility Criteria for Freezone Company Bank Account Opening
- The owner has a visa from the UAE or in case the owner resides in an OPA holds a residency visa.
- A six-month statement of the bank for a mother company and a personal account.
- Invoices are used as evidence on a few transactions that are mentioned in the statement.
- Reference letter from the bank of the client in your country.
- Legal document for the formation of the company in the UAE and the ID of the owner.
- Keeping a small investment price makes the process easier.
Taskmaster one of the best Commercial brokers in Dubai, helps you by providing various business services for your new or old business. We provide the best combination of services, without any hidden costs. Our clients come first for us. First of all, we try to build the trust of our clients.
In order to successfully acquire a free zone banking service, your company must be classified into the correct free zone with the appropriate visa and residence address. We have many free zone options for you, from which you can select, also suggest the exact fit to gain your final result as per your wish.
We can offer our clients to open a bank account in many locations, although we are professional in Free zone company bank account opening. We make your Freezone company bank account opening process easy and reliable. You can surely contact us for our best services.
How HISAB Taskmaster CA Advisors can help you
Frequently Asked Questions on Freezone Company Bank Account Opening
How do I open a free zone account in Dubai?
In order to open a free zone account in Dubai, you will have to prepare some essential documents that are required by documents. Also, you have to follow some rules and eligibility criteria that are specified by the banks in UAE. Taskmaster professionals will guide you in bank account opening.
Can a foreign company open a bank account in the UAE?
In order to open a bank account, all the necessary documents must be legalized and attested by the UAE embassy in the country of origin and then by the Ministry of Foreign Affairs in Dubai.
Can I open a business bank account in Dubai?
In case you have an LLC in the mainland or free zone, or even a branch office, you can apply for a business bank account in Dubai. In case you are a startup or an SME, your existence as a bank signatory is also required for a day or some hours for presenting the application & verification of your passport.
Can I open a business bank account in Dubai?
In case you have an LLC in the mainland or free zone, or even a branch office, you can apply for a business bank account in Dubai. In case you are a startup or an SME, your existence as a bank signatory is also required for a day or some hours for presenting the application & verification of your passport.
Which bank makes it easy to open a business account in UAE?
RAKBANK business account provides you with easy reach to your money all the time. A low minimum balance and a choice of local and international currencies make it a lucrative choice for business customers.
Which bank has no minimum balance in UAE?
Emirates NBD Liv – these are some 0 balance accounts in the UAE where you can open an account and get the best interest rates in the UAE in case a balance is present else sustain the account with 0 balance and 0 fees.
