- May 29, 2021
- Posted by: admin
- Categories: Banks, Blog
Dubai has consistently topped as one of the world’s major trading places. There has been a huge development in the business and financial sectors in Dubai in the last few decades. Sectors like trade, Logistics have also shown significant development. Therefore, starting a general trading company in Dubai is a profitable investment. If you are wondering how to open a general trading company bank account in Dubai to manage your company transaction. But it can be a difficult task, but no need to worry, we at Taskmaster will help you to make your process easy and effective without any trouble.
General Trading Company Bank Account Opening in Dubai
Once your general trading company setup is complete, then the next step is that you need to consider a corporate bank account for your company. Open a bank account in Dubai can be s stressful task for company owners and shareholders. Newly implemented guidelines in recent years with expected requirements from banks, constantly changing compliance, international banking protocols can make this much time-consuming.
Owners of the business can locate the task of obtaining corporate banking more difficult than filing and adherence checks that were required for your company set up in Dubai. Banking in Dubai can vary from what is used in your own country.
The good news is that once you have chosen the right company framework, you can easily overcome key banking barriers and have the ability to be eligible for Dubai corporate banking and enjoy the advantages of no personal or corporate tax.
If you are unable to do it by yourself, then we at Taskmaster here for you we can advise you about the criteria of KYC (Know Your Customer), before the process of opening a bank account in Dubai, and we will help you make this process easier and faster for you to register.
Documents Required for Opening a General Trading Company Bank Account in Dubai
- Copy of memorandum of Association / Article of Association
- Trading License
- Passport with shareholder’s entry page
- Emirates ID of shareholders
- Shareholder’s visa page
- Share certificate
- Mane of existing clients
- Utility bill of shareholders showing residential proof
- Six months bank statement
- Legal documents
These all documents required for your general trading company bank account in Dubai. You need to prepare all the necessary documents. We at taskmaster will also help you in the documentation process.
Steps to Start a General Trading Company in Dubai
The steps to start a general trading company in Dubai are mentioned below:
- Develop a Business Plan
The first step that you need to take to start a general trading company is to develop a business plan. A good business will consider almost all factors such as market condition, competitions, activities, and products, the total number of employees, initial investment, office space requirement, marketing tactics, financing, and investors. These factors determine the working of the business. Study these factors thoroughly and create a wise business plan.
- Select the jurisdiction
Dubai market is classified into three jurisdictions, namely free zones, offshore, and the mainland. The free zone offers 100% exemption on corporate and personal income and 100% ownership to the investors. In the mainland, the business investors need to find a sponsor for setting up a company that holds 51% shares of the business. the offshore company is the company that is set up in the country different from the country of residence of the investor. Choose the jurisdiction according to the requirements of your company.
- Find a Sponsor
If you want to establish your company on the mainland, then you require to find a sponsor. The sponsor would hold a 51% stake in your company. You can’t start your company in Dubai mainland if you don’t have a business-sponsored by UAE national. There are two types of sponsorship; corporate sponsorship and local sponsorship.
- Legal Formalities
Obtaining a license for your business is very crucial because it makes your business legal. The company that is trading, importing, and exporting requires a general trading license in Dubai. This license involves the business of products such as accessories, clothes, equipment, fixtures and furniture, and electronic items.
Need Free Consultation!
Taskmaster commercial broker LLC, earned high popularity in the Dubai market. We have a team of qualified and skilled professionals who understand the need of our clients, and we recommend a bank that accomplish the need of your business in Dubai. Your trust matters a lot for us, we ensure that our clients feel stress-free with our right solutions.
We at Taskmaster help you in a general trading company bank account in Dubai and save your valuable time. We have done this many times. We advise our clients the bank that completely meets their needs or business. Our best services will surely delight you.
If you are interested then you can get a free consultation at Taskmaster. So, please feel free and contact us today.
Also Read:- How to Open Offshore Bank Account In Dubai