- June 14, 2021
- Posted by: Nikhil Sharma
- Categories: Banks, Blog
The UAE has always allured entrepreneurs and investors from every corner of the world. It allures more than a fair stake of investors who are keen to set up a company in Dubai, UAE. Once your company setup process is complete the next step is to consider opening a corporate bank account. If you want to set up your oil and gas company and also want to know how to open a bank account for an oil and gas company in UAE. So, in this blog, we introduce you to the process of bank account opening.
How to Open an Oil and Gas Company Bank Account in UAE
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The needs to open a company bank account in the United Arab Emirates differ from bank to bank, but the presence of a significant director or stakeholder is usually needed. To open a corporate bank account, the first phase is completing a bank account opening application, that is supported by detailed company records. That information can involve business proof, such as invoices and contact, and information regarding the suppliers and clients of the company. The steps to open an oil and company bank account in the UAE are:
- Get your Business License – When you start a company in Dubai or UAE, one of the necessary steps is to obtain a valid license. Without having a license, the bank would not recognize you as a business and you would not be able to open a corporate bank account.
- Check Visa Requirements – The next step for opening a bank account for your company is to establish whether your company stakeholder and needed to have a residency visa. Some banks demand proof of this from at least one stakeholder, while others don’t ask for it all. So the issue of whether or not your shareholders have residence visas in place can have a bearing on which banks you consider applying to.
- Select the Bank – Once all the necessary documents are in place, you can look for a bank that suits your needs. There are many international and national banks you can select from. Do consider the eligibility criteria and income while determining the bank.
- Application Process – Now is the time to start the formal account opening procedure. It is typically advisable to visit a branch of any bank and speak face-to-face with an advisor who can give the answer to your queries. Once they tell you what to do, you can go on with the procedure.
Documents Required for Opening an Oil and Gas Company Bank Account
The necessary documents that you required to be prepared for the oil and gas company bank account opening are given below:
- Valid trade license
- Certificate of incorporation/registration
- Share certificate
- Company Memorandum of Association and Articles of Association
- Board resolution authorizing a company officer to open the account
- Passport copies for shareholders and authorized signatories
- Copies of contracts and agreements
- Invoices from suppliers or receipts issued to customers
- Reference letters and so forth
How to Set Up an Oil and Gas Company in UAE
One of the strategic regions in the UAE is the oil and gas market. This is a vital contributor to the national economy of the United Arab Emirates. A wide variety of support systems are required for the oil and gas industry, ranging from infrastructure, oil rigs, oil fields, transport, storage, labor, and more. Many people who looking to establish their business in the UAE want to know how to open an oil and gas company in UAE. There are the steps of setting up an oil and gas company:
- Select the trade names to establish as the trademark
- Decide on the business activity for the proposed entity
- Select the legal form of the entity
- Arrangement of office space
- Submit the documents to the authorities
- Obtain a trade license
- Open a corporate bank account
- Register at the Immigration and labor department
- Receive visa and employment permits
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Taskmaster commercial broker has earned a good reputation in Dubai, UAE. We provide a blend of services, pricing, and quality, without any hidden costs. We have a team of skilled professionals who have extensive experience in this sector and they provide delightful services.
We can introduce our clients to opening a bank account in many jurisdictions although we are experts in opening a personal and corporate bank account in Dubai, UAE. We can significantly increase the success rate for account opening. We can also reduce the probable application hold-ups with wrong and missing documents that the client may not have been aware of.