- June 7, 2021
- Posted by: admin
- Categories: Banks, Blog
Dubai’s economy has been growing for a long time with the improvement of real estate and the increasing demand for tourists. With the financial outlook also looking strong, it is no surprise that more and more overseas businesses are looking to join the UAE. One of the very crucial steps after setting up your business in Dubai is to open a corporate bank account for your business. Many people want to know about opening a general trading bank account in Dubai, to manage their transactions. This blog will help you to understand the process.
Lots of businessmen are willing to open their corporate and personal bank account in Dubai, and so they can secure their assets. Due to this, almost all the international banks try to open their representative branch in Dubai.
Facts to Consider Before Opening a General trading bank account in Dubai
There are all types of bank accounts you can open in Dubai that are available in any part of the globe. Dubai has witnessed immense development in two decades and has a strong economy with a broad range of business sectors. One of the key parts of Dubai’s economy and its development in the business field has the help of the strong banking system of Dubai. having a bank account in Dubai presents your reliability and it comes with a lot of benefits. General trading bank account in Dubai seems easy but a lot of documentation is included in them. You need to consider carefully that bank and the type of bank account you are want to open. Almost every key international bank has branches all over the UAE.
This is important to mention that the procedure of the Dubai bank account for general trading companies differs from bank to bank. The process of bank account opening takes time to accomplish all the necessary steps of the application to open a bank account in Dubai. It can easy task if you have knowledge of the right documentation and requirement of KYC (Know Your Customer) of Dubai banks.
The bankers ask a few questions and important documents related to the process of Dubai’s general trading bank account opening. Therefore, it is very crucial for you to answer the questions. You can also consult with the Taskmaster commercial broker, who will assist you properly with the need of KYC, before starting the process of bank account opening in Dubai and make it an easy, effective, and reliable procedure for you.
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Documents needed for opening a General trading bank account in Dubai
The essential documents required for Dubai general trading bank account are given below:
- Standard personal documents on company shareholders (copies of passport for shareholders and authorized signatories).
- Board resolution empowering a company officer to open a bank account.
- Memorandum of Association
- Article of Association
- Last six months banks statement
- Certificate of incorporation
- Corporate structure and ownership documents
- The description of the company activities that you are planed.
- Business experience information of the owner of the company
- Documents and information on the source of funds that will be invested into the company
- Existing contracts
- Reference letter from the business partners
Challenges in opening a bank account for general trading company
- Tough Regulatory needs and Compliance Pressure – Banks require to adhere to the UAE’s commitment towards fighting financial crimes such as money, laundering, and financing terrorism. The pressure on banks to adhere to the regulatory measures as Ani Money Laundering programs and combating the financing of Terrorism adds to the difficulty in an opening bank account in Dubai, UAE.
- Business History of Client – Offering your credibility to the bank is essential when applying for Dubai general trading bank account. The business founder requires to prove that he/she possesses sound knowledge about the industry in which they are going to open the business.
- Lack of Physical Space – UAE banks mandate that your company has a physical office. Certain banks often send their inspection officer to the address mentioned in the documents to verify if your company has a physical office at the particular address.
- UAE Resident Visa – Most of the banks in Dubai, UAE demand you to have a residence visa. In addition, some banks may ask you to offer a local address in the United Arab Emirates.
Benefits you will get when you choose to open a General trading bank account
- Banks offer multi-currency accounts with good exchange rates and fixed rates with USD.
- UAE financial institutions are the best and safest way to invest and are considered trusted.
- Your account will be confidential
- You will get secure and trusted banking services
- The bank accounts in foreign currency are mainly dependent on GBP, EUR, USD. Other currencies are also available depending on the bank
- Protect online banking solutions. Transfer with correspondent banks and branches across the world has been made safe and easy.
If you are looking how to open a general trading bank account in Dubai. Then above we mentioned the entire process. We hope these will inspire you.