- June 11, 2021
- Posted by: Nikhil Sharma
- Categories: Banks, Blog
Dubai is well known for its popular banking industry and the high level of privacy banks offer their clients. Most people are looking to incorporate in Dubai. One of the very crucial steps after establishing your business in Dubai is to open a corporate bank account to manage your transactions. If you are looking for a Jewellery company bank account opening in Dubai, and want to know the entire process. Then in this blog, we present you the process that will help you.
How to open a Jewellery company bank account in Dubai?
The need for opening a bank account in Dubai differs from bank to bank, but throughout the procedure, the presence of a director and stakeholder is usually required. Sometimes, attorneys can establish accounts on their client’s behalf, though it is not often the case.
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Here are the steps you should follow while opening a bank account for your company in Dubai.
- You require to fill out an application form for account opening which would be supported by detailed company records. This information can comprise proof of business, such as invoices and contracts, as well as information regarding the supplier and clients.
- The next step is required to attach all the necessary documents with the application form and submit them to the authority.
- After submission of the documents, the bank would authenticate every piece of information submitted and approve or disapprove the application.
- If the application is got approval, the bank would collect background details regarding the management team, including the directors and stakeholders of the applicant. The information-collecting procedure would also encompass the financial projections.
- The final step is an interview. The bank will conduct an interview with the applicant. The bankers ask some important questions and relevant documents during the process of opening a bank account in Dubai. This is very crucial to give answers to the questions. Once this phase is successfully accomplished, then your company bank account will be established.
Banking in Dubai is known to be fraught with fees, and it is always a better idea to get a complete list of probable charges before selecting where to open your company bank account.
What to consider when opening a bank Account For a Jewellery company?
Opening a bank account is an important part while you open a jewellery business in Dubai. Even though the process of a bank account is simple, there are some facts that you require to consider while opening a bank account for your jewellery company in Dubai.
- If you have a Limited Liability Company in a free zone or mainland or even a branch, you can apply to local banks to open a bank account in Dubai.
- If you have a start-up or SMR, your presence as a bank signatory is also required for a day for submitting the application and verifying the passport in the presence of the banker.
- In terms of documentation, you need to consider the business activities, the number of shareholders, the business background of the management and business, and the business plan for the new entity in the UAE.
- No need to worry about privacy. In recent years, many agreements have been signed between the UAE and other countries in an effort to crack down on tax evasion. These agreements mean that, while fiercely protecting confidentiality, there are certain circumstances under which banks must cooperate with foreign authorities.
Advantages of Jewellery Company bank account in Dubai
The advantages of a jewellery company bank account opening in Dubai are mentioned below:
- Zero taxation
- Non-restrictive banking options
- Dedicated regional manager
- Easy international access
- Easy transfer funds
- Mobile and online banking facility
- Flexible investment period
- Asset management is available
- You will receive a safer and more trusted banking service
- Your account will be confidential
- Your account will require low maintenance cost
Required Documents to Open a Jewellery company bank account in Dubai, UAE
The essential documents that you need to prepare for a jewellery company bank account opening in Dubai are:
- The passport (with residency visa) of the company’s stakeholder representative
- Copy of Emirates ID card of the stakeholder representative
- Passport copy of the company director
- Information about the type of activities on the account
- Disclosure of the source of funds
- Existing contracts
- Reference letter from business partners
- Full set of certified company incorporation documents
- Memo of Association and Article of Association
- Certificate of incorporation
- Stakeholders’ registry
- Certificate of good standing
How we can help you
Taskmaster commercial broker LLC will help you to open a bank for your company in Dubai. We have a team of qualified and skilled professionals who have years of experience in this sector. We provide a comprehensive range of services that will delight you.
We at Taskmaster are able to guide you during the procedure from filing an application form to fixing appointments with the bank. we will help you with your jewellery company bank account opening in Dubai on your behalf. So, if you are interested then contact us today.