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Company bank account assistance in Dubai


UAE is one of the most promising business hubs and continues to lure investments from all over the world. That there are no corporate taxes and personal income taxes in freezones and the mainland, makes it an ideal destination for businesses to park their investments. The government is taking continuous effort to ease the process of company formation in UAE. To ensure security, it has also put forth strict norms that demand more from the business owners at times.

 

Opening a corporate bank account in UAE remains a challenging task for businesses when they set up their company in UAE. There are number of conditions and clause that you must meet before you can open a bank account in the UAE. The international rules and strict guidelines issued by the government make it more difficult for businesses.

 

Our experts in providing company bank account assistance Dubai have curated the list of common challenges that are faced by businesses they endeavor to open a corporate bank account in UAE. Having a deeper understanding of what is expected at the banks would help you prepare better. This would help you overcome the challenges and open a corporate bank account seamlessly.

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Why is corporate bank account opening harder in the UAE?

The following section presents some challenges that businesses endure they attempt to open a corporate bank account in the UAE.

1.Lack of a physical office in UAE

To setup bank account in Dubai, UAE banks demand that businesses have a physical address. The banks will verify the physical address through contact point verification (CPV), where banks have authorised third-party vendors who would send their representative to the address mentioned in the document. The third-party vendor is supposed to check if the physical address is valid and whether the person is conducting business from the address. If the work is not completed, the banks may reject the application.

2. Strong business and personal profile

It is required that the founder or owner of the business must demonstrate his/her skills in running a business to the banks. The owner must demonstrate his/her proficiency in the field the business would operate. The easiest way to do so is to establish their experience in the field, prove their reputation, and history of debts. The bank also inspects the income to determine whether the business has all it needs to operate successfully in the UAE. For a company bank account opening Dubai, you should have a strong business and personal profile.

3. Nationals from high-risk countries

If you are a national from a high-risk country, it could be difficult for corporate bank account opening in UAE. A person can be sanctioned by any government across the world. They are called Specially Designated Nationals (SDN) and banks have all rights to restrict transactions involving a person. For example, non-resident Russians are not permitted to send money back to Russia from UAE. Similarly Chinese who are not residents of UAE are not allowed to conduct trade, export and import, or involve themselves in textile business in the UAE. So, when businesses are in for corporate bank account opening in UAE, the nationality plays a crucial role in determining their eligibility.

4. Absence of a company website

A website is something that banks use to draw fundamental information about the business. It also adds to the strength of your business profile. The website offers key information like the shareholder details, product or service profile, contact details, and so on. They are important for banks to validate the business. At Oxbow corporate services, we help you build a website for your company in no time. Talk to our company formation experts regarding the same.

5. Weak business profiles

Before you kick-start a company in the UAE, it is important that you have a deeply thought out business strategy. The process to setup bank account in Dubai requires that as an organization, you must submit a financial plan, suppliers and target customers, financial background of the founders, and so on. When you do not have a strong financial plan and background, there are chances that your corporate bank account opening process could be delayed.

6. Residency visa for shareholders

For company bank account opening in Dubai or UAE, a majority of banks require that you possess a residency visa Some banks also ask to provide a local address. Some banks require that you demonstrate residency for just one shareholder of the company. Some others require that all shareholders submit a proof of their residency permits. To know more, book a free consultation with us for complete bank account assistance in Dubai.

7. Transactions with high-risk nations

If your business is involved in trading with high-risk nations, it could be complicated to setup bank account in Dubai. For financial institutions conducting business with high-risk nations, they are supposed to strictly comply with the laws that address terrorism funding and money laundering. The laws for trading with high-risk nations are determined by the National Committee for Combating Money Laundering, Terrorism Financing, and Illegal Organizations. They should also abide by the norms listed by the Financial Action Task Force and UN Security Council resolutions (FATF).

This requires that Financial Institutions have a strong policy in places that monitors and controls trade and transactions with high-risk nations. ● Sanctioned nations include Cuba, Myanmar, Iran, North Korea, the Ukraine (Crimea), Sudan, and Syria.
● High-risk nations include Nigeria, Somalia, Ethiopia, Serbia, Yemen, Kenya, Uganda, Saint Kitts and Nevis, Anguilla, Malta, Cyprus, Zimbabwe, China, and Libya.

Bank account opening services in Dubai

At Oxbow Coporate Services, we offer end-end company formation services that also includes company bank account assistance Dubai. We help you curate all the documents needed, build a strong personal and physical profile, set up a physical space, seek a residency visa, and set up a bank account in Dubai. We also help you set up a highly functioning POS solution with options for payments integration. The POS system can be customized to meet your business needs. It can be easily integrated with the existing business and works offline.

 

Though the rules may seem complicated, with rich expertise in the field, we help you setup bank account in Dubai in a shorter time frame. We help you reduce the hassles and let you invest your time on core business activities while we take care of the Corporate bank account opening.

 

Book a free consultation with our experts for end-end company bank account assistance in Dubai.

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P.O. BOX:84706, Office No.108, Coastal Building, Al Qusais 2, Dubai, UAE

Contact Us​

Get In Touch With Us!

Phone

Email

Address

Coastal Building, Al Qusais 2, P.O. BOX:84706, Dubai, UAE

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We assist you in getting all the information, resource, and consultation you need for company formation in UAE that turns your investment into a growing business in the Gulf.

Get in touch

incorp@oxbowcs.ae

+971 50 567 5616

+971 4 451 9876

Office No : 1109, Bay View Tower, Marasi Drive Street, Business Bay, Dubai, PO BOX : 391085

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