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How to open a corporate bank account in Dubai for foreigners?

How to open a corporate bank account in Dubai for foreigners?

A slew of offshore banking scandals have clamped down on bank compliance. Opening a corporate bank account in Dubai and the UAE can be a heavy administrative task to carry out. This is because of the new stringent international laws that have emerged over the past two years. Coupled with stricter bank guidelines, This makes opening a commercial bank account a difficult task that requires several steps.

What are the challenges of opening a commercial bank account in Dubai:

Global supervision gave many powers to the banks in order to protect the financial system in Dubai. Especially after the spread of offshore companies whose credibility is being beaten through several heavy charges that lead to imprisonment for years, such as: Charged with money laundering and some illegal activities globally.

Banks often receive huge fines for not strictly following the activities of commercial bank accounts. Which makes the banks more careful and strict while they study the profiles of people looking to open any type of bank account for security purposes. Where banks use very strict methods in order to avoid global inquiries in the transfers of their customers.

Why is it difficult to open a bank account in the UAE for certain types of companies such as offshore companies?

Several companies in the UAE are restricted by tough laws. Several companies’ accounts in Dubai’s free zones were also closed. They also blocked some types of licenses that did not meet the exact required criteria. Where banks in the United Arab Emirates are looking for proof that the companies in the reports are the same in reality without any distortion or fake embellishment only.
As for the offshore company, it has a bad reputation due to offshore banking scandals in recent years. UAE banks often take a negative initial view of both local and international offshore companies. This is because Emirati banks provide their banking services only in the presence of reasonable companies away from suspicion.

Requirements for opening a corporate bank account in Dubai:

Residential address: You must prove that you live in the UAE, And you spend a lot of time in the country to increase your chances of being accepted to open your bank account for your business. You must also obtain a residential address in the United Arab Emirates. Either by renting or buying real estate.

The need for the site to retain shares in the company: If you haven’t thought about owning stocks yet, You must consider this while setting up a bank account in Dubai and the rest of the UAE. This factor is very important, especially for foreign companies, because the signature on the bank account, He must have company shares to initially open the account.

Having an integrated business plan: We advise you to put in place a solid business plan to guarantee an opportunity to open your bank account. While your plan should not be more than three pages, The document should contain substantial information describing who you are, your background, and your business goals. We also recommend that you create a page or website that presents an introduction to your business, as this will greatly help in increasing your chances of obtaining your own bank account in the United Arab Emirates.

Why does the bank not classify me as resident for banking purposes?

It is difficult to obtain residency in the UAE. The UAE adheres to the Common Reporting Standards (CRS). These rules require all jurisdictions to automatically share and exchange information between their financial institutions to combat tax evasion. And in the event that a bank is located in the UAE and is not sure of your residence status or your intentions. It may share your information with other organizations in accordance with the CRS rules. To make sure of you and what you want to do.

Welcome to Itqan Company For Company Incorporation in Dubai. We specialize in providing solutions that suit you to start your business and provide assistance in establishing your business in Dubai. And also help with tax preparations, legal advice, human resources services, and more. Take advantage of our consultations today and get expert advice on setting up a business in the UAE.


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