A corporate bank account is important to ensure that businesses can receive and make payments, comply with tax regulations, and manage their financial transactions in a transparent and secure manner.
Companies are required to file financial reports and a corporate bank account is essential for maintaining accurate financial records and facilitating tax compliance. As part of the compliance requirements, banks will ask for details including nature of business, expected annual turnover and company information including UAE mobile number, local residence address, UAE PO Box No, home country residence address and email ID concerning Know Your Client (KYC) compliance checks.
While having a corporate bank account is a legal requirement, the specific requirements, and processes for opening an account can vary depending on the bank and the type of business activities. PRO Partner Group have connections with many banking partners who assist with corporate/ business bank account setup.
A corporate bank account is required in Dubai and the wider UAE for businesses registered in the country. Opening a business bank account in Dubai, Abu Dhabi or the wider UAE is therefore a legal requirement. It is prohibited by UAE law to use a personal account for business purposes in accordance with the UAE Central Bank's regulations. A corporate bank account is important to ensure that businesses can receive and make payments, comply with tax regulations, and manage their financial transactions in a transparent and secure manner.
The UAE has strict regulations governing the operations of businesses, including financial reporting and compliance requirements. One of these requirements is to maintain separate financial records for a company, and having a local business back account in Dubai or your relevant emirate is an essential part of this. This will become even more important with the introduction of 9% corporate tax in the UAE from June 2023.
Companies are required to file financial reports and a corporate bank account is essential for maintaining accurate financial records and facilitating tax compliance. As part of the compliance requirements, banks will ask for details including nature of business, expected annual turnover and company information including UAE mobile number, local residence address, UAE PO Box No, home country residence address and email ID concerning Know Your Client (KYC) compliance checks.
While having a corporate bank account is a legal requirement, the specific requirements, and processes for opening an account can vary depending on the bank and the type of business activities. PRO Partner Group have connections with many banking partners who assist with corporate/ business bank account setup.
PRO Partner Group can assist with opening the following bank account in the UAE:
The following steps are required to set up a business bank account in Dubai, Abu Dhabi and wider UAE:
Additional things to note:
The minimum time for bank account setup can be up to 10 working days for an individual owner and up to 20 working days for corporate company ownership. These timelines will vary depending on obtaining the documents in a timely manner, and the authorised individuals being available in the UAE to assist with the process.
Document requirements pening a business bank account in Dubai and wider UAE can range depending on the bank, but generally UAE banks will ask for the following documents for mainland or freezone bank account set up:
UAE banks offer advantages and benefits to entice you into choosing to bank with them. For example, banking with Mashreq, Emirates Islamic, NBQ, Emirates NBD, and Banque Misr offers the following advantages:
PRO Partner Group can help you decide which is the best business bank account in the UAE by assessing your company's requirements.
Opening a corporate bank account for your business in the UAE can be a challenging and time-consuming process. Opening a business bank account is a key part of the company formation process and follows closely after receiving company trade license.
Each bank has its own internal rules and regulations, so deciding which one to use can cause further confusion. PRO Partner Group have strong connection is the top UAE banks and extensive knowledge of the different banking requirements as it relates to your business activities, minimum balances, compliance, and documentation, and we can provide a full bank account opening service to assist individual investors and companies to establish local UAE banking facilities swiftly and correctly.
Please contact the Bank Account Opening Team at PPG using the contact form below, get in touch with us on +971 (0)4 456 1761 for Dubai or +971 (0)2 448 5120 for Abu Dhabi, email us at info@propartnergroup.com and we will be delighted to assist you.
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