Planning to open your own company in Dubai? That’s a great move to progression, but are you wondering how to go about the critical hurdle of opening a corporate bank account. Getting a business license in the UAE is actually faster than opening a bank account. But don’t worry, you have 6th Move, the best PRO services in Dubai working with youto secure your account smoothly.

What Makes Opening The Bank Account So Tough

The UAE is a global financial hub, and hence it is rooted in transparency. Banks will have to understand your business model, the profile of your investors, the source of your funds, and your potential clients before they accept you. That is why it is important to prepare your application explicitly, and clearly with all the entails that matter. When the document is perfect, and complete, you don’t have to worry about  rejection, because rejection from one bank can make it harder to apply elsewhere.

Here’s what the banks need to do in detail in order to give you the approval for opening an account:

• Business type and activity and proof of funds
• Shareholder information and residency status
• Company structure and jurisdiction
• Targeted transaction volumes

Timelines: What to Expect

Once the documents are submitted, you will wonder how much time it will take to open a corporate bank account. Actually, it would depend on the points that we just mentioned above, and most of all, it will depend on the bank where you are applying too.

However, here’s what you can expect:

• Document review in the first stage: 5–10 working days
• Bank compliance review: 2–4 weeks
• Approximate opening of account: 1–2 weeks
  
  

The Role Played By Corporate Pro Services In Dubai

Professional corporate PRO services have advisors who will know the expectations and demands of each bank, so they work as a liaison between your business and the bank. They will help you meet documentation standards, and guide you on how to present your company so the banks will have no doubts.

Here’s what 6th Move does through their corporate PRO services in UAE:

• Review and methodically organize all required documents; they will verify the facts before submitting them to the bank
• Open channels of communication with banks and compliance teams
• Give you a list of banks that would be most suited for you, based on your business model
• Post document submission, they will take care of follow-ups and clarification requests

Documents Checklist

• Corporate Documents
• Original Trade License
• Memorandum of Association (MOA)
• Lease Agreement (Ejari) for your office.

• Personal Documents
• Passport copies
• Emirates IDs,
• Residency visas for all shareholders
• Proof of Address
•  Recent utility bills for the shareholders
• Bank Statements
• Bank statements of shareholders showing stable income for 6 months
• Business Plan
• Impressive company profile
• Existing contracts or invoices from suppliers and clients

Conclusion

6th Move often gets this question “Can I open the account in a few days?”

But the answer to this is no, because it does have a process. However, through our corporate PRO services in UAE, we can minimise the errors and make the process faster.