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Aside from obtaining a license for a company, opening a corporate bank account is the most important step towards starting a UAE company. A company be it onshore or offshore will require a bank account to undertake any kind of business. Opening a corporate bank account in the UAE is a relatively straightforward procedure for UAE Mainland Companies. However, customer identification requirements may vary depending upon the size and activity of the business. The UAE is home to a wide range of financial institutions, including international, local, and Islamic banks. We work with the majority of commercial banks in the UAE. We also work with a number of local private banks & International banks.
Documents required to open a corporate bank account in the UAE:
*Required documents will vary depending on the bank and the corporate structure of the company. Companies with corporate shareholders that are outside the UAE will be required to notarise and attest all parent company documents in the country of origin and again in the UAE.
There is no set timeframe for opening a bank account, each bank has its own internal procedure and timeframe for account opening. Each bank will have its own processes and timescales for account opening. It generally takes approximately 2 to 4 weeks to open a bank account for an LLC or Free Zone company in the UAE. However, this is not guaranteed (especially in respect of Offshore Companies) because each application is subject to a bank’s internal compliance and management approval.
ARC Associates, can help you identify the correct bank to meet your business needs. We will assist and take care of the entire account opening process from identifying the right relationship manager to supporting you with the application process.