Opening a business bank account in the UAE or GCC can be a daunting process due to stringent compliance procedures mandated by the UAE Central Bank. However, with our bank account opening service, this challenge can be easily overcome.
Our team will provide comprehensive assistance throughout the bank account opening process, guiding you through each stage to ensure a seamless and hassle-free experience. Whether you're in need of Business Bank Account Opening Services in UAE, KSA, Qatar, Bahrain, or Oman, look no further than Innovate Accounting. Reach out to us today for expert assistance.
Corporate/Company Bank Account Opening
For any company, whether onshore or offshore, establishing a bank account is essential to conduct business operations. Following the acquisition of your trade license, the subsequent step typically involves initiating the company account process. Centralizing all company transactions in a single account is crucial for organizational efficiency. Unlike personal accounts, the process of setting up a company account entails unique requirements, making the guidance of a trusted banking consultant like Innovate indispensable.
At Innovate Accounting, we specialize in guiding you through the documentation and approval phases of the bank account setup process. As a registered entity with the Central Bank of UAE, we boast strong working relationships with major banks across the country, ensuring a smooth and efficient experience for our clients.
Documents required for Business Bank Account Opening
Below is the list of required documents for establishing a bank account:
1. 6 months bank statements: For existing companies opening new branches, this should reflect transactions in the company account for the months preceding the application. For new establishments, owner's personal bank account statements will suffice.
2. Copy of your trade license
3. Owner's passport copy
4. Emirates ID
5. Visa Copy
6. Ejari (we will facilitate this for you once the trade license is ready)
Please note that individual banks may request additional documentation to verify the submitted details. BMS Corporate will ensure that you are provided with a Personal Relationship Manager for all your consultancy needs. This process will commence after the trade license has been processed and the Emirates ID and UAE Residency Visa have been granted.
The corporate account setup process consists of three main phases:
1. Initial document submission
2. Pre-approval process
3. Approval and deposit for activation
How to Open a Business Bank Account?
Step 1: Choose a business account type
Most banks offer two types of business accounts: savings and checking. If you have fewer withdrawals and want to save earnings for future expansion or tax payments, a business savings account may be suitable. For everyday business activities like expenses and bill payments, a checking account allows numerous withdrawals and check-writing.
Step 2: Research and select a bank
Different banks offer various products and benefits, including interest rates based on your average daily balance, lower account balances, and reduced fees. Consider online banking options for convenient account monitoring. Location is also important.
Step 3: Visit your chosen bank
While some banks allow online or phone account openings, new customers may need to visit the bank in person. Banks typically require the physical presence of account holders or business representatives for account openings. Building rapport with the bank during your visit can expedite the account-opening process.
Step 4: Submit required documents
Essential documents are necessary for the bank to open your account. These include:
1. Photo ID of the designated signatory
2. Identification documents (e.g., SSN, TIN, driver's license) for the signatory
3. Business registration documents (e.g., articles of organization, owner's business permit, partnership agreement, corporation documents)
4. Board resolution authorizing the bank to open the account (for businesses)
Note: Document requirements may vary based on bank regulations.
Step 5: Make your initial deposit
To activate the account, banks typically require an initial deposit. The amount may vary, so be prepared to deposit the required sum or more to start your account.
Looking for Corporate Bank Account Opening Services?
At Innovate, our commitment is to provide our clients with unparalleled services in the market. We strive for more than mere satisfaction; our goal is to deliver an unforgettable experience. With our team of expert banking consultants possessing in-depth knowledge of the banking system in the UAE and the GCC Region, we ensure a tailored solution to meet your unique needs.
A key aspect of our banking consultancy is identifying the best options available in the market to align with your specific requirements. We facilitate the application process, ensuring you secure an account with your preferred financial institution.
Innovate Auditing excels in guiding you through the process and assisting in preparing all necessary documentation to facilitate your account application. With our fast and reliable business bank account opening services, we ensure you swiftly obtain your corporate bank account.
