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Bank Assistance

Bank Assistance – Opening a Bank Account in Dubai, UAE

Do you require assistance in getting a bank account in Dubai?
Individuals and businesses may choose to register bank accounts in Dubai to protect their finances. The UAE has become almost associated with money, bank accounts, and tax systems due to its reputation as a “tax-free” country. Travelers from around the World rush to Dubai to either work for a UAE-based company or start their own business. This is reasonable because the UAE has no income tax, allowing workers to save even more than they would in most of their homelands.


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Bank Assistance | Basic Requirement to have a Bank Account in UAE


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When it comes to bank assistance, there are numerous local and international banks in UAE to choose from.  This allows you to select the bank that best suits your needs. The procedure for opening a Dubai bank account for corporate and company operations varies depending on the bank.

 

Requirements

 

  • Account-holders must physically present themselves at the bank to authenticate their identification and sign documents, according to UAE law.
  • Banking with a large international institution that operates in the UAE, such as HSBC or CitiBank, and visiting your local branch is the only way to open an account without being present physically.
  • Dubai also permits you to hire financial officers to represent you in court, although this is not recognized by all banks.


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Types Of Bank Accounts for Bank Assistance in UAE

There are 4 types of bank accounts in the UAE:

  • Commercial Banks: provides funds for commercial activities, distributes loans, and manages accounts of individuals and businesses; locally founded banks and branches of international banks that offer commercial banking services.
  • Industrial Banks: gives loans to individuals and enterprises for the aim of development; for example, a loan to establish a firm.
  • Merchant/investment Banks: banks that are for people who buy and sell stocks.
  • Sharia-compliant banks are those that follow Sharia laws and practices.

Can You open A Bank Account in the United Arab Emirates?

It is simple to create a bank account as a non-resident once you arrive in the UAE. The process is easy and only a few documents are necessary. Your resident visa is the most vital document, and obtaining one can take many weeks. You can, however, open a savings account until you acquire your residence visa.

Documentation to open a corporate bank account in UAE

In the UAE, you can surely open a business bank account.

Be mindful that some banks may have a relatively high balance requirement, and that the account may be considered as a ‘non-resident’ account with particular restrictions.

A bank account for a local firm or a company from a free zone can be opened in any UAE bank and offers you all of the benefits.

To open a corporate bank account in the United Arab Emirates, you must submit the following documents:

  • Passport of the company’s shareholder representative (with resident visa)
  • A copy of the shareholder representative’s Emirates ID card
  • A copy of the firm director’s passport
  • Information regarding the account’s type of activities
  • Proof of source of funds
  • Contracts already in place
  • Business partners’ letters of recommendation
  • A business model
  • Complete set of certified documentation for forming a business.

When creating a business bank account, the company’s director or a major stakeholder must be physically present.

It is permissible for a lawyer to do the process on behalf of their client, but it is not usually the case.


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For an ongoing business, these are the documents required:

  • The business’s license to operate
  • The company’s registration certificate
  • Resume of the company’s owner
  • The MOA or Memorandum and Articles of Association of the company
  • The UAE’s border crossing point
  • An authentic excerpt from the company’s founder’s account for the past six months.
  • The board resolution authorized the account to be opened by a company officer.
  • The share certificate of the business.
  • Shareholders’ and authorized signatories’ original passport copies.

With Business Hub, you can get your business up and running in the UAE.

In the United Arab Emirates, get the best price for bank services, business setup, company formation, company registration, business licensing, office spaces, business visa, and PRO services.

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Most Popular Banks in the UAE

  • Abu Dhabi Commercial Bank
  • Dubai Islamic Bank
  • Emirates National Bank of Dubai (NBD)
  • Mashreq
  • RAK Bank

Top International Banks in the UAE

  • Barclays
  • CitiBank
  • HSBC
  • Standard Chartered

Advantages Of Opening a Bank Account In UAE

  • You can enjoy complete confidentiality of your personal information. UAE has no exchange of agreements with any other country.
  • You can enjoy safe and secure online phone banking system
  • You can access international banks and their services
  • Nearly all kinds of currency exchange alternatives are available
  • Unrestricted purchase credit card
  • Reasonable rates of interest
  • You have options to open joint accounts
  • You can monitor activity via SMS and email
  • You may have a relationship Manager who will be your direct contact and support after starting a bank account in UAE
  • Banks provide multicurrency deposits with favorable exchange rates and a fixed rate in US dollars.
  • The banks have offices throughout Europe and Asia, which helps to minimize transfer fees considerably.
  • Special deals and account levels are also available from the banks in UAE.

Business Hub has the knowledge, capability, and know-how to provide you with an honest answer and advice on how to have your bank account application approved. We know how to open all types of bank accounts in the United Arab Emirates.

Why should you bother? We’re here to assist you. Get in touch with us today to put an end to your worries.

Types Of Accounts That Can be Opened in Dubai, UAE

With our bank account opening assistance services, you can open a bank account in Dubai:

  • People who live in Dubai can open a current account.
  • Dubai residents can open a personal savings account.
  • Non-Dubai residents can open a private account on demand.
  • A corporate account for companies operating in UAE’s free zone.
  • In Dubai, a business account for LLCs.
  • In Dubai, a business account for offshore enterprises.


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Business Hub Is Here to Help You Open a Bank Account in Dubai

Business Hub is the best business setup consultant in Dubai, UAE. We make the process of company formation in Dubai, go faster and smoother. We assist you in selecting the top banks in Dubai and carefully selecting the best banking offers for you or your business.

We have a well-trained group of financial and banking specialists that will provide you with sound guidance and vital information to assist you with opening a bank account in Dubai, UAE.

For a FREE consultation, contact us right now!

Some Facts About Banks in Dubai, UAE

  • Some banks charge a bank fee as well as a minimum deposit. Monthly maintenance expenses are usually not as expensive as the minimal deposit. If you opt to bank with a provider that charges fees, you may expect to pay roughly 25 AED (7 USD) per month.
  • Some zero-fee bank accounts in the UAE are only available to foreigners earning a particular amount of money. Applicants earning more than 5,000 AED (1,361 USD) per month can expect their bank accounts to be free of costs, however, those earning less than that amount may be charged a monthly fee. For further information, contact Business Hub, the best company formation specialists in Dubai.
  • If you use an ATM that is not affiliated with your bank, you may be charged an additional.
  • Sharia-based accounts, which follow Islamic laws and banking concepts, are available at all UAE banks. These accounts pay no interest and have convoluted mortgage and loan terms.
  • Take note that many bank transactions can only be completed in person. Applicants may want to bank at a location close to their home or business. Electronic transfers are subject to significant costs at some banks.

Bank Guarantee for Business Setup in UAE | Bank Assistance


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What is A Bank Guarantee?

 

When a bank offers surety and assurances on behalf of its customers for certain business expenses that are subject to specific limits, this is known as a bank guarantee. Lending institutions offer a bank guarantee, which is a commitment to replace a customer’s loss if he or she defaults on a loan.

It is a guarantee to a beneficiary that if the customer is unable to do so, the financial institution will honor the contract between the client and a third party.

 

Why Do You Need A Bank Guarantee? 

 

To safeguard the third party from financial losses, these bank guarantees are commonly employed in corporate and personal transactions. This guarantee enables a company to purchase items that it would not otherwise be able to, so assisting business growth and encouraging entrepreneurship.

 

Example of Bank Guarantee

 

For example, A large furniture maker might like to engage in a contract with a small woodshop seller.

Before getting into a deal for Rs.50 lakh worth of wood material, the large producer will demand the small seller to furnish a bank guarantee. The beneficiary in this case is a large manufacturer who demands a guarantee before entering into a deal. The large furniture producer might claim losses from the bank if the small vendor is unable to deliver the wood material.

Advantages and Disadvantages of Bank Guarantees

These bank guarantees have their own set of benefits and drawbacks. The following are some of the benefits of a bank guarantee:

  • It lowers the financial risk associated with a business deal.
  • Because of the low risk, it encourages the seller/beneficiaries to build their business on credit.
  • Banks normally charge a low cost for guarantees, which is beneficial to even small enterprises.
  • When banks examine and certify a company’s financial viability, it gains credibility, which leads to more commercial opportunities.
  • The guarantee usually necessitates less paperwork and is processed quickly.

However, there are certain disadvantages, such as:

  • When it comes to appraising a company’s financial position, banks can be rather strict.
  • As a result, the process becomes more difficult and time-consuming.
  • Loss-making firms find it difficult to secure a bank guarantee due to banks’ strict requirements.
  • Banks demand cash to complete certain assurances involving high-value or high-risk transactions.

There are different types of bank guarantees used in businesses. To know more about how these bank guarantees work, Get in Touch with Business Hub, the best company setup consultants in Dubai, by calling on +971 56 769 9000 or drop us an email at [email protected]