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Business bank account
Opening a business bank account in the UAE is an essential step after setting up your company. It enables you to manage your business finances, make and receive payments, pay employees, and handle day-to-day transactions legally and efficiently.
Clear Steps to Set Up Your Business
Eligibility
To open a business bank account, you need to have a valid business license and company registration documents.
Documents required
Typically, banks ask for your trade license, memorandum of association, passport copies for the company’s owners and signatories, and proof of address. However, the documentation can be quite cumbersome as banks often require an extensive list including board resolutions, share certificates, lease agreements, detailed CVs, bank references, proof of source of funds, and notarizations or attestations. Strict compliance is needed, and minor errors or missing papers can cause delays.
Types of accounts
Banks offer various business accounts, from basic current accounts to USD or multi-currency accounts to suit your needs.
Account opening process
Many banks require the company’s directors or authorized signatories to visit in person, but some banks and free zones offer streamlined or digital account opening options.
Additional banking services
Business accounts may come with benefits like online banking, corporate credit cards, merchant services, and overdraft facilities.
How TAPfiscal Can Help
At TAPfiscal, we support our clients in choosing the right bank and preparing all required paperwork, managing the intricate documentation process, and ensuring a smoother and faster account opening experience. Our expert guidance is especially useful for foreign investors or those unfamiliar with UAE banking rules. Getting a business bank account set up properly is crucial for your company’s financial health, and with our assistance, this process becomes easier and hassle-free.
