Opening a corporate bank account in the UAE to Setup a Company can be a difficult task. You need to be aware of all the rules and regulations before applying for one. There are certain criteria that must be met by all companies wishing to open an account with any of these banks. Below are some difficulties you might face while opening a bank account in the UAE if you do not take assistance from professionals.
The paperwork can be overwhelming.
Opening a corporate bank account in the UAE is not an easy task. There are many documents to be filled, which can make it difficult for you to understand all the information that comes with opening an account for your business. You may also find yourself needing assistance from someone who knows more about banking than you do when trying to process everything on your own. If this sounds like something that might work better for you, then we recommend contacting us today!
You will have to visit the branch more than once.
If your account is opened at a branch and you want to transfer money or make any other payments, then it is important that you visit the bank’s office on time to fill out forms and sign documents. You can also give them your documents such as passport, ID card or driver license etc., but make sure that they are original ones which are issued by an official body like police department or government department. If these documents are fake then there will be chances of getting suspended from using this ATM card as well as getting blacklisted by banks in future too!
You may need to hold multiple meetings before getting your account approved.
The bank manager will be the most important person in this process, since he or she is responsible for approving and opening accounts. He or she will also be able to give you more information about the bank’s policies and procedures, which could help you understand what is expected of you as an account holder. However, there are many other people involved in opening an account: compliance officers and branch managers (among others). These figures typically work at different levels within a company but all have one thing in common: they all have their own responsibilities just like your Dubai online business!
Wrapping up
We hope that our tips and tricks have been helpful in making your business banking experience smoother. If you ever get stuck along the way, don’t fret—our Company Formation Agents are here to help!
