company-formation-in-Dubai

Open a bank account in Dubai before forming a company

So you are looking for an offshore company formation in Dubai. Well it would certainly be a good move as the economy of the city is on the rise. Moreover the Dubai government is greatly supports the foreign investors and prospects interested to start a business here. And therefore seemingly the banks are more willing ever to lend.

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Although overall safety of banking in Dubai attracts many foreign businesses to open a bank account here and carry out the financial matters of their offshore business in a secure way, the entire procedure can be a little burdensome. But if you are looking for an offshore company formation in Dubai, you can take the guidance of a business consultant who will also help you to open a bank account in a smooth way.

The needs and requirements for opening an offshore bank account depends on the bank and can vary in different banks. However, the presence of a major shareholder or director is typically required by every bank. The very first step in the process is to fill in the account opening application completely and appropriately. Detailed company records that includes all information about the business like business proof (contract and invoices), data about the clients, suppliers etc. of the company is also required.

The documents that need to be submitted along with the account application vary from bank to bank. Here is a list of documents that are usually required.

  • UAE passport and the residency visa of the representative of the offshore business shareholder.
  • Emirates ID card copy of the shareholder representative.
  • Passport director of company’s director.
  • The types of activities that will be required to be done through the account.
  • Business plan also needs to be submitted.
  • Proof of existing contracts.
  • Certified company incorporation documents that includes:
    • Memorandum and articles
    • Incorporation Certificate
    • Shareholders registry
    • Certificate of good standing

Background information about your company’s management team will also be required, which will include the financial projection of your business. After an interview with the bank, your account will be established.

Adam Global is one of the business advisory firms that can help you to open an offshore bank account, for your offshore business in Dubai.