A Firm – be it onshore or offshore – will require a bank account to undertake any kind of business. Opening a corporate bank account in the UAE is a relatively uncomplicated process for UAE Mainland Companies, Free Zone Licenses, and Offshores Establishments. However, customer identification requirements may vary depending upon the size and activity of the business.
With this regard, we consider few factors in recommending banks for account opening, we deal and review Shareholder’s Nationality (Citizenship), country of residence, the types of business involved (trading/manufacturing/investment/financial activities), the volume of transactions, etc.
We open bank accounts by correspondence for most UAE banks with whom we work. However, in the UAE the law requires that the client visit the bank in person. We arrange a meeting between bankers and our clients. We arrange all the relevant paperwork to open the corporate bank account, allowing our clients to simply focus on the development of their business strategy.