Guide to Opening Corporate Account in the UAE
UAE Free Zones are a hotspot for multinational companies and foreign investors in 2023. The UAE has developed more than 40 Free Zones with a unique company infrastructure and supporting facilities, allowing entrepreneurs to establish and scale businesses effortlessly.
There are several benefits of having a free zone company in the UAE, such as,
- 100% ownership
- Quick and simplified business set-up procedures
- 100% customs duty exemption
- Simplified compliance laws and regulations
- Modern infrastructure and support services
Due to these benefits, entrepreneurs around the world are keen to start businesses in the UAE. One of the main requirements to get registered as a free zone company in the UAE is to have a valid bank account. A bank account for your free zone company not only helps in registration but also supports smooth transactions for your business. Here’s how you can open a bank account for your free zone company in the UAE.
Importance Of Having A Bank Account For A Free Zone Company
The procedure for opening a bank account for a free zone company differs from the regular one. A foreign individual usually owns a free zone company; therefore, the process of opening a bank account is a bit more complex than regular bank accounts. However, once you open a bank account, you can expect smooth transactions and better revenue management for your free zone company.
Here’s the list of documents needed for bank account opening for free zone accounts-
- Copy of valid passport with UAE entry stamp page
- Copy of Visa page showing valid date of entry
- Trade licence and MOA copies
- Copy of business ownership documents and bank statements of shareholders for the previous 6 months.
- Office lease agreement copy
- Company profile, along with a briefing on the business model
- Copy of incorporation certificate
According to your business model and other features, the bank may demand more documents for bank account opening. As you can see, a lot of paperwork is involved in opening a free zone company bank account, and the process can be hassling, especially for foreigners. This is why most business owners choose to apply via a professional consultant.
How Professional Consultants Can Help?
A professional consultant has years of experience and knowledge assisting business owners with smooth business establishment. Therefore, they better know the required documents and the account opening processes. A professional consultant can suggest the best way ahead and save time by analysing the documents and other requirements for bank account opening. Since the documents are thoroughly examined before application, the chances of rejection are greatly reduced, and you save time and money due to smooth processing.
Get In Touch With Us!
If you are looking for a free zone bank account opening, contact us at Xenia Consulting. At Xenia, we offer a wide range of business consulting services to simplify operations in the UAE. So, don’t worry about a complicated bank opening process. All you need to do is get in touch with us, and our experts will be glad to help you save time, money, and effort with your free zone company bank account opening.