All Posts in "Month: June 2025"

Can I get a bank account for business setup in Dubai?

Key Takeaways:

  • Yes, opening a corporate bank account is a mandatory step for any legal Business setup in Dubai.
  • Banks in Dubai enforce strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
  • You will need a valid trade license, company constitutional documents, and identification for all shareholders and signatories.
  • A UAE residency visa for at least one signatory is often, though not always, preferred by banks.
  • Minimum balance requirements vary by bank and account type, so research is essential.

Once you’ve completed the initial steps of Business setup in Dubai – from selecting your activity and legal structure to obtaining your trade license – the next crucial phase is securing a corporate bank account. This is not just a convenience; it’s a fundamental requirement for any legitimate business operation in the UAE. Without a dedicated business bank account, you cannot legally conduct financial transactions, pay suppliers, receive payments … Read More

Hubert Armstrong by — June 25, 2025 in Business
Liquidating Business setup in Dubai?

Key Takeaways:

  • Company liquidation in Dubai is the formal process of closing a business, settling debts, selling assets, and de-registering the entity.
  • Liquidation can be voluntary (initiated by owners) or compulsory (court-ordered due to insolvency).
  • Appointing a licensed liquidator (typically an audit firm) is a mandatory step for most liquidations.
  • All liabilities, including employee dues, supplier payments, and government fines, must be settled before final de-registration.
  • The process for liquidating a Business setup in Dubai varies slightly between mainland and free zone companies, but both require strict adherence to legal procedures.

While the aspiration for every Business setup in Dubai is sustained growth and success, circumstances can arise where winding down operations becomes necessary. This process, known as liquidation, is a formal and legally mandated procedure to close a company. It involves selling off assets, settling all outstanding liabilities, and formally de-registering the business with the relevant authorities. Whether due … Read More

Hubert Armstrong by — June 20, 2025 in Business