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