A company without a bank account is of no use. Hence, once all of the licensing and registration is complete, it is crucial for the company to get a bank account.
There are many local and international banks in the UAE where a company bank account can be opened, provided the requirements are fulfilled. The Central Bank of the UAE regulates and controls the activities of banks in the UAE and performs the key functions in the economy of the country.
In line with the UAE’s focus on innovation, banks in the country are highly digitised to ease the account opening process. Mashreq’s Neo account is one such example, where all the required paperwork for account opening is uploaded on the bank’s online portal.
The bank account of the company is only approved after due diligence is conducted regarding the company’s shareholders and UBOs. At the time of application, shareholders must provide full details of their business, target markets, suppliers and clients, including expected company turnover. Most banks also provide a relationship manager to aid in this process.
Next Generation Corporate Services helps clients open a bank account smoothly by helping them to complete the required paperwork and connecting them with the chosen bank’s officials.