Dubai corporate bank account
Healy Consultants help our Clients with a full range of Dubai corporate banking services, including assistance with opening a Dubai business bank account, an offshore account, a merchant account and a brokerage account.
Dubai is one of the leading financial centres in the world and hence banking in Dubai has assumed greater importance in recent years. Important considerations when considering Dubai corporate bank account opening include:
Dubai corporate banking services overview
Dubai bank account applications
- Our Clients are not usually required to visit Dubai to set up their corporate accounts. Our corporate banking team has an excellent relationship with international banks in Dubai and will undertake the necessary banking tasks on your behalf. Healy Consultants works with internationally recognised banks such as HSBC, Barclays, Standard Chartered, and Citibank to provide corporate banking services of the highest standards;
- A comprehensive corporate account opening application must be supported with detailed information on the company’s activities (including proof of business such as examples of contracts and invoices etc), information on the company’s Clients and suppliers;
- UAE banks require background information about the applicant’s management team (shareholders and directors) and financial projections. Our corporate banking team will help prepare the necessary package of information to the bank’s satisfaction;
- Healy Consultants staff will prepare the Dubai bank account application forms and attend a bank interview on your behalf. Our firm is one of the few global professional firms to provide this service;
Dubai bank regulations
- The UAE government requests local banks to implement strict ‘Know Your Client’ procedures as part of their corporate banking policy. Prior to opening the account, our Client will be required to submit information on the Company’s activities and shareholder and director details;
- Dubai corporate banking service standards are inferior to those in established Asian banking centres such as Singapore and Hong Kong. While Healy Consultants endeavors to ensure that your corporate banking experience in Dubai is positive and efficient, we do not normally recommend Dubai bank accounts to our Clients when building global corporate structures;
- As a result, it is difficult for international companies to open a Dubai corporate account or Dubai merchant account. That said, Healy Consultants banking team has a 100% approval record for opening bank accounts on behalf of our Clients;
- Healy Consultants requires additional Client due diligence, in addition to the information required by the bank, to enable us to assist with your Dubai banking requests;
- Please note that it will take 2 weeks for Healy Consultants corporate banking team to prepare the complete Dubai account opening application/proposal for submission. Healy Consultants’ fees to assist you with corporate bank account opening is US$2,950;
- Following submission of the Dubai bank account application, the bank typically requires a minimum of 3 weeks to review and approve the proposal and provide bank account numbers. The bank then issues Internet passwords and an ATM card within the subsequent 2 weeks.
Dubai currency exchange controls
- As a global financial centre, Dubai does not impose any foreign currency controls, nor does it restrict foreign individuals and companies from opening personal or corporate bank accounts;
- However, Dubai does impose certain reporting standards i.e. all incoming travelers must fill a declaration if they bring amounts equivalent or higher to AED100,000.
Dubai offshore banking
Although opening an offshore bank account in Dubai can be more difficult than in other major financial markets like Hong Kong and Singapore, Dubai offshore banking is still a preferred option for some of our Clients, because:
- Offshore banking in Dubai is an increasingly secure, stable, and reliable banking option and can help gain a strategic presence in an emerging financial market;
- Clients can track their transaction worldwide via internet banking, which is offered with most offshore bank accounts;
- Opening the bank account takes only four weeks from the date of incorporation of your company;
- Offshore banking in Dubai is flexible and doesn’t have any restrictions on funds transfers.
Dubai brokerage account
A Dubai brokerage account is a popular solution for Clients seeking a trading platform in the Middle East. Although Middle East stock exchanges are less developed than those in Europe, the US, or Asia, changes are taking place and there has been an increase in turnover volumes and demand for a Dubai brokerage accounts.
- Setting up a brokerage account in Dubai also allows Clients to trade on European and American stock exchanges;
- Some of the most dynamic emerging markets are located in the Gulf. Media reports suggest fund managers are seeking investment opportunities in Dubai, Abu Dhabi, Bahrain, and Qatar. So, setting up a brokerage account in Dubai is an excellent vehicle through which our Clients can tap into these markets;
- Some of the services offered when setting up a Dubai brokerage account include equities trading in the Middle East, an optimal cash account, a margin trading account, FX and futures margin trading, securities borrowing and lending, funds and unit trusts, fixed income investments, research products including daily and weekly updates, company research reports, and sector focus reports;
- A Dubai brokerage account may be subject to the following charges: brokerage commissions, data fees, stock transfer charges, value-added services such as charges for real-time price quotes and research tools, interest rates for margin loans, and management fees for discretionary accounts.
Healy Consultants’ fee to assist you open a Dubai brokerage account ranges between US$1,950 to US$3,950. Healy Consultants will handle the Dubai brokerage account application from start to finish, and there will be no additional costs for you to consider. The time from initial application to having the Dubai brokerage account operating is three weeks.
- Dubai banks are willing to provide finance to local companies if the following conditions are met i) good business plan ii) availability of security iii) experience of business owners iv) last 3 years audited financial statements v) realistic feasibility study vi) project strength and weaknesses analysis (SWOT);
- Trade finance includes i) bank guarantees ii) letters of credit iii) finance against trust receipt iv) document against payment and against acceptance;
- Corporate finance in the form of a loan, overdraft or simply preferential credit terms.
Frequently asked questions
Which banks should I consider for accessing Dubai business banking solutions?Although several Dubai business bank account options will be available for our Clients, Healy Consultants recommends internationally renowned banks including HSBC, Standard Chartered, Citibank and Barclays.
Is Dubai online corporate banking safe for cross border transactions?Yes. Healy Consultants works with highly reputable banks so as to ensure safe corporate banking for our Clients in Dubai.
How to open an offshore bank account in Dubai?For opening an offshore bank account in Dubai, our Clients will not be required to incorporate a local company. However, the KYC procedures will be more stringent than when opening a bank account for a resident company. Please refer to our section above to read our bank account opening guide for Dubai companies.