UAE corporate bank account
In addition to company incorporation, Healy Consultants assists our Clients with opening a business bank account for their UAE company. Our experts will prepare all the appropriate bank documents and submit them on our Client’s behalf. If required, we will also attend the bank interview(s). The following is an overview of Healy Consultants’ UAE corporate banking services:
UAE corporate banking
- The UAE banking sector comprises 23 domestic banks and 28 international banks. While our Clients will enjoy choice between local and international banks for opening of their company accounts, Healy Consultants recommends HSBC, Standard Chartered and Citibank. These banks will not require our Client to travel to UAE as our bank account opening team enjoys an excellent working relationship with them;
- UAE banks offer an excellent range of corporate and personal banking products including multiple currency accounts, internet and telephone banking, checking accounts, saving accounts, debit and credit cards, fixed term deposit and wealth management services;
- However, the UAE corporate banking sector suffers from:
- Understaffed bank account opening departments with inadequately trained personnel, resulting in poor service standards in the corporate banking sector;
- Increased demand from customers for company bank accounts;
- Increased amounts of bank due diligence procedures designed to combat money laundering and terrorist financing;
- Thus, the UAE government requests local banks to implement strict ‘Know Your Client’ procedures as part of their corporate banking policy. A comprehensive business bank account application is supported by detailed information on the company’s activities (including proof of business such as examples of contracts and invoices etc), the company’s Clients and suppliers, as well as information about its management team (shareholders and directors) and financial projections. Our corporate banking team will help to collate the necessary package of information to the bank’s satisfaction;
- The setup of a corporate banking account in the UAE is becoming increasingly hard, especially for non-resident companies and individuals. On average, it takes close to two months to obtain corporate bank account approval, bank account numbers, and internet banking access;
- As banking service standards are inferior to those offered in Singapore and Hong Kong, Healy Consultants does not recommend UAE business bank accounts to our Clients when building global corporate structures;
- Despite the lack of taxes, the UAE is not perceived as a tax haven and is not blacklisted by the OECD or FATF. Consequently, UAE banks are not obliged to share confidential information about their Clients with international governments;
- Healy Consultants’ fee to help Clients open a corporate bank account in the UAE amounts to US$3,950. This fee includes the time spent by our corporate banking team to:
- Liaise with the bank;
- Prepare a detailed business plan;
- Submit the application; and
- Attend the bank interview.
Please note that this fee does not include the initial bank deposit.
UAE offshore banking
UAE has emerged as one of the leading financial centres in Asian and Middle Eastern markets with the country’s offshore banking facilities assuming a much greater importance in recent years. Furthermore, gaining support of the UAE offshore banking community can be invaluable when undertaking business in the country. Although opening a UAE offshore bank account can be more challenging than in other major financial markets like Hong Kong and Singapore, UAE offshore banking remains a preferred option for some of our Clients.
- UAE offshore banking is an increasingly secure, stable and reliable banking option and can help gain a strategic presence in an emerging financial market;
- UAE offshore corporate banking allows flexibility as there are no funds transfer restrictions;
- Those hoping to undertake UAE offshore corporate banking can do so relatively quickly. Opening an offshore bank account in UAE takes only four weeks from the date of the company’s incorporation;
- Investors using UAE offshore banking can track their transaction worldwide via internet banking, which is offered with most offshore bank accounts in the country;
- However, ATM, debit and credit cards are not generally available with a UAE offshore bank account.
- UAE resident banks are willing to provide finance to local companies if the following conditions are met:
- A good business plan is presented;
- Availability of security;
- Experience of business owners;
- The provision of the last 3 years’ audited financial statements;
- A realistic feasibility study is carried out and
- The project’s strengths and weaknesses have been analysed (SWOT).
- We also assist our Clients with securing trade finance services, including i) bank guarantees ii) letters of credit iii) finance against trust receipt and iv) documents against payment and against acceptance;
- Healy Consultants will help our Clients to obtain corporate finance in the form of a loan, overdraft or preferential credit terms.
Foreign Exchange controls
There are no foreign exchange controls in the UAE. Thus, our Clients will be able to easily remit their profits to their home country.
Frequently asked questions
I am interested in UAE business banking solutions. Which banks would you recommend?Although several local UAE business bank account options will be available, Healy Consultants recommends that all our Clients opt for international banks including HSBC, Standard Chartered, Citibank and Barclays.
These banks are renowned for providing good customer service, which will be essential when starting a new business in UAE.
I want to know how to open an offshore bank account in UAE; what do I need to do?For opening an offshore bank account in the UAE, our Clients will not be required to register 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 UAE companies.
I want to use Islamic Banking services in UAE. Can Healy Consultants help my firm?Yes. Healy Consultants will assist our Clients with their Islamic banking needs.