Dubai corporate bank account
Healy Consultants Group PLC helps 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. As a result, banking in Dubai has assumed greater importance over the recent years. The important deliberations whilst considering Dubai corporate bank account opening, include:
Dubai corporate banking services overview
Dubai bank account applications
- Our corporate banking team has an excellent relationship with the international banks in Dubai and will undertake the necessary banking tasks on our Client’s behalf. Healy Consultants Group PLC works with internationally recognised banks such as HSBC, Barclays, Standard Chartered, Citibank and major UAE Banks to provide corporate banking services of the highest standards;
- A comprehensive corporate bank account opening application must be supported with detailed information on the company’s activities (including proof of business setup company in Dubai such as examples of contracts, 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 assist in preparing the necessary package of information to the bank’s satisfaction;
- Our firm will prepare the necessary Dubai bank account application forms and attend the bank interview on our Client’s behalf. Healy Consultants Group PLC is one of the few global professional firms to provide this service;
Dubai bank regulations
- The UAE government requests the local banks to implement strict ‘Know Your Client’ procedures as a part of their corporate banking policy. Therefore prior to bank account opening, our Client will be required to submit information regarding the company’s activities as well as its shareholders and directors details;
- Dubai corporate banking service standards are inferior than the established Asian banking centres such as Singapore and Hong Kong. While our team endeavours to ensure that our Client’s corporate banking experience in Dubai is positive and efficient, normally we do not 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 bank account or a Dubai merchant account;
- In addition to the information required by the bank, Healy Consultants Group PLC requires additional Client due diligence documents to better assist our Clients with their Dubai banking requests;
- Please note that it will take 2 weeks for our corporate banking team to prepare the complete Dubai account opening application/proposal for submission. Healy Consultants Group PLC’s fees to assist you with Dubai corporate bank account opening is US$4,950;
- 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 travellers must fill a declaration if they bring amounts equivalent or higher to US$27,226.
Dubai offshore banking
Although opening an offshore bank account in Dubai can be more difficult than in any other major financial markets like Hong Kong or 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 of the offshore bank accounts;
- Opening the bank account takes only four weeks from the date of company formation in Dubai;
- Offshore banking in Dubai is flexible and doesn’t have any restrictions on funds transfers.
- Kindly note, before Dubai banks can proceed with the application, they require non-resident companies to notarize and legalize all corporate documents of the entity. The legalization process is costly and time-consuming, Healy Consultants Group PLC will assist our Clients with the process and shelter our Client from the administrative challenges.
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 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 in the Gulf. Media reports suggest that 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 Group PLC’s fee to assist our Clients in opening their Dubai brokerage account ranges between US$1,950 to US$3,950. Our Dubai experts will handle the Dubai brokerage account application from start to finish, and there will be no additional costs for our Clients 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 by the aspiring companies: i) submission of a good business plan, ii) availability of security, iii) experience of the business owners, iv) auditing of the financial statements of the last three years, v) availability of a realistic feasibility study and vi) report of the project’s strength and weaknesses analysis (SWOT);
- Trade finance includes i) bank guarantees ii) letters of credit iii) finance against trust receipt as well as 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.