UAE corporate banking services in 2023
Since 2003, Healy Consultants Group will assist our Clients to open a multi-currency corporate bank account for UAE companies in the UAE.
Opening a local bank account for a UAE company requires strong due diligence and know-how. Learn how our team of experts guarantee corporate bank account approval.
Table of UAE banking problems and solutions
No. UAE banking problem Solution 1.
UAE banks always require physical presence of the signatory in order to successfully secure a corporate bank account opening.
Our Firm will seek banks with branches for non-UAE residents. This might allow the beneficiary to visit at a branch closer to them, or in their home country in some cases.
Since 2019, opening a UAE corporate bank account as a UAE offshore company can be more challenging to meet all bank requirements and receive approval as they may have no substance or employees in UAE.
Since 2003, Healy Consultants Group has built quality banking relationships with UAE and global banks. These banks trust and welcome our multi-national Clients. A quality business plan is a big help.
Healy Consultants group has a guaranteed corporate bank account approval policy.
If UAE banks perceive any unusual bank account activity, they may suspend the account or close the corporate bank account with one month’s notice to the beneficial owners. No questions asked, no chance to defend yourself.
We recommend our multi-national Clients open multiple back-up multi-currency corporate bank accounts with different banks.
UAE banks and banking regulations continue to tighten and complete thorough due diligence, ask for stringent compliance and Know Your Customer (KYC) requirements.
Healy Consultants Group ensure the timely provision of all necessary documents in compliance with UAE banks and regulatory authorities.
The UAE banking sector
Before setting up a corporate bank account for a UAE company, our Clients should be aware that;
- You need a local UAE bank account for a UAE free zone and mainland company to deposit the share capital in local currency (AED);
- You can open supplementary accounts outside UAE and in different currencies, once the primary AED account is opened.
- UAE Freezone requires local corporations to file an annual report each year, but the annual report does not ask for any foreign banking information;
- It is almost impossible to open a corporate bank account in the UAE for a foreign company without an initial injection of under US$10 million, unless the company/ UBO has had a long term relationship with the UAE bank;
- In UAE, banks require a face-to-face meeting with directors and signatories of the entity before approving the business bank account application for their UAE companies. Travel is, therefore, almost certainly required;
- Some UAE banks will not review the initial set of due diligence documents before our Client travels to the UAE. Instead, during the face-to-face meeting (above), all required documents will be presented by the directors and signatories;
- Some UAE banks may also require the client to secure a i) physical office in UAE and/ or ii) signatory to obtain UAE. If required, Healy Consultants Group can assist to i) identify suitable office space for an additional fee of US$950 and ii) assist in obtaining UAE visa for an additional fee of US$4,950 per visa
- Banks will take four weeks, from receipt of bank signatory transfer forms, to generate a new online banking token.
- UAE does not implement foreign exchange controls;
- UAE implements FATCA regulations, requires the disclosure of the beneficial ownership of each corporate bank account opened in the UAE.
UAE corporate bank account opening procedures
- We recommend i) Emirates NBD ii) Emirates Islamic and iii) Citibank, as our Clients in the UAE and elsewhere in the world have expressed their satisfaction with the services offered;
- Alternatively our foreign Clients open their business bank account in the UAE branch of a bank with which they already have a bank account in another country, this will reduce i) time required to open the bank account and ii) the bank’s Know Your Client (KYC) requirements;
- A minimum deposit starting from US$10,000 is required for a UAE Bank account set up. If the account fails to meet this monthly balance requirement, a fall-below fee is applied.
Healy Consultants Group fees to help open a corporate bank account in UAE
Healy Consultants Group guarantees a UAE company’s corporate bank account approval. Our fees for different banking services include:
UAE banking task Our Client travels US$ UAE corporate bank account for a UAE company Yes 4,950 UAE personal bank account Yes 2,950
Our multi-currency corporate bank account opening fees cover the following support services:
- During the engagement, our Firm will; i) contact multiple banking institutions to secure their confirmation of interests for our Client’s business; ii) organize a meeting at the branch office of the bank; and iii) prepare a quality corporate bank account opening application package for our Client’s review and signature.
- Preparing a quality business plan for our Client’s review. Then use the same to maximise the probability of a successful multi-currency corporate bank account approval with our Client’s preferred bank.
- Healy Consultants Group’s Banking Team will complete, on our Client’s behalf, the multi-currency corporate bank account application forms and collating Know Your Customer (KYC) due diligence documents.
- Over the following weeks, our Banking Team will prepare any and all requested documents required for the bank account opening file and Compliance Department.
- Four weeks following the engagement commencement, we will provide our Client with a corporate bank account number if required and assist in activating internet banking facilities on behalf of our Client.
- Healy Consultants Group assists our Client with obtaining corporate finance in UAE in the form of a loan, overdraft or simply preferential credit terms;
- Most UAE banks will loan funds to finance investment projects in UAE only after association period of over 3 years and, if provided with sufficient information on the project’s feasibility and expected earnings. Documents requested include; i) a well-prepared business-plan, inclusive of a feasibility study; ii) availability of collateral assets; iii) qualifications of business owners and management; iv) audited financial statements of last 3 years; and v) a detailed review of the project’s strength, weaknesses, opportunities and threats (SWOT matrix);
- In addition to corporate finance, our in-house consultants may also provide our Clients with assistance to secure trade finances, including; i) bank guarantees; ii) letters of credit; iii) finance against trust receipts (for imported goods); and iv) documents against payment and against acceptance.
- See this webpage to understand our guaranteed multi-currency corporate bank account solutions.
UAE multi-currency corporate bank account opening for UAE companies is easy, if you know how. Contact Healy Consultants Group if your Firm needs assistance navigating through the banking solutions.