Current economic reliability of the UAE is satisfactory for financial institutions like a bank. Dubai Bank’s leading-edge financial system satisfies the modern standards and customer needs when you have to open a bank account in Dubai. Due to this reason, the UAE financial institutions have been accredited globally and increased a perfect reputation with respect to the services they offer.
A lot of business people are interested to open a bank account in Dubai-UAE, everyone wants to open their personal and corporate bank accounts in Dubai, and so they can secure their monetary assets. Due to this all, almost all international banks attempt to open their representative office or branch offices in Dubai. Most of the above said affirmative facts increase the possible interest of international investors and business owners to keep their companies’ capital in the banks of Dubai
It is important to mention that the procedure of Dubai bank account opening for corporate use is differs from bank to bank. Bank account opening in Dubai requires time in order to complete all necessary steps of the application to open a bank account in Dubai. The following section of information about opening a bank account in Dubai will give you a greater understanding.
According to the legal protocol of the United Arab Emirates’ financial institutions, it is required to be physically present in Dubai to open a UAE bank account. Otherwise, the procedure will be considered illegal, and the bank will not allow you to open a bank account in Dubai. The reason for physical presence is that original signatures on documents and personal identity confirmation are required before the applicant can open a corporate bank account in the UAE.
For foreign companies, it is possible to open a bank account in Dubai. A foreign company is one that is registered outside of the UAE, whether it is an offshore company such as a BVI Offshore Company or an onshore company in any jurisdiction around the world. To open a bank account in Dubai, all required documents must be approved/legitimized and attested by the UAE embassy in the country of origin, followed by the Dubai Ministry of Foreign Affairs (MOFA). The process of opening a UAE bank account can be expensive.
If the account is opened and operated by the Power of Attorney holder, a copy of the authorized signatory/passport owner’s is required. The POA should be a court-issued notarized document. The Sole Proprietor can appoint a POA holder, who should have the authority to open and operate the account.
If the trade license is issued as a Rukhsa Manahiya Profession License, the Chamber of Commerce and Commercial Registration certificates are not required.
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