Corporate Banking

A bank account is crucial for any company to engage in business and trade. At Knightsbridge, we understand the significance of strong partnerships with both local and international banks, ranging from Private Banks to Commercial and Investment Banks.

Typically, we strive to open and activate corporate accounts within 5 days. However, in normal circumstances, the process may take around 2 to 3 weeks.

Our team in Dubai is experienced in establishing international bank accounts for clients, while also effectively managing their corporate affairs. We have established relationships with several reputable banks, some of which include:

 

Rest assured that our dedicated team will provide the necessary support to assist you in setting up a bank account tailored to your needs.

Banking in Dubai

Banks in the Emirate of Dubai are divided into two categories – local “Emirati” banks and branches of foreign banks.  There are over 50 banks represented in Dubai, albeit recent years has seen consolidation of many of the Emirati Banks.  It should be noted that all banks in Dubai are regulated by the Central Bank of the UAE.

Opening a Company Bank Account in Dubai:

Having a bank account is essential for almost every company, regardless of whether it operates onshore or offshore. For UAE Mainland Companies with a valid Trade License, opening a corporate bank account in the UAE is typically a straightforward process. However, the specific customer due-diligence and identification requirements may vary depending on the size and nature of the business. On the other hand, opening a bank account in Dubai for an offshore company has become more challenging, although not entirely impossible.

Generally, the process for opening a bank account in Dubai is as follows:

  • The Bank will request standard corporate documents on the company to confirm the legal existence of the entity.
  • Companies that are owned by other corporate entities will need to provide a full set of corporate documents in order to identify the management and ultimate beneficial ownership of the structure.
  • If the corporate shareholder is foreign, these documents will need to be notarised/legalised in their country of origin and again in the UAE.
  • Full due-diligence on all persons involved with the company from the account signatories, to Directors, Shareholders and UBO – must be provided.

Global protocol and government initiatives against tax evasion, money laundering and terrorist financing have obliged the Central Bank to impose enhanced customer due diligence procedures on all new account applications. As a result, Dubai banks have had to adopt a case by case risk-based approach to account opening. The Banks must further understand the customer’s primary business areas, currencies involved, anticipated volume of deposits, the level of revenues and its main customers and suppliers.

How Can the Team at Knightsbridge Assist?

The team at Knightsbridge is available to provide assistance by providing guidance throughout the process and preparing any essential documentation to facilitate and expedite the account application. 

Documents required to open a corporate bank account in Dubai:
  • Company Trade License
  • Certificate of Incorporation or Registration
  • Share Certificate(s)
  • Company Memorandum & Articles of Association
  • Board Resolution or Power of Attorney empowering a Company Officer to open the account
  • Passport copies for all officers / directors / shareholders and authorized signatories*

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