HOW TO GET DUBAI COMPANY WITH BANK ACCOUNT?

How to Establish a Company in Dubai with a Bank Account
Dubai has emerged as a global business hub, attracting entrepreneurs and investors from around the world. Establishing a company in Dubai, along with securing a bank account, involves a series of steps. This guide will walk you through the process, ensuring you have a clear understanding of the requirements and procedures.

1. Determine Your Business Activity
Before you start, you need to decide on the type of business activity your company will engage in. Dubai offers various business opportunities in sectors such as trade, manufacturing, services, and more. Your choice will influence the type of license you need and the best location for your company.

2. Choose a Business Structure
Dubai offers several business structures, including:

Limited Liability Company (LLC)
Free Zone Company
Branch Office
Sole Establishment
Each structure has its own benefits and requirements. For instance, an LLC allows you to operate anywhere in Dubai but requires a local sponsor holding 51% of the shares. Free zone companies, on the other hand, offer 100% foreign ownership but restrict operations to within the free zone.

3. Select a Trade Name
Choosing a unique trade name is crucial. The name must comply with Dubai’s naming conventions, avoiding any offensive language or references to religious or political organizations. Once selected, you need to register the trade name with the Department of Economic Development (DED).

4. Apply for Initial Approval
Initial approval from the DED is necessary to confirm that your business activities are permissible in Dubai. This step involves submitting your business plan and identification documents, including:

Passport copies of the shareholders
Local sponsor agreement (for LLCs)
Initial approval certificate
5. Draft a Memorandum of Association (MOA)
For LLCs, drafting a Memorandum of Association (MOA) is mandatory. The MOA outlines the business structure, ownership distribution, and operational guidelines. This document must be notarized.

6. Lease Office Space
Securing a physical office space is a requirement for most business types in Dubai. You need to sign a tenancy contract and obtain the Ejari (tenancy) certificate. Free zone companies typically offer flexible office solutions within the zone.

7. Submit Final Documentation
After completing the above steps, submit the final set of documents to the DED or the relevant free zone authority. This includes:

Initial approval certificate
Notarized MOA
Ejari certificate
Trade name certificate
Shareholder passport copies
Application form
Upon approval, you will receive your business license.

8. Open a Corporate Bank Account
Once your company is established, you need to open a corporate bank account. Here's how:

Research Banks
Research banks in Dubai to find one that suits your business needs. Major banks like Emirates NBD, Mashreq Bank, and HSBC offer corporate banking services.

Prepare Required Documents
Banks require several documents to open a corporate account, including:

Trade license
Certificate of incorporation
MOA and Articles of Association
Passport copies of shareholders and authorized signatories
Proof of address
Board resolution authorizing the opening of the account
Schedule a Meeting
Contact the bank to schedule a meeting with a relationship manager. During the meeting, discuss your business needs and submit the required documents.

Account Approval and Setup
After reviewing your documents, the bank will process your application. This can take anywhere from a few days to a few weeks. Once approved, your account will be set up, and you can begin transacting.

9. Maintain Compliance
Ensure ongoing compliance with Dubai’s business regulations, including:

Renewing your trade license annually
Submitting annual financial statements
Adhering to local labor laws and immigration requirements
Conclusion
Setting up a company in Dubai with a bank account is a structured process involving careful planning and adherence to local regulations. By following these steps, you can successfully establish your business in one of the world’s most dynamic economic centers.