Corporate Bank Account Opening

Nigeria Poland United Arab Emirates United Kingdom

Corporate Bank Account Opening

Our team of expert consultants are dedicated to ensuring that your Opening a bank account in the United Arab Emirates (UAE) is an important step for
individuals and businesses seeking to manage their finances effectively.

We help you to create

Savings Accounts
Current Accounts
Business Accounts
Foreign Currency Accounts
Fixed Deposit Accounts
Offshore Accounts

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Account Types

The banking system of the United Arab Emirates (UAE) is a crucial component of the
country’s economy, providing essential financial services to individuals, businesses, and
government entities. With a robust regulatory framework and a wide range of financial
products and services, the UAE banking system is highly sophisticated and continues to
evolve with the changing needs of its customers.

Opening a bank account in the United Arab Emirates (UAE) is an important step for
individuals and businesses seeking to manage their finances effectively. There are several
types of bank accounts available in the UAE.

Types of Account

The Savings Accounts:

Interest rates on savings accounts in the UAE are typically higher than those in other
countries.
Savings accounts are easy to open, and most banks in the UAE offer online account
opening.
Savings accounts usually have lower interest rates than other investment options.
Some banks in the UAE may charge fees for maintaining a savings account.

Current Accounts:

Current accounts offer easy access to funds for day-to-day transactions.
Most banks in the UAE offer a range of features with current accounts, such as debit
cards, online banking, and mobile banking.
Current accounts may come with overdraft facilities, which can help manage cash
flow during difficult times.
Current accounts typically have lower interest rates than savings accounts.
Some banks in the UAE may charge fees for maintaining a current account.

Business Accounts:

A business account in the UAE is a bank account specifically designed for companies and
other types of businesses. Business accounts in the UAE can be used for a variety of
purposes, such as managing cash flow, receiving payments from customers, paying suppliers,
and making other types of financial transactions.
Business accounts in the UAE can be opened by companies of all sizes, from small start-ups
to large corporations. Depending on the needs of the business, different types of accounts
may be available, such as savings accounts, current accounts, or foreign currency accounts.
When opening a business account in the UAE, companies may be required to provide various
documents, such as the trade license, passport copies of authorized signatories, and other
relevant documents. The requirements may vary depending on the bank and the type of
account.
Business accounts in the UAE may also come with additional services, such as online
banking, mobile banking, and cash management services. These services can help businesses
to manage their finances more efficiently, and to access their accounts and transactions from
anywhere at any time.
Overall, a business account in the UAE is a crucial tool for companies looking to manage
their finances, receive and make payments, and conduct business transactions with suppliers
and customers.

Foreign Currency Accounts:

A foreign currency account in the UAE is a bank account that allows individuals or
companies to hold funds in a currency other than the UAE dirham. These accounts can be
used to receive and make payments in different currencies, including US dollars, Euros,
British pounds, and others. Foreign currency accounts are particularly useful for individuals
or companies that conduct business or engage in international transactions in multiple
currencies. They allow for easy and efficient foreign exchange transactions, and can also help
to mitigate exchange rate risk by allowing account holders to hold funds in the currency in
which they will be needed.
Foreign currency accounts in the UAE may be offered by some banks as savings accounts,
current accounts, or fixed deposit accounts. They may also have different minimum balance
requirements, transaction fees, and interest rates compared to regular bank accounts.
It is important to note that foreign currency accounts in the UAE are subject to the foreign
exchange regulations of the Central Bank of the UAE, and may also be subject to taxation in
the account holder’s home country. Therefore, it is important to seek professional advice
before opening a foreign currency account.

Fixed Deposit Accounts:

A fixed deposit account in the UAE is abank account that allows customers to deposit a lump
sum of money for a fixed period of time, typically ranging from one month to five years. The
interest rate offered on a fixed deposit account is usually higher than that of a regular savings
account because the customer agrees to keep the money in the account for a specific period
of time.
Fixed deposit accounts are a popular investment option for those who want to earn a
guaranteed return on their savings without taking on any investment risk. They are also a
safe and secure way to invest money, as they are typically insured by the UAE Central Bank
up to a certain amount.
The terms and conditions of a fixed deposit account may vary depending on the bank and the
type of account. Some accounts may require a minimum deposit amount, while others may
offer higher interest rates for longer deposit periods. It is important to carefully review the
terms and conditions of a fixed deposit account before opening one to ensure that it meets
your investment goals and needs.

Offshore Accounts:

Offshore accounts in the UAE are bank accounts that are opened and maintained by
individuals or companies outside of the UAE, in a jurisdiction that offers favourable tax and
regulatory conditions. These accounts are typically established in countries or territories that
have low or no taxes, strict bank secrecy laws, and relaxed regulations on financial
transactions.
The UAE is a popular destination for offshore accounts due to its strategic location, stable
economy, and favourable business environment. Many international banks have established
their presence in the UAE, making it easier for individuals and companies to open offshore
accounts.
Offshore accounts can provide several benefits, including tax optimization, asset protection,
and confidentiality. However, it is important to note that there are regulations and laws that
must be followed when opening and maintaining offshore accounts. Failure to comply with
these regulations can lead to legal consequences and penalties. Therefore, it is important to
seek professional advice and guidance before opening an offshore account.

At eLegal Consultants, we provide faster, convenient and affordable legal services in a click of a button.

Do you need assistance with any of the Account Opening Types? Contact us today.

Dubai Mainland Company is an onshore company which requires 51% local citizen partnership (if required) in business with the owner or partners for a commercial license and 100% ownership for a Professional license. All seven emirates of the UAE can establish a company on the mainland following this principle. For the operation of commercial businesses, Dubai Mainland company formation is the most ideal.

How we can help you open your Bank Account in UAE

eLegal Consultants takes pride in utilizing our years of experience to assist in opening
various types of personal and corporate bank accounts in the UAE. With strong connections
to the top UAE banks, we strive to ensure our clients meet all necessary requirements for a
successful account opening.
Our approach is highly personalized, catering to the unique needs of each client. As a result
of our dedication and attention to detail, we achieved a 100% success rate in opening bank
accounts for our clients.

Our services offer the following benefits:

Consistent follow-up and updates regarding the status of your bank account
application
Introduction to an Official Relationship Manager
Assistance in scheduling a meeting with the Relationship Officer of the chosen bank
Full support throughout the UAE Bank Account opening application and interview
process
Coordination with the Relationship Officer prior to the account opening application
meeting
Assessment of individual/corporate background to ensure all necessary requirements
are met
Preparation of required documents with a customized company profile specifically
designed for banks.

For more information on bank accounts in UAE, Pls contact us.

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Corporate Bank Account Opening