How Do I Open A Bank Account Once I Move My UK Business To Dubai?

Guide To Open A Bank Account For UK Businesses Relocated To The UAE

Dubai remains an attractive business region with its tax-friendly policies and strategic location. Business owners from the UK and the rest of the world are migrating to the UAE to prosper in an economy well-suited for trade.

The legal regulations in Dubai can be challenging for a business owner. However, with a majority of the population being expatriates, this economy is designed to facilitate a smooth transfer of business. To ensure you comply with all the regulations, it is advisable to consult a business setup consultant in Dubai.

Once you have moved your business, the next important task is opening a business bank account in Dubai. The first step is to conduct thorough research on the various banks in Dubai and choose one that best suits your business needs. Consider factors like the bank’s reputation, services offered, fees, and ease of accessibility. Some banks may work with Free Zone businesses while others with those situated in the Mainland.

Requirements to open a bank account in Dubai

In-person Documents Signing

Once your UK business has been established in Dubai, you will need to open a bank account to seamlessly conduct any transactions. A mandatory requirement for opening a business bank account in Dubai is that the shareholders need to meet a bank representative and sign the banking application forms in person.

Compliance with Regulations

While the UAE offers an abundance of trade opportunities, it also has numerous financial and legal compliances that need to be adhered to by all businesses. It is important to ensure that your business is compliant with all these regulations and maintain a strict account of all transactions. For any concerns, be sure to connect with a top consulting firm in Dubai that can help set up your business and open a business bank account.

Residency Visa

A UAE residency visa offers numerous benefits for those looking to open a personal and corporate bank coconut in Dubai. Several banks will only open a bank account in Dubai for those with a visa. In case you decide to set-up your UK business but do want a UAE visa, reach out to a business setup consultant in Dubai for alternate banking solutions.

UK and UAE Business Documents

You will be required to submit various documents relating to your business to open a bank account in Dubai. These typically include:

UK company documents

• Certificate of Registration
• Certificate of Incorporation
• Articles of Association

UAE company documents

• Trade license
• Memorandum & Articles of Association
• Chamber of Commerce registration
• Certificate of Incorporation
• Passports of Shareholders
• Visa Documents

A bank may ask for additional documents to the ones mentioned above to facilitate their due diligence and open a business account.

Relocating a UK business to Dubai can offer a plethora of opportunities but can also be overwhelming. It is crucial to adhere to all regulations to avoid future problems. This is why it is advisable to partner with a business setup consultant in Dubai like Consultycs that can help you set up your business and open a bank account while ensuring complete legal compliance.