Setting up a business in Dubai can be unsettling at times provided a corporate identity hasn’t been created. While corporate identity can mean almost anything important for a business, it usually entails to setting up a banking account for handling diverse financial requirements.
Therefore, to proceed with company formation in Dubai, it is necessary to concentrate on bank account creation, more than anything else. Moreover, it isn’t actually difficult to locate the desired banking institution as one can choose between ADIB and even Emirates NDB, strictly from the perspective of credibility. Most importantly, almost every bank in Dubai is customer-centric in terms of approach and would surely help the concerned business climb up to the summit.
The Bank Account Setup Process
To create a corporate banking identity in UAE, the paperwork has to be impeccable. This means that while the business plan is necessary to start a venture, company formation in Dubai is more about getting the documentation in place for creating a bank account.
In the subsequent steps, we shall talk about the procedures and prerequisites for creating a lasting financial identity, regarding finances:
- Start with a business license
A business license is necessary to create a bank account for the concerned firm. Having the license means that banks would acknowledge your presence in the entrepreneurial domain. Most importantly, creating a business license is also a walk in the park as the company needs to choose the type of business and proceed accordingly.
- Assimilate Legal Documents
Businesses usually face legal constraints at certain points in time. However, to create a bank account, legal anomalies need to be avoided and at least the documentation must be top-notch. The legal documents usually include the trade license, article of association, article or memorandum share certificates, passport copy of each partner, corporate resolution, and account signatories. Certain banks might also ask for reference letters and business invoices.
- Meet Visa Requirements
In the case of company formation in Dubai which involves playing along with partners, it is necessary to make sure that all the visa requirements of the concerned partners are met. Therefore, before even planning on setting up a business account, it is necessary to check if the listed banks have the following criterion in place or not.
This is where firms like Global Link come to the fore as they offer top-notch consultation to businesses; thereby helping firms take care of the financial requirements, including bank account creation, loan application, and more.
Needless to say, the mentioned steps are actually prerequisites when it comes to setting up a corporate bank account. However, even if the documents are in place, businesses should be careful when it comes to identifying the most suitable bank, according to the nature of business and eventually complete the application process with specificity. This is why a business setup consultancy like Global Link is a sought-after entity in Dubai.