Difficulties in Opening a Corporate Bank Account ?
The UAE has quite a lot of restrictions when it comes to opening a corporate bank account. Most of the applications get rejected in the process. There are not a lot of reasons that affect the application but these agendas are quite prominent for the bank. One might have to be really specific and careful while applying and make sure that there’s nothing fishy with your application. This article will give you a clear vision of what is trying to be said above.
A bank account in UAE is open for both, its residents and non-residents. However, there are certain facilities that are just limited to its residents and the non-residents are not allowed to enjoy it. Such facilities can vary from current account or savings. Non residents are just allowed to deposit and withdraw money.
However, the process, criteria and restrictions do not differ even if you are a resident of the country. While applying, the rules and the strictness does not change for anyone. The strictness is due to the fact the banks avoid having customers from high risk countries and therefore they have a very strict and thorough screening process that might help them avoid the cancellation of their licenses.
Corporate bank account in the UAE :
Just like the resident and non-residents of the country, the rules do not change for an offshore or mainland companies. The banks are equally prominent about the screening process. Companies are however suggested to either invest in the companies that already have a bank account or go through the entire process of opening a bank account. The process is a bit lengthy and risky but not impossible.
Checklist for the banks in UAE :
The banks need to know the companies in and out in order to be sure about them. The company needs to have a proper office address, and the same must be specified in the documents. The banks make sure that the company is able to pay its bills on time. Every information about the authenticity of the company is requested to be presented by the companies. Banks even send employees from the banks to check the office buildings to ensure authenticity. The information of the company’s employees also plays an important role.
Why are the UAE banks so specific about their customers?
The banks are really specific about their customers as they are under pressure from the regulatory and inspection bodies. They try to comply with the rules of the European union and any mistake may cost them their license that no bank can afford.
Conclusion:
Both the banks and account openers are under a lot of pressure. The banks under regulatory bodies and the companies are under the pressure from the banks. Both are suggested to co-operate and moreover the companies are suggested to be genuine about the documents that they submit.
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