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Bank account in UAE

Bank account opening assistance in UAE

Bank account opening in UAE

Corporate Bank Account in UAE

UAE is well known for its highly secured and safe banking system. As per the statistics published in 2014, UAE Central bank has listed 23 National banks and 28 Foreign banks in UAE.

AURION renders assistance in opening bank account with leading banks like Banque Misr, EmiratesNBD, RAK bank, Mashreq Bank, HSBC, Commercial Bank of Dubai, WIO Bank, CBI International, First Abu Dhabi bank.

Inorder to open corporate bank account in UAE, it is mandatory for the all shareholders of company to be present in the UAE. If there is inconvenience for the Shareholders to be present, a resolution can be passed and attested by Offshore or Freezone authority authorizing any One person to be the authorized signatory and be present in the bank to open, operate and close company bank account.

Offshore Company Bank Account in UAE

Most of the banks in UAE open Offshore bank account. Offshore company account will not be eligible for credit card or cheque book, but they can use online banking system to transfer funds. Shareholders of Offshore company can open personal bank account also in the same bank.

Freezone Company Bank Account in UAE

Freezone company accounts are eligible for cheque book, debit card, credit card and all other credit facilities from bank. They can avail net banking facility also. Banks give loans to purchase vehicles or assets for the company.

1. Documents required to open offshore company bank account

2. Documents required to open Freezone Company Bank Account

3. Documents required to open Personal Bank Account in UAE

Note: Banks reserve their right to call for any document they seem relevant at any point of time.

Digital Banking in UAE

Digital Banking in UAE is becoming more mainstream with new players entering the market. Also, traditional banks are launching digital products to support the growing business requirements as well as to stay ahead of time.

There are a lot of technological advancements in the financial sector. It is moving to a more digital front and there is a new ecosystem of online payment gateways, online banking, fund management, international trading accounts, and more.

WIO Bank is the latest in the financial and banking sector, offering a completely digital banking experience in UAE. Individuals as well as corporates can utilize the digital banking facilities of WIO.

It is a fully functional digital bank that can be opened through a mobile app simply by uploading your identification documents and a selfie for your verification. WIO is more than just a digital bank.

The bank offers a host of additional services such as invoice management, VAT filing reporting, expense management, multi-currency transfers, and more through the mobile app

Businesses can manage their expenses by obtaining multiple cards, automated payment reminders, and effective financial management. Hence, the new digital banking experience from WIO is a beneficial financial tool for many new businesses especially.

Customers can obtain their Digital Bank Account with IBAN in the shortest possible time and using minimum documentation. Also, there is no minimum balance requirement for maintaining the account, however, a monthly maintenance charge of AED 99 is applicable for the account holders.

Related Blogs

Subsidiary in UAE

How to setup a Subsidiary in Dubai, UAE?

UAE is one of the best countries for starting a business establishment. Many entrepreneurs choose Dubai, UAE as there are a lot of emerging business opportunities in the region. This article highlights the steps and process involved in Opening a Subsidiary Company in Dubai. Entrepreneurs already having a business in their home country who wish to move to Dubai and start a business entity in the region have many options to look forward to. Depending on their business requirements they can choose the right company structure. The low taxation, the improved business infrastructure, ease of doing business, reduced documentation, complete company ownership, top-class banking support, and more are few reasons why Dubai, UAE remains the top choice for business owners. Starting a Subsidiary Company in UAE Dubai is the perfect choice for Opening a Subsidiary Company for foreign investors. Opening a subsidiary is a strategic way of establishing a presence in a new market and expanding the business network easily. Registering a subsidiary in Dubai is relatively easy with a few additional attestations from the embassy and the Ministry of Foreign Affairs due to the compliance and laws. Else, the process is very straightforward and the investor can operate their branch in UAE as an independent entity driving business and contributing to the economy of UAE. Advantages of Establishing a Subsidiary Company in Dubai There are many advantages in establishing a Subsidiary Company in Dubai. Dubai offers the perfect infrastructure, economy, and governance. The business owner will have many benefits from being in Dubai. However, there are few attestation requirements and documentation to issue the trade license for the subsidiary company. Opening a Subsidiary in Dubai is lucrative to the business owner in many ways. Few of the benefits are as follows Full ownership of the company in Mainland or Free Trade Zone in the UAE Improved lifestyle, business infrastructure, and skilled labor, and more Favorable tax structure, cost effective company setup, ease of documentation Faster processing times, easy document attestation and approvals Ability to easily expand to newer markets Ability to take office space and get a bank account in UAE & more. So, there are many benefits in setting up a Subsidiary in Dubai for the business owners. They can easily expand their business to new geographies by making Dubai their base. Also, the ease of doing business in Dubai is an add-on for faster document clearance and obtaining the trade license for the company. Types of Subsidiary Companies in Dubai Subsidiary Company in Dubai is established either as a foreign company’s subsidiary or as a subsidiary of a local mainland company. There are two major business jurisdictions where foreign investors can start a subsidiary company in UAE. It is the Mainland and the Free Zone. The cost of setting up a subsidiary company in Dubai depends on varying business requirements. However, the trade license and a virtual office setup for the first year will cost approx. AED 28,000 for a services company. Also, a subsidiary can be set up with a general trading activity with a physical office. However, the cost of setting up the subsidiary company in Dubai will be significantly high for general trading with office type of business. By registering a Subsidiary company in UAE, the company can hire employees locally. It can also conduct trade operations in the region and abroad. In fact, the process of setting up a subsidiary is almost similar across the business jurisdictions as below. 1. Opening a Subsidiary in the Mainland of UAE In the mainland of UAE, the foreign company branch is set up as a new Limited Liability Company (LLC). If the foreign company wants to extensively expand in the UAE market, starting it as a new LLC Company is the ideal option for enhanced flexibility. Setting up a Foreign Company Subsidiary as an LLC Following are the steps for setting up a foreign company subsidiary as a Limited Liability Company in Dubai. Get the Parent Company Documents  and the board resolution calling upon establishing a Subsidiary Company in UAE attested by the UAE Embassy in the home country. Get the Aforesaid attested Parent Company Documents Counter-Attested by the Ministry of Foreign Affairs Submit the Attested Company Documents and Board Resolution of the Parent Company to the Licensing Authority to start the subsidiary company’s incorporation process Reserve a company name and choose the business activities for your subsidiary company in uae Apply for the registration to the Department of Economic Development and submit the documents of the shareholders Make the required payment for obtaining the trade license Get the Memorandum of Association from the DED along with the Trade license Register the company with the Chamber of Commerce of the respective Emirate Open a Corporate Bank Account in UAE Apply for an establishment card for the company for applying visas for employees Benefits of Setting Up a Subsidiary in UAE Mainland Opening a subsidiary as a Limited Liability Company is beneficial for the parent company as they will not have to incur any liability. As a result, the subsidiary can act as an individual entity driving business in UAE. An LLC Company in UAE will have more flexibility such as hiring new employees, expanding the business by adding more office spaces, taking a warehouse, opening retail outlets, and more. Thus, being in the mainland of UAE the company can easily expand in the local market. It can as well as focus on the rest of GCC by building a robust distribution network in the region. 2. Opening a Subsidiary in the Free Zones of UAE Setting up a subsidiary company in UAE is beneficial for the investor as it is a global business center. Furthermore, UAE has a robust business networking setup for investors to easily grow their business. The Free Zones form a vital role in the business ecosystem of the UAE. Hence, most foreign investors prefer setting up their business in the Free Zones due to the ample business benefits and tax savings.

branch of a company in Dubai

How to Open a Branch Office in Dubai?

Branch Office in Dubai is a popular business structure entrepreneurs from abroad prefer when they are looking to expand to the UAE. This article highlights the steps in setting up a branch office in the UAE. Often entrepreneurs are doubtful about ways to expand their business to the UAE. Opening a Branch Office of their company overseas is the most direct way for the business owner to maintain the ownership intact. Branch Office in Dubai So, a Branch Office is a fully own entity of the parent company but functionally it has its own characteristics. A Branch Office in Dubai, UAE can indulge in local business operations in the region. Additionally, through the branch office, the parent company can bring in their products and services to Dubai, UAE. They can hire employees in UAE, appoint a director or Managing Director to oversee the international operations by making Dubai the base. Moreover, a branch company in Dubai will enjoy all benefits offered by the specific licensing authority. They can take office space in Dubai, open bank accounts, and do business seamlessly in the region. Advantages of opening Branch office in Dubai Dubai is a perfect choice for foreign investors and entrepreneurs to start their company’s branch. Starting a branch office in Dubai is a hassle-free option if you hire a business consultants. Above all, there are numerous business advantages in setting up a new branch company in Dubai. As a global business hub, Dubai has a lot to offer investors. It has one of the best business infrastructure for entrepreneurs to easily expand their business to the UAE markets and beyond. 1. Get 100% Foreign Ownership The branch office is not a separate legal entity but as an extension of the parent company. Hence enjoy 100% ownership in the branch office and conduct the same business activities as the parent company. 2. Rent an Office Anywhere in UAE The branch office can be setup anywhere in Dubai as per the business requirements of the company shareholders. The company can opt for renting office space at a lower cost in Dubai Mainland to keep the administrative cost low. For organizations that do not require an office space at the center of the city, they can opt for offices with low rent anywhere in UAE. 3. Trade-in Mainland of UAE Setting up a branch office in the mainland of Dubai enables the company to actively trade-in the local markets of UAE. Branch Office allows a business to trade in the mainland of Dubai directly without the requirement of a local distributor, or agent. 4. Tax Benefits UAE has Zero Corporate and Income Tax, and Companies can gain maximum benefits out of this tax regime. By setting up a Branch Office in Dubai, the company can leverage the Double Taxation Avoidance Agreement (DTAA) and save tax in the home country. 5. Audit Report Requirement Auditing a large company with daily financial transactions is tedious. Setting up the Branch Office will help in legally tracking all the transactions between the branch and the parent company. 6. Low Administrative Cost The overall cost of opening a new branch is lower than setting up a new company in multiple countries. In UAE there is no requirement for branch offices to maintain audit reports. Also, taking a small office for your branch in Dubai will keep the administrative and costs low. 7. Cost-Effective Route to New Markets Setting up a Branch Office provides an easy way to enter a new market. The running cost of a branch office in Dubai is relatively lower than setting up a new company as a whole. Why Establish a Branch office in Dubai? So, a Branch office will help the business owner in many ways. It will help them easily start their business operations in Dubai. There are few procedures to follow for opening of a Branch office in Dubai. The branch office will have a separate trade license with the activities listed. They can provide seamless services to the customers across UAE and other regions by establishing a branch office in Dubai. A branch company in Dubai can operate independently and manage the business operations overseas. They can conduct business operations, prepare invoices, hire employees and more. Procedure to Open a Branch Office of a Free Zone or Mainland Company in Dubai There are certain procedures to open a branch office of a Free Zone or Mainland Company in Dubai. The Investor must get certain approvals and attestations from the respective authorities. Internally, the board of Directors, of the company must come to an agreement on opening a new branch in UAE. Then, get the documents attested from the UAE Embassy and counter-attested from the Ministry of Foreign Affairs in UAE. 1. Approval from the Board of Directors The approval from the board of directors is the first step. They must agree to the proposal of setting up a new branch company as part of the company’s expansion plans. They must pass the board resolution and sign to agree to set up the new branch company in UAE. The Board of Directors can appoint one director to carry out the setting up of the branch company and oversee the operations. 2. Branch Office Registration Following the board resolution, the company can proceed with branch registration.  The Company can follow the above-represented steps to secure its business license and register the branch in mainland of Dubai. Aurion will assist you with end-to-end business support services to register your company’s branch office in Dubai in the most comfortable way. For a Free Zone Company with a service License category, the cost of setting up a branch office in Dubai is Approx. AED 30,000. The branch office will have the same name as the Parent Company with ‘Branch’ as the Suffix. It is entitled to conduct all the business activities of the parent company. Types of Branch Offices You Can Operate in UAE? A branch office in UAE can be set up two ways. FIrstly, with the Department

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