Interesting facts:

The most suitable and promising jurisdiction for opening an IT company is the Internet City in Dubai, UAE. Full version

How to change a bank for the existing company in the UAE

Article image: How to change a bank for the existing company in the UAE

The reasons for changing a bank can be different: dissatisfaction with a service, the need to open additional account with the purpose of diversification (diversification of funds for reducing any financial risks). Another common reason is a change of a bank’s service policy, for example, the change of the requirements to the minimum account balance that the client is unable to fulfill.

Changing of a financial institution can also be needed in the case when a bank considered that the activities of a client were non-compliant, and that is why had to ask to close the account.

The procedure of changing a bank for the UAE companies

In fact, the change of a bank for an existing company does not differ from opening an account for a new company. The only difference is that, in addition to the standard set of documents, you will also need to submit a document confirming the legal capacity of a company. For an offshore company this is a certificate of Good Standing, for an onshore company it is its current license. You shall also provide a bank with all documents on the previous activities of your company to simplify the process of opening a new account.

Clarify the cost of opening company, corporate or personal bank account, obtaining a residence visa, or another question regarding business in Dubai, UAE:

We would like to prompt that the requirements to the company opening an account can vary depending on a bank. The list of the documents required for opening a bank account in the United Arab Emirates usually comprises of:

  • Copy and original of a passport of shareholder and manager;
  • Copy of a visa in passport – if available;
  • Copy of the resident visa (if any);
  • Statement of a bank account or a letter of recommendation from a bank;
  • Utility bills (in order to confirm your address);
  • Company registration documents (memorandum, certificate of incorporation, articles of association, extract from the register);
  • A brief summary.

The process of opening a bank account is quite fast providing that all the required documents are submitted. However, please note that you must attend a bank in person when signing the documents for opening an account. You need to have with you your passport in original in order to make its copy in the presence of a banker.

Conclusion

If you want to change a bank, your first task is finding a financial institution to fit your needs, the second – the collection and submission of the required documents. In general, the process of changing a bank for an existing company in the United Arab Emirates is similar to opening an account for a new business.

Dubai-freezone will help you to open a bank account in the UAE for an existing company quickly and without any difficulties!

comments powered by Disqus

More articles from "Dubai & UAE business news":