How To Open Free Zone Company Bank Account In UAEby Rohit Sharma Internet Marketer
The free zone company needs a bank account to make business transactions and manage money-related matters. freezone company bank account opening in UAE is a bit tricky task. You will have to take the assistance of a professional to open a bank account in an easy manner. That is why Taskmaster professionals are here to cover your all problems related to bank account opening. They will surely provide you complete guidance and also assist you during the procedure of bank account opening for your company in the UAE. below we mentioned some vital factors that will help you in opening a company bank account.
The Process to Open Free zone Company Bank Account in UAE
· Get your Business License
Your business license is important because it assures the bank of your business credibility. If you do not still have a business license, then you have to apply. Once you accomplish the simple procedure and get your business license, then you can apply for a company bank account.
· Prepare Your Legal Documents
The necessary documents to Bank Account Opening In Dubai are based on the bank and the kind of free zone business you wish to conduct. The needs for free zone businesses are often distinct from other businesses. Although, certain standard documents needed comprise a business license, certificate of stakes, and more. Usually, you would also require copies of the passports of all the business partners. You need to prepare all the essential documents to open a free zone bank account in UAE.
· Choose a Bank
Next, you need to select a bank that is most suitable for your company's requirements. criteria like qualification, business cash flow, overseas business, and Islamic banking must be considered prior to select a bank to open a bank account.
· Complete the Application Process
Once you have accomplished the documentation process, now you need to begin the process of applying for opening a bank account for your company. You can also do this on the online portal and directly visit the bank based on the bank you have selected. In any case, you are stimulated to go to the bank whenever you have any kind of doubt in the application procedure to ensure that you receive timely assistance.
Requirements of Free zone Company Bank Account Opening in UAE
The requirements to open a free zone company bank account are given below –
- Given the company's owner has a UAE visa or has to hire a POA who has a residential visa for UAE already.
- Bank statement for the last six months of the parent company or the personal account of the applicant.
- Three to five invoices are to be utilized as evidence on certain the said transactions present of the bank statement.
- Reference letter from the bank where you belong.
- The authorized documents for the formation of a business in the UAE and the ID proof of the owner.
Features of Free zone Company Bank Account Opening in UAE
- Free zone companies can get money from elsewhere and spend it locally
- Free zone company bank account accepts money locally as well.
- Free zone companies are issued with credit cards and debit cards.
- Free zone companies provide business finances.
- Some free zone companies can be exempted from VAT just in case of port-to-port business, but in case the commodities are sold in the UAE then the company has to apply for VAT registration.
Documents Required for Freezone Company Bank Account Opening in UAE
The necessary documents that you will have to prepare for bank account opening for free zone company are –
- Company profile
- Resume of the account holder
- Six months bank statement
- Physical existence proof
- Trade license
- Valid passport copies
- Memorandum of Association and Article of Association
- Board resolution
Above we mentioned some crucial things related to bank account opening for your free zone company in UAE. If you are willing to open a bank account, then you can consult with Taskmaster specialists who will help you not only in bank account opening but also in preparing necessary documents and make this process easy and successful.
Created on Sep 17th 2021 06:53. Viewed 298 times.