One of the first few things to do on your arrival in UAE is to open a bank account! It’s not very difficult to open a bank account in UAE but needs some time to complete all compulsory steps of the application. Lots of documentation is involved in this process & also it is necessary to open an account that is befitting your business needs where you can profit. The banking experts at Black Swan with more than 5 years’ experience in the industry are solicitous in increasing the share of profit as much as possible in your business turnover. We keep update in all the recent norms and regulations.
To start with it is mandatory for the applicant to be present in Dubai or the Emirate where the bank account is to be opened. Or else the process will be considered illegal and bank will not allow opening the account. The presence of the applicant is required as he/she needs to sign all the documents in front of the respective bank official and personal identity confirmation is a statutory requirement which permits the applicant to open a corporate bank account in UAE.
Basic documents required for opening of Bank account
Further, there are many other documents also required based on your Visa and the area where you are forming the company (Mainland, Free-zone or Offshore).
At Black Swan Business Setup, we will help you get all your documents legally translated and notarized by the court or the respective Government officials. This makes your process goes smoothly and hassle free & you get your account opened at the earliest. You can start saving up your profits securely and legally.
Bank Guarantee for Business Setup in UAE
Each business has its own risks. Hence business partners often use a bank guarantee to ensure the safety of the negotiated transactions. At times business activities in the UAE require bank guarantees to make an investment or hold a working capital. In accordance with a bank guarantee, a bank assumes an obligation to pay a specified amount of money to the client if the company/individual fails to fulfil the terms of the contract. The guarantee is given to a company or an individual regardless of the capacity, of the company & a nominal fee is charged between the parties involved. Black Swan Business Setup aids companies to get a short-term bank guarantee facility that can be valid for 3 days to 10 days.
A Bank Guarantee involves mainly two parties in the process – Principal Debtor and Beneficiary for the bank. Black Swan Business Setup supports you by becoming an enacting principal debtor making you the beneficiary. By doing this, Black Swan enhances the creditworthiness of your company to secure a bank guarantee.
A business in UAE may require various types of bank guarantees. For more details on how Black Swan Business Setup can aid you with the best banking facilities in UAE, call our experts!
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