As of 2022, there are over 50 local and international banks operating in the UAE. All banks in UAE, local and foreign, are safe and provide efficient services.
Stability and security are the hallmarks of the banking industry in UAE. Along with reliability and excellent services, these qualities are what make the country’s banks respected worldwide.
However, a study conducted by the Dubai Chamber of Commerce and Industry (Dubai Chamber) and the UAE Ministry of Economy showed that at least 55% of entrepreneurs believe that banking is the biggest challenge they face during business setup. Company bank account opening in Dubai and the UAE can take as long as three months, making it difficult for businesses to begin commercial operations. Some of the significant challenges in opening a company bank account are:
- Strict regulatory and compliance requirements like Anti Money Laundering (AML) and Combating the Financing of Terrorism (CFT)
- Proving the credibility of the founder
- Insufficient information or weak business plan
- Issues with physical office space
- Minimum balance requirement
To avoid any unnecessary delay that would affect your business transactions, you can contact an experienced company setup specialist like VentureBoost to assist open bank account in Dubai so that you can use your time concentrating on other core activities of your businesses. At VentureBoost we understand clients, their requirements, their specific intent and can guide them from A to Z without hassles.
VentureBoost is able to leverage strong connections with the top UAE banks to meet all the requirements needed in the successful opening of a bank account for, both, the individuals and corporations.
With us, you will get:
- Profile structuring and preliminary checks with Relationship managers
- Comprehensive assessment of individual/corporate background before approaching the bank
- Detailed list of bank options with corresponding fee structures and conditions
- Arrangement of exclusive meetings with bank officers
- Full assistance during application
- Preparation and organization of all required documents
- Regular follow ups and updates
- Full assistance during compliance approval.
- Additional support in post-bank account opening.
