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Can You Use Existing Bank Accounts for a New Company in Dubai
When starting a new company in Dubai, one important consideration is opening a bank account. A common question business owners ask is whether they can use an existing bank account from another company for their new business. The short answer is no. Every company must have its own dedicated bank account, and the account must be registered under the company’s official name.
If you already have a bank account in the name of another company, it won’t work for your new company formation. Once we incorporate your new business, we can help you open a bank account specifically under its name to ensure compliance with legal and banking requirements.
How to Open a Bank Account for Your New Company
To open a bank account for your new company in Dubai, you’ll need a valid trade license and the Emirates ID of at least one shareholder. Choosing the right bank is key, as Dubai offers numerous local and international options. Consider service offerings, fees, and accessibility to ensure it aligns with your business needs. The required documents typically include your trade license, passport copies of shareholders, the company’s memorandum, and the bank’s application form. After submitting these, the bank will verify your information, and upon successful verification, your account will be activated, giving you full access to its services.
Bank Account Requirements for Company Shareholders
To open a bank account for your new company in Dubai, banks typically require the following from shareholders:
- Company Incorporation Documents: The bank will need all the official documents related to your company’s incorporation. Our team will provide these documents once your company is set up.
- Residence Visa for Shareholders: Most banks in Dubai require at least one shareholder to have a valid UAE residence visa in order to open a business account.
- Proof of Physical Address: Banks will also ask for proof of the company’s physical address. If you don’t have one yet, we can assist by providing address documentation through our business partners at business centers. Alternatively, we can help with an authority lease agreement, which some banks also accept.
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How Can Choose UAE Help
At Choose UAE, we guide you through the entire process of incorporating your company and opening a compliant bank account. Our team handles all the paperwork and ensures you meet the necessary requirements, making the setup process smooth and hassle-free. Let us help you establish your business and open a bank account tailored to your new company’s needs.
What Makes Us Stand Out?
- Trustworthy Reputation
- Individualized Solutions
- All Around Services
- Hassle-free, Fast and Efficient
- Excellence and Professionalism
- Dedicated Support
