Corporate Bank Account in UAE for Filipino in 3 Easy Steps

Steps: Corporate Bank Account in UAE for Filipino

Step 1: Finding the Ideal Bank

The first step is to select a bank that best suits your unique business requirements. Important factors to weigh include the bank’s stature, its variety of services, the standard of its customer assistance, and its digital banking competence. WIO and Mashreq NEO Bank are among the UAE’s leading banks that have gained popularity among business owners.

Step 2: Assembling the Required Documents

Once you’ve chosen a bank that aligns with your requirements, it’s time to prepare the necessary documents for account opening. While each bank may have its unique checklist, the following documents are generally required:

✓ Trade License

✓ UAE Residence Visa/s

✓ Passport copies of all the company shareholders and directors

✓ Proof of residence of all the company shareholders and directors

✓ Certificate of Incorporation

✓ Memorandum and Articles of Association

✓ Board Resolution

✓ Power of Attorney (if applicable)

✓ Financial statements for the last two years (if applicable)

It’s advisable to check with your chosen bank for a complete list of requirements to ensure a smooth application process.

Step 3: Application Submission and Meeting Attendance

With all required documents in place, you can now submit your application to the bank. For added convenience, many banks offer the option of online application submission. Following the initial review of your application, the bank typically schedules a face-to-face meeting with the company’s shareholders or authorized representatives. This standard procedure aims to confirm the identity of the account holders and gain a better understanding of the business. Upon a successful meeting, the bank conducts additional compliance checks. Once these checks are cleared, your corporate bank account should be activated within one to two weeks.