Corporate Bank Account Setup in Dubai as an Indonesian

Step 3: Prepare the Required Documentation

Opening a corporate bank account in Dubai requires specific documentation. While the required documents might vary slightly between banks, Indonesian companies generally need to present the following:

• Trade License

• UAE Residence Visa/s for shareholders and directors

• Passport copies of all shareholders and directors

• Proof of residence for all shareholders and directors

• Certificate of Incorporation

• Memorandum and Articles of Association

• Board Resolution authorizing the account opening

• Power of Attorney (if applicable)

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

For assistance with accurate documentation and compliance, consider legal documentation and advisory support.

Step 4: Commence the Application Process

As soon as you’ve compiled all essential documents, the next step is to submit your application to the bank you’ve chosen. While some banks necessitate a physical visit for this step, others provide the option of applying online.

Step 5: Await Approval

Post submission, your application undergoes review, and the bank conducts thorough checks on your business and its principals. This step ensures compliance with the UAE’s stringent anti-money laundering regulations. Approval timelines can range from a few days to several weeks, hinging on the bank’s internal processes and your application’s complexity.

Step 6: Activate Your Account

Upon receiving approval, the final step is account activation, which typically involves an initial deposit. The bank will guide you through this process and help you set up any additional services your business may need, such as online banking. You can also plan your setup expenses using Choose UAE’s cost calculator.