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UAE Corporate Bank Account as a Sri Lankan in 3 Steps

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The United Arab Emirates is a thriving economic powerhouse that attracts entrepreneurs from across the globe. For Sri Lankan business owners, the UAE offers a plethora of opportunities, be it the robust economy, tax advantages, or the region’s strong trading ties with the rest of the world. But one of the critical aspects of setting up a successful business in the UAE is opening a corporate bank account. In this guide, Choose UAE will walk you through the three-step process to successfully open a corporate bank account in the UAE as a Sri Lankan.

UAE Corporate Bank Account as a Sri Lankan in 3 Steps

Step 1: Establish Your Business

Setting up your enterprise in the UAE is a prerequisite for opening a corporate bank account. The nature and demands of your business will dictate whether you should opt for a mainland, free zone, or offshore company. Unique benefits are associated with each entity type. For instance, mainland businesses have the freedom to operate both within and beyond the UAE, whereas free zone businesses enjoy benefits like 100% foreign ownership, tax exemptions, and no customs duty. The process of business setup entails company registration, business name selection, business license application, and securing necessary approvals from the relevant government authorities.

Step 2: Choose the Right Bank and Prepare the Necessary Documentation

Having established your business, the subsequent phase involves selecting an appropriate bank for your corporate banking needs. The UAE boasts a robust banking sector, comprising both local and international banks that offer a variety of business banking services. When choosing your bank, take into account factors such as the bank’s reputation, the quality of its customer service, the variety of banking services it offers, its minimum balance requirements, and any associated fees. Once you’ve made your selection, it’s time to assemble the required documentation. Usually, you’ll need:

✓ A copy of your business license

✓ Your company’s memorandum and articles of association

✓ Passport copies of all shareholders and directors

✓ The company’s board resolution authorizing the opening of the account

Step 3: Account Application Review and Activation

Once your application, along with all necessary documentation, is submitted, the bank initiates a detailed evaluation. This process typically includes a meeting where you’re expected to explain your business operations and financial projections. The bank aims to thoroughly understand your business and ensure that it adheres to the UAE’s stringent anti-money laundering regulations. Once your application has been deemed satisfactory, the bank activates your account. You can then access a host of services such as online banking, international money transfers, debit and credit cards, cheque books, and so forth, contingent upon the specific offerings of your chosen bank.



How Can Choose UAE Help

Opening a corporate bank account in the UAE is a crucial step in your business establishment journey. While it may seem complex at first, breaking the process down into manageable steps can make it much more approachable. For Sri Lankan entrepreneurs, a UAE corporate bank account offers a sturdy financial platform for smooth and efficient business operations within the region and beyond. Contact Choose UAE for smooth and hassle-free corporate bank account opening in UAE.

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