Having a business license registered doesn’t mean the company is fully ready to operate if there is no bank account. After all, where shall invoices be paid and how shall suppliers be paid? Every company would require a functional business bank account in order to make and receive payments.
Our wealth of knowledge in the local market and experience from assisting hundreds of companies to facilitate bank account opening in the UAE will benefit any investor with the need to open an account. To us, your business setup is not complete if your bank account is not operational. Our deep connections with banks allow us to make important introductions, organize bank meetings and do follow up on your behalf to ensure you are fully assisted. While we do not guarantee the opening of the account since that is hugely depended on the independent inquiry by the bank’s compliance department, we ensure we follow up and keep you updated where the case is in our hands.
The UAE’s Central Bank regulates banking affairs and as such stipulates compliance requirements for all banks to follow. Therefore, banks require a setup of requirements from companies and account signatories to successfully onboard a new account. Since each client case is unique, we provide a list of options to ensure that there are possible options to choose from.
Typically, banks require clients to maintain a monthly minimum balance once the account is opened. This amount varies from between banks and solely depends on the type of account chosen.
Some cases may be quite sensitive and unique that the bank asks for extra documents beyond the regular documents needed to fully investigate the company and its activities. We are with you all through the process to make sure there is a flow of communication and the bank is satisfied with the information provided to take on the case.
There are different types of accounts to choose from. Resident accounts and Non-resident accounts.
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This is not an exhaustive list. More documents may be required depending on the situation and nature of the business. Our promise is to make it as simple as possible for you to facilitate the process and ensure you are fully assisted.
Most banks would provide full internet banking for inward and outward payments, credit/debit card and cheque book (subject to account type). Account Managers may be provided depending on the account type etc.
An average account opening time is between 1 week to 4 weeks depending on the case. However, the bulk of work is required at the approval stage. Upon approval of the account, it takes 24 hours to get an account opened. We, therefore, step in to facilitate the approval process to make sure we assist you. While some cases take a shorter time, some take longer depending on the situation.
The timeframe is dependent on other factors too, such as the nature of the business, the jurisdiction of incorporation, the nationality of the owners and signatories. A combination of these factors can impact the time it takes to have a fully operational account.
I would like to thank you and the team for your great efforts to get my visa stamped today. I must say that you guys have been demonstrating a high-standard, and professional level of service since we have started working with you. We were really lucky to get connected to IBG and to deal with you.- Ahmed Abdel Moneim Gharib Intix Innovation Inspiration
I am glad I selected IBG as consultants for setting up our business. I surely recommend IBGME. They have shown professionalism and Helpfulness in every area. They did a good job. I do recommend IBG!- Ingrid Mushi HubLenses
Thank you so much Harsha and Erano, for all your support and help through the entire process. Really guys you made it so simple for us, could not have asked for more.- Hamad Gondal Irozon LLC
I found your company (IBG) an experienced, trustworthy and reliable consultant to whom one can recommend to others as well. Wish you all the best and see you again in Dubai next time. Convey my regards to your colleagues and all concerns who cooperated in the successful incorporation process.- Burhan Zoomtell7 Solutions Limited
Working with IBG was one of the most important step I have taken to ensure a successful foundation for my newly formed company. Working in the UAE, while I lived in the United States, was an insurmountable challenge. Luckily, as I was searching the internet, I saw IBG's website. This is a wonderful, trustworthy and very efficient team of professionals with excellent responsiveness and set of expertise for any business.- Dr. Nezar Falluji Salem DWC
IBG were very supportive in getting hard things done on time, and amazing people worked very hard to deliver the services and commitments professionally with clarity.- Mohammed Al-Moneer WISPER LTD
I was very pleased with the Service provided by IBG . Staff were very cooperative and even though the project was a difficult one and the Company’s name a hurdle to approve, they had patience and kept cool making it a point that they had a project to complete and complete it in Style.- Gurdip Singh Drumkin Singapore Pte Ltd