- Choose the type of account you require: Find the bank that offers the services and account types appropriate for your company needs by comparing several financial institutions. Fees, minimum balance restrictions, internet banking facilities, and customer service are important considerations.
- Assemble the relevant paperwork: Typically, the following paperwork is required to open a business bank account:
- Business identification documents: A business license, your partnership agreement, your articles of incorporation, or other legal documents establishing your company.
- EIN, or Employer Identification Number: If you reside in the US, request an EIN from the Internal Revenue Service (IRS). The standards for tax identification may vary in other nations.
- Personal identity documents: Your driver’s license, passport, or Social Security number.
- Decide on a type of account: Choose the account type that best meets your company’s needs. Common choices include merchant services accounts, business checking accounts, and savings accounts. In order to review the possibilities and select the best one, speak with a bank representative.
- Apply online or at the bank: Find out if you can apply online or if you need to visit a physical branch. While some banks allow you to open an account online, others might require a physical visit. Ask your preferred bank for details on any unique requirements.
- Fill out the form completely: Either in person or online, you must complete an application form. Give complete details about your company, including its legal name, mailing address, phone number, and sector.
- Send in the necessary paperwork Include all required documentation with your application. Your personal identification documents, EIN, and business identification documents may fall under this category. Verify the accuracy and completeness of all documents.
- Examine and sign the contract: Read the account agreement’s terms and conditions very carefully. Ask a bank representative for clarification if you have any questions. Sign the contract after you have read the conditions and accepted them.
- Deposit money: You usually need to make an initial deposit to activate your account. Depending on the bank and account type, the minimum deposit amount may change. To finalize the deposit, either transfer the money or present a certified check.
- Set up other services: Talk with the bank person about your options if you need additional services like online banking, credit card processing, or payroll services. They can help you set these services up.
- After your account has been approved, the bank will give you the appropriate account information, including your account number and routing number. Debit cards, checks, or other banking papers might also be sent to you, depending on the type of account and the bank’s policies.
Can a foreigner open a bank account in UAE?
Establish extra services: Talk to the bank agent about your alternatives if you need extra services like online banking, credit card processing, or payroll services. You can get their help setting up these services.
Get account information: The bank will give you the essential account information, including your account number and routing number, once your account has been approved. Depending on the type of account and the bank’s policies, you might also receive debit cards, cheques, or other banking items.
- Opening a Bank Account as a Non-Resident: Requirements
How to open a bank account in the UAE for non-residents is a common question among expats without residency. This account normally does not come with a checkbook. Most banking institutions will instead give customers ATM cards so they can withdraw money while they wait for their residency visas.
Although each bank has its own criteria, the following documents are typically needed to create an account:
- passport (original and copy) bearing the UAE entrance stamp
- passport picture
- completed application form
- evidence that the processing of your residency visa or Emirates ID card is ongoing
- a record containing your employer’s name and your wage information
- recommendation letter from the previous bank
- No-objection letter from either your sponsor
If you are a non-resident, you may be constrained by a minimum or maximum balance. Remember that the balance is regularly taken into account, and that failing to maintain it will have dire effects.
Opening a savings account will take longer than opening a bank account with a resident visa. It is impractical to anticipate having rapid access to your savings account.