Banking
In the United Arab Emirates all registered companies are required to obtain a corporate bank account to manage and facilitate business transactions.
Depending on the type and structure of the company, Onshore or Freezone, the list of documentation and KYC will vary. Where companies are owned by another offshore or corporate entity, the shareholding entity will be required to provide a full suite of corporate documents. The primary purpose of this, is to identify the ultimate beneficiary owners (UBO). In addition, a number of these documents may be requiring notarisation/ legalisation in the country of origin and in the UAE. Many banks institutions will require supporting documentation from the company, detailing the legal existence of the entity.
Recently, the process to open a corporate bank account has been significantly more challenging due to the stringent requirements led by new anti-money laundering policies. Majority of UAE banks will no longer entertain corporate banking for non- residents. The level of due-diligence from the Central Bank is a result of global initiatives pertaining to tax evasion, money laundering and terrorist financing.
What are the documents required to open a corporate bank account?
Company Trade Licence;
Certificate of Registration;
Share Certificate(s);
Company Memorandum & Articles of Association;
Board Resolution empowering a Company Officer to open the account;
Passport copies for shareholders and authorised signatories.
Many banks institutions will require supporting documentation from the company, detailing the legal existence of the entity.
How can Rosemont Partners help?
Rosemont Partners can provide assistance with the preparation and documentation which a list of local and offshore banks. Our longstanding relationships have enabled our clients to obtain a corporate bank account with ease.
Please note, that is down to the banks discretion and approval of opening the company bank. The banks’ reserve the right to request additional documentation at time of approval. Rosemont Partners cannot accept the responsibility for the stablishing of the banks.