Services
Brochures
Below attached file is the profile of WBS Company
Business Bank Account Opening
Once you have obtained your company license then accounts opening with the bank is a crucial step to complete in order to manage the financial transactions of your business effectively.
WBS takes away the hassle of completing the paperwork, and guides you in every step of opening an account with your banks whether it should be business, commercial, corporate, retail or Islamic account. You can also avail the services of Business loans and Business valuation.
What We Offer
Our Partner Banks
Types of Banking in UAE
Commercial Banking
This leading banking service is dedicated to start-ups and SMEs in the UAE, offering the best and most flexible banking facilities to start a business. UAE’s banking vision is to support these two important sectors and provide them with all necessary solutions to improve the national economy.
Retail Banking
it is a standard personal banking in which individual customers use the branches of larger commercial banks. There are over 50 retail banks in the UAE. This banking system provides wide range of services such as : personal savings and current accounts, auto and personal loans, debit and/or credit cards. The focus of retail banking is on the individual consumer level more than on a corporate level.
Investment banking
UAE banks offer one of the highest ROI (Return of Investment) rates starting at 3% interest., With its political and economic position, UAE is a leading global investment center
Islamic banking
UAE banks offer Islamic banking governed by Shari’a Law and Federal Law No. 6 of 1985. The strategic plan of H. H. Sheikh Mohammed bin Rashid Al Maktoum includes the establishment of Dubai as a global center of Islamic banking
Document Required:
- Valid passport copy.
- Emirates ID and Residence Visa duplicate.
- Complete Set of company incorporation papers.
- 6 months of bank statements from personal accounts.
- Company profile.
- Personal profile.
Features & Benefits
- No Minimum Balance Requirement
- A business debit card that is free with higher maximum daily limits for cash withdrawals is offered
- The best account bundle is for businesses and established firms.
- For transactions in banking and digital platforms there is a minimum price.
- Specialized service desks are available for medium and small-sized companies.
- Relations managers that are committed to their work.
- The rates for trade Finance are set at a standard.
- Cheque Book Facility
- Foreign exchange rates that are standard.
Benefits of Banking Within UAE
- UAE banks offer quick transfer to international markets as well as IBAN numbers for European markets.
- UAE banks have multi-currency accounts like (AED, USD, Euro GBP, USD, AED …etc.)
- UAE banks offer a user-friendly online portal system for electronic banking transactions
- UAE banks allow customers to get debit and credit cards.
- UAE banks offer cheque books and an electronic token to protect your transactions
- UAE banks can provide support to letters of credit, banks guarantees, and various other banking services for commercial customers.
- UAE banks offer an easy phone banking service and mobile applications for online banking transactions
- UAE banks enjoy an outstanding international reputation for confidentiality and security
Bank Account Opening
The economy of Dubai has been increasing for quite some time due to developments in real estate as well as an increase in tourist interest. The economic outlook is looking good, so it’s no surprise that more and more international companies are considering incorporating into the UAE. One of the first steps following the decision to establish your business in Dubai is to set up a corporate bank account for a company. Although the general security for banking in Dubai is appealing.
Commercial banks within the UAE are split into two main categories:
Locally Incorporated banks and branches of Foreign Banks. They have 23 Locally Incorporated Banks as well as 28 branches of Foreign Banks that operate in the UAE (as in the year 2016). All banks are supervised through the Central Bank of the United Arab Emirates.
Opening an account for a company banking account (UAE)
Personal
- Resident
- Business
- Company Non-Resident
A company can be located offshore or onshore and will require an account with a bank to carry out all kinds of business. The process of opening a corporate bank account for the UAE is an easy method in the case of UAE Mainland Companies. However, the customer identification requirements can differ based on the size and the activity of the company.
A financial Institution will require information about the legal identity of the company. Companies controlled by corporate entities will have to submit a complete list of documents for the corporation to establish the entity’s management as well as the final effective ownership for the entity. In the majority of cases the documents need to be legalized or notarized in the country of their origin and later within the UAE.
The Central Bank has imposed enhanced procedures for customer due diligence on banks which create accounts on behalf of Offshore Companies. This means that banks must adopt an approach that is based on risk for account opening. The financial institution has to know the client’s main business segments, the expected quantity of currency and deposits, the extent of its revenues, and its primary clients and suppliers.
Opening an Bank Account in the following currencies (AED USD, GBP. )
After forming your company and obtaining the company license, opening your bank account for your company is a crucial step to register with FTA. (Federal Tax Administration) for the purpose of requesting invoices from clients, negotiating contracts with your customers and managing the financial transactions of your business effectively. We have a team of old bankers that can assist you.
Corporate Banking is a key service for Mainland areas in the UAE
UAE is among the most renowned business centers in the region that makes a secure sophisticated, secure and secure banking system essential.
The UAE has an established and stable banking sector that is overseen through the Central Bank. It was established in 1980. The Central Bank supervises monetary, banking and credit policies, and their implementation is in line with UAE rules and rules. It is responsible for boosting the economy as well as improves the stability and reliability of the currency of the country. It also keeps reserves of the UAE authorities’ reserves for precious metals as well as foreign currencies, and oversees banks that operate within the UAE.
Maximum daily limits for cash withdrawals is offered
- The best account bundle is for businesses and established firms.
- For transactions in banking and digital platforms there is a minimum price.
- The rates for trade Finance are set at a standard.
- Cheque Book Facility
- Foreign exchange rates that are standard.
- The rates for trade Finance are set at a standard.
- Relations managers that are committed to their work.
- Specialized service desks are available for medium and small-sized companies.
Benefits of Banking Within UAE
- UAE banks provide swift transfer for international markets and IBAN numbers for the European markets.
- UAE banks deal with multi-currency accounts such as (AED, USD, Euro, GBP …etc.)
- UAE banks provide a friendly online portal system for e-banking transactions
- UAE banks provide the facility to obtain credit and debit cards
- UAE banks provide cheque books as well as a token device to secure your transactions
- UAE banks provide support for letter of credit, bank guarantee, and other commercial banking facilities
- UAE banks provide a easy phone banking system and mobile applications for internet banking transactions
- UAE banks have an excellent international reputation of security and confidentiality
Process of Opening a Bank Account in the UAE
Opening a bank account in the UAE is easy, safe and regulated by the Central Bank. WBS’s expert team will make a pre-evaluation of your profile and provide a list of potential banks suitable for your requirements. Once the bank is selected, WBS will contact the chosen bank and organize a meeting in Dubai which you are required to attend personally.
After meeting the bank, providing the documents required and signing all the bank forms, the bank will need around 10 days to process the account opening. Finally, once the account is opened, the bank will provide your banking details and access for you to fund your account and start your business activity.
After acquiring your company license, opening a bank account is an important step to take in order to handle your business’ financial transactions efficiently. We can save you the hassle of dealing with the paperwork and assist you on every step towards setting up your bank account.
Commercial Banks in the UAE are divided into two major categories – Locally Incorporated Banks and Branches of Foreign Banks. There are 23 Locally Incorporated Banks and 28 Branches of Foreign Banks that operate in the UAE (as at 2016). All banks are regulated by the Central Bank of United Arab Emirates.
Eligibility
- Mainland – DED
- Companies
- Freezone
- Offshore
- Foreign Entity
Documents required to open a company bank account in the UAE
Basic Documents:
- Company Trade License.
- 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 authorized signatories.
- Emirates ID & Residence Visa Copy.
- Office Tenancy Contract.
Supporting Documents:
- 6 months of Personal Bank Statements. (UAE or Home Country)
- Company profile.
- Signatory Home Ejari
- Signatory Resume
- VAT Certificate
UAE Banking Services – FAQs
Yes, in most cases. However, banks will often limit the facilities available to the company/individual. Typically, they will only allow the use of an internet banking facility for online transfers. The majority of banks will not provide credit or debit cards for non-residents.
Most local banks require a minimum balance to be maintained, which can vary dependent upon the particular bank and the particular type of account.
There is no set timeframe for this process. Each bank has its own internal procedure and timeframe for account opening. It generally takes approximately 2 to 4 weeks to open a bank account for an LLC or Free Zone company in the UAE. However, this is not guaranteed (especially in respect of Offshore Companies because each application is subject to a bank’s internal compliance and management approval.
We work with the majority of commercial banks in the UAE. We also work with a number of local private banks. If your company does not require a local bank, we also work with a number of international banks in the Caribbean (St. Lucia, St. Vincent and the Grenadines), Mauritius, Malta, Isle of Man, Singapore and Qatar. All these banks provide multi-currency accounts, banking via the Internet, telephone or fax. Debit cards are available from most banks that we represent, depending on the type of account.
Yes, but only in the case of the account being opened in the UAE. We have agreements with offshore banks where we obtain the client’s signatures and verify their authenticity. However, all the information and documents required by the bank will have to be provided by the client.
WBS is One stop shop solution for all your business banking needs.
