Bank Account Opening Assistance

After acquiring a licence, opening a bank account is a crucial next step for any business. We can assist you with banking in Dubai or with opening an account. We can assist freezone companies as well as mainland corporations in opening bank accounts in the UAE thanks to our ties with numerous institutions.

Among other things, banks have various criteria for paperwork, minimum balances, and sector-specific expertise. The strategy may change based on the circumstances. We may offer a list of appropriate and reputable banks to our clients based on their requirements and preferences.

Depending on elements including the nature of the business, the domicile of operation (free zone/offshore or mainland), and the nationality of the signatory, an account may be opened within a specific amount of time. For instance, in the mainland, General Trading needs compliance approval before opening an account. Because of this, opening a bank account requires more time.

Why have a UAE Bank Account?

Most purchases are done online; thus, a bank account is needed.

No matter the procedures and transactions, opening a bank account in 2023 is easy. The bank chosen must be carefully considered. Considerations when opening a Dubai bank account include:

Considerations for choosing a bank include its location, account type, fees, and currency transaction capabilities, especially for businesses with international shareholders.

How do expats open UAE bank accounts?

Dubai banks allow non-residents to open savings and current accounts without many restrictions. Emirates ID is required to open a bank account as an expat. Discussing the options below

A UAE corporation can be formed in Freezone or Mainland. Investors Visa and Emirates ID are eligible. The Emirates ID allows open Current, Corporate, and Savings accounts.

One can get a freelancing visa. A freelancing visa allows you to live and work in the UAE for 1–5 years. You can open a UAE savings account after residency. A freelance permit is needed for a freelance visa.

The final option is to invest 2 million AED in a property. Investors get 2-year residence visas. Bank accounts can be opened with Emirates IDs.

Remember that you require a passport copy if you live outside Dubai. The bank may require more information. The client’s nationality also matters.

UAE bank accounts require ID and residency evidence. A resident visa or utility bill proves address, whereas a passport proves identity. The bank may seek additional verification papers.

Shuraa can assess each application’s risk and provide the best way to open a bank account easily.

Bank Guarantee assistance in Dubai, UAE

A bank guarantee is a guarantee given by a bank or financial institution to a creditor on behalf of a borrower. This is a three-party agreement between the bank, the borrower, and the lender. When a lender makes a loan or sells a product to a borrower, the bank or financial institution guarantees that if the borrower fails to pay the bill, the lender will bear the loss.

What exactly is a bank guarantee?

When two parties agree to conduct a trade transaction, a bank guarantee comes into play. A bank guarantee is a promise made by the bank to the beneficiary to pay a sum of money if the other party fails to meet the contractual obligations. A bank guarantee protects a trader from any loss or damage caused by one of the agreement’s parties failing to perform. If one of the parties breaches the contract, the other party may invoke the bank guarantee by filing a claim and receiving the guaranteed money. In this manner, the buyer or seller can ensure that the trade transaction is completed even if one of the parties fails to meet the contractual commitments.