Why Do You Need Corporate Bank Account for Business Setup in Dubai

You can find enough information online about Dubai’s significance as a trade center. All the perks and benefits are also available to underline. But it isn’t necessary you’d be looking for those to improve your knowledge about Dubai’s business offers. It has a high chance of possibility that you’d be looking for that information for your own Business Setup in Dubai. This infers your interest in the Dubai market as an investor.

Being an aspirant to becoming an investor in the Dubai market means that you need to know everything about the market.

Many blogs and posts would motivate you to invest in the Dubai market. But that is not enough to turn your dream into reality. For that, you need factual information that explains how a business setup in Dubai can be created.

To answer this question, you need to consult a business setup agency. Otherwise, you can get some light from an experienced businessman in the Dubai market.

However, these available options could be complicated to consult at times, and often, you do not get enough information that could lead you to your dream’s reality. Thus, this article is the ultimate option for you. You can get all related information from here to start a business setup in Dubai.

Trading Zones of Dubai

All the benefits the Dubai market offers result from its marketing zones. There are three different trading zones in the Dubai market:

• Free Zone
• Mainland
• Offshore

Only one of these zones offers you 100% ownership of your business. Besides the free zone, both zones need a 51% sponsor for your business. As a result, you can only own 49% of your business in mainland and offshore zone.

However, the offshore market offers you to register your business in Dubai without even being physically present in Dubai. Yes, you can run your business remotely from any part of the world, but the company’s registration is in Dubai.

Where to Start?

Your journey starts right after you start thinking about taking a step. But let’s discuss the further steps you need to take if you are willing to start a business setup in Dubai.

Firstly, you need to plan your business. This includes drafting the company’s name, the field of trading, and, most importantly, deciding the market to trade-in. There are different zones in which you can trade. All of those zones have specific benefits to offer. Those will be discussed in the latter part.

Secondly, prepare an application to apply for the business setup in Dubai. This includes documentation and submission of the application. Once you submit the application, you get further directions from the governing bodies to follow up.

Sponsorship

At last, you’re required to find a sponsor for your business. Out of the three zones of the market, two of them require you to have a sponsor for your shares. You can find a sponsor easily. It is a legal requirement, so there are plenty of options when looking for a sponsor for your business.

Documentation

Last but not the least, you’re needed to submit all the relevant documents for your business and visa. These documents include license approval and other certificates like MOA.

Getting your professional license for trading in the Dubai market might be a complete process. Still, you can get that license quickly if you open a Corporate Bank Account in Dubai.

How to Open a Corporate Bank Account in Dubai

There is a list to follow if you want to open a corporate bank account in Dubai. To open a bank account in Dubai, you need the following documents:

• Utility Bill and a passport photo of the shareholder representative with the Emirates ID
• A thorough business plan
• Information about the kind of activity performed on the account
• List at least five suppliers and five clients by name.
• Source of funding information
• Complete set of approved documents for company incorporation
• Registration of shareholders
• Business extract
• A letter of excellent standing

With all these documents available, you can process your application to open a corporate bank account in Dubai.

Conclusion

You can dream of earning more, but you need multiple steps to follow before this dream becomes a reality. Everything about how to start a business setup in Dubai is mentioned in this guide. All you need is to follow the steps and start earning money by working in the most profitable market in the world.

Stop roaming online and start acting on these guidelines.