Overview
The UAE is a strategic country with very conducive tax policies, together with economic boom, and thus offers good opportunities for international entrepreneurs to establish their businesses. However, the banking sector in the UAE is complex and may prove difficult to most foreign nationals who might not be conversant with the local regulations. A client, a successful entrepreneur from Europe, reached out to CAS Services to open a corporate bank account for their newly registered Freezone company in Dubai. The client was looking for an efficient and hassle-free process for establishing their business operations in the UAE.
Challenges
Among the challenges the client faced in opening a bank account in the UAE were:
- Understanding of Compliance Requirements: The client was not conversant with the local banking regulations and requirements for documentation that were required to open a corporate bank account.
- Language Barriers: Having limited proficiency in Arabic, the client wasn’t able to communicate properly with the local banks and understand the legal jargon involved in the process.
- Banking Preference: The client had certain requirements for a bank with online banking, multi-currency accounts, and low transaction fees but was not sure which bank would best suit such needs.
- Time Constraint: The client was to open a bank account within a very short period to be able to meet imminent business commitments.
Our Solution
CAS Services provided a comprehensive solution to address the challenges :
- Consultation by Experts: Our team of banking specialists provided detailed consultation regarding compliance requirements, necessary documentation, and the overall process to be followed in opening a corporate bank account in the UAE.
- Documentation Assistance: We provided assistance with respect to the preparation and submission of all documents that were to be submitted for meeting the strict compliance criteria laid down by the banks here in UAE.
- Bank Selection: We advised on a shortlist of banks that provided the client with the required features, considering the priorities and business needs expressed. We also set up direct communication with the banks, which streamlined the process for decision-making.
- Language Support: We offered translation services and acted as an intermediary in the talks with bank representatives in order to surmount the challenge of a language barrier.
- Expedited Process: We utilized our longstanding relationships with local banks to expedite the opening of an account, so that the client could meet their deadlines.
Result
- Opening of a Corporate Bank Account in UAE in Record Time: The client was able to successfully open a corporate bank account in the UAE within the stipulated time.
- Personalized Banking Solution: The bank selected offered all features that were desirable to the client, including online banking and multi-currency accounts.
- Clients are much more confident: During the entire process, the client felt protected and never faced a single disruption because of any kind of language barrier problem or compliance issues.
- Improved business operations: This new bank account has made possible seamless transactions across borders. This helped the client to keep focused on expanding his business across UAE.
