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Bank

Account Opening

Opening a business bank account is vital for your journey. Our dedicated Concierge team are well-versed in UAE banking rules and have established strong bank partnership both on and offshore.

HOW DOES IT WORK?

You can get in touch with our Concierge team via concierge@paramountzone.ae and acquire a free consultation to discuss the type of bank account that is suitable for you and your business needs.

Different banks have different requirements, and your bank account approval depends on many factors. Sounds like a headache? Don’t worry, we’ve got you covered.

  1.       Get your free consultation
  2.       Finalize the type of bank account that suits you and your business needs
  3.       Provide the required documents
  4.       Wait for the bank’s feedback and/or approval

After you provide the required documents, our team will submit the application. Depending on the bank you choose, your physical presence might be required but of course, your concierge consultant will arrange an appointment and accompany you to complete the application. You might receive emails from the bank requesting additional documents – all you have to do is inform your concierge consultant so that you can be advised accordingly. The average timeline to receive approval goes anywhere between 24 hours to 4 weeks, depending on the bank.

WHY DO I NEED A BUSINESS BANK ACCOUNT?

Many business owners believe it is more convenient to use their personal bank account. However, separating your personal and business bank accounts is the best decision you can make for the longevity of your business and here’s why:

It is more professional when dealing with customers and vendors as it increases your credibility when your payment system reflects the company name.

It sets the foundation of business growth, keeps track of your business transactions, and provides the opportunity of business loans if you wish to acquire funding in the future for expansion.

It ensures your business transactions are recorded efficiently and are legally compliant. It separates personal and business assets. Therefore, It protects your personal assets as they may be subjected to scrutiny in various circumstances.

It simplifies the preparation of tax as it will allow you to catalogue your business transactions and make accurate estimations. **All businesses in the UAE must register for VAT if their taxable supplies and imports exceed a certain threshold.

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