To open a legal entity in Dubai, all you need is a passport, the name of your company and paid fees.
It is extremely challenging to handle it independently, so I strongly advise you to seek the assistance of a lawyer. The approximate cost, including different sorts of fees and payments for the licence, cost me about 23000$.
When it comes to opening a bank account, I'd say it's even more intricate.
Before getting a bank account, foreigners must obtain a resident permit.
To proceed, you will have to test for AIDS, hepatitis, syphilis, and tuberculosis, ensuring that you receive negative results.After that, you can file a request to open a bank account. You will need:
- Resident permit
- Utility bills (to show the address where you live)
- Contracts with your clients
- Expected turnover of your company
- Detailed business plan
- Personal and business bank statements
The required documents may vary depending on the bank, so you need to prepare for the possibility of additional document requests.
In addition, be ready to make a non-withdrawable deposit of $20,000 into your bank account.
Regarding time stamps, company registration typically takes approximately one month, while opening a bank account usually takes around three weeks.
A bank account in the UAE offers numerous advantages, making it a reliable and high-quality choice. You will benefit from one of the most advanced banking systems, enjoy tax-free status, and have the opportunity to engage in international business transactions. However, it is essential to consider the cost of services as a potential drawback.
In my case, I invested approximately $50,000 to establish a bank account in the UAE: but I firmly believe that the benefits outweigh the expenses, considering the UAE's reputation as a high-quality and reliable destination for entrepreneurial endeavours. It is necessary to consider that this may not be suitable for everyone, as the UAE primarily caters to companies with significant turnovers and the ability to pay a one-time fee of approximately $50,000.