How to Open a Business Bank Account in Shams

A corporate account is a vital part of business operations. Routing all the transactions through the bank in SHAMS assures that the company is operating ethically. Moreover, the bank account enables efficient domestic and international business operations.
The factors that underscore the requirement of a bank account in SHAMS Free Zone include:

Legal Necessity
A corporate bank account is necessary for business operations. Hence, it is crucial to open a business bank account in SHAMS before commencing full-fledged business operations.

Establishes Credibility
National and international clients prefer dealing with a company having a business bank account. The bank account will silently state the credibility of the firm.

Simplified Accounting
A corporate bank account that does not have any personal transactions will provide a clear picture of the business transactions. This simplifies auditing and accounting and offers easy assessment of the financial data.

Smooth Transactions
International transactions will involve multiple currencies. Further, companies dealing globally will be receiving funds from abroad. In either case, it is of paramount importance to have a business account in SHAMS. The account will ease the transactions.  

Payment Gateway Integration
Integration of payment gateways, receipt of payment through cards, etc., will need a business account.  
 

Before we get into the steps for business account opening, note that the timeline for this varies depending on various factors. The bank chosen, the business activities, the risk involved, etc., can have an impact on the timeframe.

Business Setup
Since you are here looking for how to open a business account in SHAMS Free Zone, we believe that you have already set up your business. If not, set up the business in SHAMS first.

Choose the Bank
Pick the bank that will suit your business needs. The popular banks chosen by businesses in SHAMS are:

• RAK Bank
• Emirates NBD
• Mashreq Bank
• Sharjah Islamic Bank
• Mashreq NeoBiz

Documents Required
All the documents sought by the bank have to be submitted. The document should be attested and notarized if obtained from abroad. Discrepancies in documentation can lead to delay or rejection of the business account.
The documents required to open a corporate bank account in SHAMS are:

• Copy of the passport of the authorized signatory
• CV of the authorized signatory
• Emirates ID of the authorized person
• Address proof
• Valid trade license and MOA
• Business plan

The bank will see the resident visa and the Emirates ID of the authorized signatory. At least one signatory must provide both of the aforesaid if there is more than one authorized signatory.

Application Submission for the Business Account
It is time to apply, along with the documents, once you have completed the previous steps. Get the documents cross-checked by a specialist to avoid anomalies that can lead to unwanted complications.

Meeting at the Bank
A KYC meeting or interview of the authorized person (s) is conducted by the bank after scrutinizing the application and documents for corporate account opening. The bank authority will review the company’s funding source, plan of business activities, Anti-Money Laundering (AML) policies, etc., during the meeting.  

When it comes to banks, there are several options for the investor to choose from. A quick analysis of four of the popular banks in the SHAMS Free Zone is tabulated here.
 

Sharjah Media City Free Zone, which is popularly known as SHAMS Free Zone, welcomes investors from the UAE and abroad openheartedly. Ideal for businesses from sectors including media, consultancy, e-commerce, marketing & advertising, and IT, the free zone is integrated with supportive facilities and advanced amenities.

The advantages of investing in SHAMS include:

• 100% foreign ownership allows expatriates to set up the company without any local sponsor or local partner.
• 100% repatriation of principal and profits. No limitation or restriction on currency.
• Affordable free zone that offers cost-effective business setup for low-budget entrepreneurs like start-ups and freelancers. Low initial investment is a blessing for entrepreneurs looking to form a company on a minimal budget.
• Streamlining the business setup in SHAMS helps in quick and comfortable company formation. No hassles or confusion.
• Lower operational expenditure compared to most of the business hubs in Dubai is another factor that makes SHAMS ahead.
• Diverse business activities.
• Option to operate from a virtual office. No physical office is required for the business in SHAMS.
• Start-up-friendly ecosystem that will aid in the establishment and growth of the company.
• Flexible visa packages allow investors to pick one according to their budget and business plans.
   

Your business support service plays a pivotal role in the smooth and trouble-free company formation. From choosing the package to opening a business bank account in SHAMS, the support specialist’s guidance will benefit you. Hence, it is essential to choose the business support service wisely.
Kiltons business support services have been assisting established and debutante entrepreneurs since 1999. Our specialities include a dedicated support team for each client, guidance and assistance on cost-effective packages, and end-to-end support. Our team would be there with you on each step, handholding, guiding, and assisting.
You may dial us to know more about business setup and corporate account opening in SHAMS.
Contact us now.