Launching a startup can be an exciting endeavor, but roadblocks present themselves at various junctures, one of which would be opening a corporate bank account in Dubai. Yes, that is not as easy it sounds because getting a corporate bank account can take months; and sometimes the delay can even go further than that.

This is why you need experts like Trio Tax. The company provides the best business advisory services in Dubai, to businesses and startups looking to meet banking requirements and move forward without unnecessary delays.

The process of opening the bank account actually is a straightforward one, but it is often the protracted, frustrating battle against stringent compliance checks that brings all the delay. Most of the time, it is the problems in navigating the rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements that brings trouble, because banks mandate a financial track record or dedicated compliance team.

Why Do You Need Best Business Advisory Services In Dubai To Guide You

The UAE has become pretty strict regarding financial regulations. And they have been modified significantly to align with global anti-money laundering (AML) and counter-terrorism financing (CTF) laws.

The banks have to follow them strictly, there is absolutely no leeway! There are huge penalties for facilitating illicit transactions. So the compliance officers have tightened the hold for startups, and their applications.

They will scrutinize your application, and if there is even one red flag, or if there is one detail that’s missing or not clear, the bank will not call you up for clarification. They will just reject it outright!

As per the extensive experience of the business advisors at Trio Tax, here are three mistakes that founders usually make.

1. The “Generic” Business Profile

It is important to be very specific about the kind of business you do, because banks need to have a clear picture of how the money flows in and out of your business. So presenting a generic business plan will not cut any corners with them. If you run a consulting business, be very specific like

Who are your clients?

Which countries are they?

How do you find them?

And another thing to remember, if there is no match between your trade license, and your website, that calls for instant rejection.

2. The Mystery of “Source of Funds”

Not being able to present the details about the funding part is seen as a great negligence. The bank needs to know exactly where that money for your capital is coming from. You cannot be vague about it; if you have a source in your bank statement, you can’t just say “personal savings”, you will have to prove it. Often, you will have to present a paper trail that goes back months, sometimes years.

If you cannot show proof of the funds, then it will trigger a compliance block

3. Not having a solid physical presence

Banks prefer that companies have a physical presence because they steer clear of”shell companies”, if possible. If you want your business to be considered riskfree, it would be ideal to have employees, and local residential addresses.

This is where the best business advisory services in Dubai become a crucial guide for you. Get in touch with Trio Tax to know more!