Delays and lack of transparency among banking challenges for Dubai entrepreneurs | ZAWYA MENA Edition

Delays and lack of transparency among banking challenges for Dubai entrepreneurs | ZAWYA MENA Edition:

The process of setting up a corporate bank account for small and medium-sized enterprises in the United Arab Emirates can be ‘painful’, taking up to three months, according to a new white paper published on Sunday. 


The white paper said the primary pain points during the banking setup process were inadequate transparency, inconsistency around what documents are required and ‘insufficient guidance by bankers throughout the account opening process’.

While the need to comply with stringent banking regulations - to combat terrorist financing, money laundering and tax evasion - was suggested as a reason for the slow process, recommendations were made, including greater transparency around paperwork and processes, offering a ‘one-stop solution for a trade licence and bank account’, and a ‘basic no-frills’ bank account providing an IBAN number with a limited service, including caps on transaction amounts and offering domestic transactions only.