Why is a visa to start a business in the UAE important?
Key question for a business owner in the Emirates:
This article is about United Arab Emirates visa, the relationship between bank accounts and company formation.
In the UAE, you can be abroad in a few days start a company. Under UAE law, a resident visa is not required to set up a company.
However, if you also want to open a business bank account in the UAE, banks will ask the company owner for a UAE resident visa. This is now a basic requirement.
In case you open a bank account (personal or business) as a UAE resident visa holder, the bank will identify you as a "UAE Tax Resident". tax residencewill be registered in your system as. Therefore, the bank will not share its banking information with the domestic tax office.
This is key to discreet banking.
Conditions of entry
While you do not need to visit the UAE to set up a company, you do need to travel to the UAE to obtain a residence permit.
Hungarian citizens with a passport valid for at least 6 months from the date of entry may stay in the country as a tourist for 90 days within 6 months and enter the country without a visa. However, if you are coming to Dubai after setting up a company for visa purposes, a pre-arrival visa will be required and the actual visa process will start after entry. Visas are generally valid for 2 years and can be extended upon expiry.
Opening a bank account as a visa holder
The last step in the visa process is when you receive your Emirates ID, your local ID card. This is the basis for all your outbound arrangements. From here you can have a bank account, a phone or even rent an apartment. To open a bank account, whether for business or private use, you should seek expert advice and assess exactly how you will use it. It is possible digital or in a traditional bank to open an account, but it also determines the preparation ahead.
You can find more information on our blogs or contact us with any questions.
Please note that entry rules are subject to change, so please keep up to date.
