Business

YOUR FINANCES ARE THE BEDROCK OF YOUR BUSINESS

Dealing with the financial aspect of a business is tricky and doesn’t always get the attention it deserves. But finances are the bedrock that underpins everything your business does, so it’s paramount to get it right.

We offer our license holders the option to select financial services from our partners- local banks, international banks, exchange houses, fintech services providers and receive documentation assistance from our affiliates.

FREQUENTLY ASKED QUESTIONS

The process varies by financial service provider (FSP), as each has its own internal procedures and timeframe for account opening. However, opening a corporate account generally takes approximately 4 to 6 weeks.

Yes, the Emirates ID of the company’s authorized signatory(s) is a mandatory requirement for the account opening.

Most local financial service providers (FSP) in the UAE require a minimum balance to be maintained, which varies depending on the FSP. Generally, corporates must maintain a minimum balance of AED 10,000* to AED 500,000*. However, zero balance facilities are also offered with a minimum account maintenance fee.

Yes, you can start the process of opening your account However, you may be required to be present in UAE depending on your chosen financial service provider (FSP) to fulfil the verification requirements.

For digital FSP, the onboarding process is entirely online compared to the traditional FSP.

TERMS & CONDITIONS

Clients agree that they will be responsible for the accuracy of all information provided to Flying Colour and ensuring compliance with all regulations and applicable laws, as imposed by the Central Bank of the United Arab Emirates and relevant governing bodies.
All final approvals related to applications for bank accounts are subject to further approvals from the bank’s compliance department.
The timeline for processing a bank account is estimated to be completed within 4 to 6 weeks from the date of submitting all required documents. However, the timeline is subject to variation.

Clients agree that Flying Colour reserves the right to request additional information and/or documents. Consequently, this may result in an extension of the timeline provided above.
Clients will be required to provide detailed information regarding proof of funds and any additional information that the bank may request.
Bounced cheques, criminal cases, or any banking disputes, whether in the UAE or internationally, may result in immediate rejection in any application for an account.
We do not guarantee the opening of the bank account. The approval for the bank account and time frame is at the sole discretion of the bank’s management.