Free Zone Corporate Bank Account Deposit

Overview

This step is about making the required minimum capital deposit at the corporate bank account of your Free Trade Zone Company. Your corporate bank will check quite a few things during this stage.

The next stage is the release of the trade license of your Free Trade Zone Company.
The previous step is opening a corporate bank account.
 

What do you need to deposit the company capital?

Most important you need a bank account in YOUR NAME from which the deposit capital is transfered. This ensures the origin of the capital is correct and actually comes from you - the owner of the Free Zone Company.
 

  1. Corporate Bank Account number
  2. IBAN/BIC/SWIFT bank codes
  3. Foreign account
  4. Company Capital (ie: 100.000 Dirham)

Don't forget to add the international banking fee to the total amount and avoid a transfer with shared transfer costs. The latter will add an extra delay to the process because the total amount received at the corporate bank is less than required.

The Deposit Process

Starting an international bank transfer from your country to your corporate bank account in the UAE.

TRIPLE check the account number and SWIFT / BIC  / IBAN number.

Duration: 1-2 weeks
 

The Result

The letter from the corporate bank confirms the arrival of the deposit. It states the origin of the deposit, the amount received and the names of the persons who have made the deposit. The bank letter will only be made when all deposits are received correctly.
 

Company Capital Deposit details

The name and account number of the foreign account holder is crucial in this process. It should match the name of the investors as stated on the copy of the bank account during company registration. It is not possible to make a cash deposit. The origin of the Corporate Capital must be traceable by the bank AND the Free Trade Zone.

When the foreign account is a shared bank account, a signed letter must be submitted to the Free Zone stating that each member with access to the foreign bank account agrees with the deposit to the corporate bank account.

In a multi-investor situation this process step can take quite some time specially when all investors have to make international bank transfers.