Address
Office 962, 9th Floor,Burjuman Business Tower,
Al Mankhool, Dubai, UAE
You can reach out to our Concierge team at management@polariswmc.com to schedule a free consultation and discuss the best bank account options tailored to your business needs.
Different banks have varying requirements, and the approval of your bank account depends on several factors. Sounds overwhelming? Don’t worry; we’re here to help!
Once you provide the necessary documents, our team will submit your application. Depending on the bank you select, you may need to be physically present; however, your concierge consultant will schedule an appointment and accompany you throughout the process. If the bank requests additional documents via email, simply inform your concierge consultant for appropriate guidance. The average approval timeline can range from 24 hours to 4 weeks, depending on the bank.
Many business owners think it's easier to use their personal bank accounts. However, separating your personal and business accounts is one of the best decisions you can make for the longevity of your business, and here’s why:
It enhances professionalism in dealings with customers and vendors, increasing your credibility when your payment system displays your company name.
It lays the groundwork for business growth, helps you keep track of your business transactions, and opens up opportunities for business loans if you seek funding for future expansion.
It ensures that your business transactions are recorded accurately and comply with legal requirements. By separating personal and business assets, it protects your personal assets, which may be subject to scrutiny in various situations.
It simplifies tax preparation by allowing you to organize your business transactions and make accurate estimates. **All businesses in the UAE must register for VAT if their taxable supplies and imports exceed a specific threshold.**
