Banking & Finance (Genera)

💳 Banking & Finance (Genera)

1. Can Free Zone Companies Open Multi-Currency Accounts?

Yes, UAE banks offer multi-currency accounts for Free Zone businesses handling global trade.

2. Are There Restrictions on International Transactions?

No, Free Zone companies face no restrictions on global transfers, subject to AML compliance.

3. Do Banks Require Audited Financials for Free Zone Accounts?

Some banks require audited statements for larger accounts or UAE business loans.

4. Can Free Zone Companies Get Business Loans?

Yes, UAE banks offer loans based on business performance and documentation for Free Zone financing.

5. Are Free Zone Companies Eligible for Trade Finance?

Yes, letters of credit and factoring support UAE import/export businesses.

6. Can I Use a Free Zone Account for Personal Transactions?

No, business accounts are strictly for company transactions in UAE Free Zones.

7. Are Banking Services Subject to VAT?

Banking fees are generally VAT-exempt, but confirm for advisory services in UAE banking.

8. Can I Open a Bank Account Before a Free Zone License?

No, a valid Free Zone license is required for UAE business bank account setup.

9. Do Digital Banks Accept Free Zone Companies?

Yes, banks like Wio and Zand support Free Zone business accounts in UAE.

10. What Documents Are Needed to Close a Free Zone Bank Account?

A closure request, updated license, and cleared dues are required for UAE bank account closure.