Hefty minimum-amount requirements combined with a bureaucratic and lengthy procedure are just some of the hurdles the country’s entrepreneurs face when setting up an account for their small businesses.
There are certainly advantages to launching a start-up in the UAE, but cumbersome banking procedures continue to be a sharp thorn in the side of entrepreneurs who told Arabian Business that the requirements for setting up a bank account were among the major hurdles they had to overcome.
Opening a bank account for a start-up could take up to a year, another reason why 65 percent of the country’s entrepreneurs cited banking as the biggest challenge they faced when setting up a company, according to a 2018 study by Dubai Chamber of Commerce and Industry and the UAE Ministry of Economy.
