With the introduction of Wio Bank, banking has never been easier for businesses in Dubai. It has made the process so much easier for thousands of businesses registering every single month here in Dubai to finally get a Wio business account up and running.

No more waiting for months on end without having any bank, and the old stories of people saying that they couldn’t open a company bank account are getting less and less common thanks to Wio Bank UAE.

How to set up a Wio account

So if you’re new to Dubai and want to start off with one bank before setting up with major banks, go to the App Store and search Wio. You’ll see that there’s a personal app and a Wio business app. Let’s proceed with the business app.

The first thing you’re going to go ahead and do is just add your name. The next step is to select your role in your company. You have to have your entire company setup process done first before you actually set up your bank account. If you want to learn exactly how to do that and want our help, then book a call with SetHub down below.

After you’ve done that, go ahead and enter your company name. This name will be on your business license and your other documents as well. After this, Wio will show you all of the products they offer inside their app. Then just click next for the next step. Put your email in, and Wio will send you an OTP so you can confirm that this is a valid email. Up next, choose your password and confirm it by typing it again.

How to get support

The next thing you want to do is reach out to SetHub for a referral code. Getting support from Wio directly might be a little more difficult, but we work with the people at Wio directly. So if you have any questions, feel free to go ahead and reach us. By using the referral code, we can actually help you with your banking. And of course, for all of our clients, we can work with you on a one-to-one basis.

Subscription

Alright, now that you’ve inserted this information, the next step is to go ahead and choose your subscription to this banking platform. The fee is really small, and we suggest that you just get whatever is best suited for you. The cost is not expensive. There’s the essential plan for 100 AED a month, and there is the grow plan for 250 AED a month — again, not much money.

Scroll down to section two and go ahead and put in your company information. In this first part, you’re going to select the issuing authority where your company is registered. There are a ton of options. The important thing is that you’re set up in the right free zone for your business. Once you have that, your company formation documents will be from that authority. Select that authority where your business was registered. There are over 40 different free zones, so the list is long, but just pick the one where you are registered.

After that, you’re going to go ahead and insert your company type — it could be an LLC, a free zone company, the list goes on — just insert the one that is relevant to your company setup.

In section five, you’re going to insert the companies you are doing business with. If you’re one of our clients, make sure to reach out to us so that we can help you make the best selections for all of these steps so that your Wio business account can be opened smoothly without any issues. Then you’re going to select the countries you’re doing business with.

Final steps

Now that your details are submitted for this section, we are at the last section, which is quite easy. All you have to do is upload your company documents, of course, the ones that they’re asking for.

If you set up your company with us, then we would have already provided all these documents for you to upload onto the app. Submit your trade license, then submit your MOA (Memorandum of Association), and then submit the optional document if needed. If you don’t need that, insert the proof of address for your business (not for you as a person, but for your business). This could be a flexi-desk, a lease agreement, or other options depending on your company structure. Upload that here, and the next step is to submit a picture of your Emirates ID, which of course we help you get. Then, wait for your corporate Wio bank UAE account to be opened.

Company Bank Account

Here at SetHub, we have tips and tricks to get your company bank account opened quicker. For some people, it might take a week or two, but for others, it might take just a few days. If you’re one of our clients and you use our referral code, we can help you open your bank account quicker because we have full access to the Wio Bank team, instead of just a support email you might find online.

Benefits

When you open a bank account with Wio Bank in Dubai, here’s what you get:

• A user-friendly platform to send and receive money and even invoice people
• A multi-currency account
• Add your Wio bank card to Apple Pay for spending money when you are out doing business 

Delivery

Now, you might be wondering: since Wio Bank is a digital bank, do they offer physical cards? Yes, they do. You can have it shipped to you in as quickly as 1-2 days. If you don’t want it quickly, you can select a time and date that is more convenient for you. You’ll receive a message from the delivery company, and you can tell them when and where to deliver it.

Cash withdrawals

Because Wio is a digital bank, many ask if you can deposit cash or checks. The answer is yes. Wio has partnered with First Abu Dhabi Bank (FAB) to facilitate this. With your Wio bank card, you can make withdrawals from any ATM, not just FAB ATMs. If you’re outside the country, you can still make ATM withdrawals. Wio currently offers only debit cards (not credit cards) that are Visa cards, not MasterCards. Wio also offers checkbooks if needed.

In Conclusion

After helping hundreds of clients set up bank accounts with Wio, we can say that it is one of the best business bank accounts to have. However, if you have a larger business with more money coming in and out, we’d suggest setting up with a major bank for more complex products like loans and credits. If you want assistance setting up your company and getting the best bank accounts, please book a call with us below!