Open a Merchant Account in Dubai
Open a Merchant Account in DubaiUpdated on Monday 02nd April 2018
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As the businesses develop in a fast manner in the Emirates, whether on the physical market or via the internet, the entrepreneurs willing to establish their activities in Dubai must align with the requirements and trends of the moment. For example, any business with activities in the retail sector needs to have a merchant account which enables varied types of payments with credit cards or online through certain gateways. In this matter, several conditions must be met, and our lawyers in Dubai can provide you with details about the legislation in the financial sector and the requirements to consider when opening a merchant account in Dubai.
How to set up a merchant account in Dubai
Companies in Dubai have the possibility to offer varied ways of payment for their clients, such as the use of credit or debit cards for payments in shops or at the firms’ business places, payments via the email or the company’s website. These are the most important types of payments for which a merchant account is necessary. One should know that if he/she wants to set up a merchant account, the company’s documents and several application forms must be provided to the bank or to the financial institution chosen for such service. For instance, entrepreneurs can choose the same bank where the initial deposit was added to the registration of the company if such requirement was mandatory. They can benefit from numerous advantages like tax-free for any other services offered by their chosen bank.
If the merchant account has been created, the next step is to install a POS (point-of-sale) terminal necessary for payments with the credit or debit card at the place of the business. As for the online payments, the merchandiser or the business owner needs to solicit the services of an IT company which can implement the online payment system.
We remind that our attorneys in Dubai can help you set up a company and can provide you with complete support if you are interested in opening a merchant account. Also, you can watch the video below about how to set up a merchant account and about the related benefits:
The benefits of a merchant account
A merchant account set up for your company in Dubai is useful for varied payments made by customers who are convenient with the online or credit card payments instead of using liquid money. Besides that, all the financial transactions of a company can be better analyzed and kept in control. Businessmen are advised to solicit complete information about the merchant accounts available for use in the Emirates, including the ones which enable the possibility of making payments in varied currencies.
Additional details about how to open a merchant account in Dubai can be obtained if you contact our law firm in Dubai.