The bank guarantees the borrowers to repay the entire debts that is owed to the lenders upon guarantee issuance.
Beneficiaries can avail the reparations form bank as as given in the contract for non-performance of the obligation.
Bank provides a foreign bank guarantee on behalf of the bank that operates in the beneficiary’s domicile country.
A legal agreement or contract between the borrower, lender, and the guarantor for paying back debts of the borrower whereby a financial institution agrees to take in charge of debt repayment.
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Corporate Bank Guarantees act as a powerful risk management option for the beneficiaries, as it helps to address the financing needs and save from monetary loss.
Corporate Bank Guarantees secure contract requirements without having the need of lodging cash for the purpose of payment security deposits or bonds.
Corporate Bank Guarantees add creditworthiness to the financial state of the business, and thus, it builds up the reputation of the business.
Interest can be availed for the cash that has been deposited by cash-covered bank guarantees.
The types and choices of bank guarantees can vary depending on the business needs. Customers can also get advise from our financial experts to get corporate bank guarantee.
| Requirements | Salaried Individuals | Self Employed |
|---|---|---|
| ID Proof | National ID or valid passport with UAE residence visa and Emirates ID of all signing authorities and shareholders | National ID or valid passport with UAE residence visa and Emirates ID of all signing authorities and shareholders |
| Income Proof | Valid legal and constitutive documents (i.e. Trade Licence, Partnership Agreement, Certificate of Commercial Registration, Freezone Certificate of Incorporation, Memorandum of Association, etc) as required | Valid legal and constitutive documents (i.e. Trade Licence, Partnership Agreement, Certificate of Commercial Registration, Freezone Certificate of Incorporation, Memorandum of Association, etc) as required |
| Residential Proof | Details of Ultimate Beneficial Owners | Details of Ultimate Beneficial Owners |
| Residential Proof | Bank Reference Letter and Company Profile | Bank Reference Letter and Company Profile |
| Residential Proof | Power of Attorney or Board Resolution | Power of Attorney or Board Resolution |
| Residential Proof | Proof of Address | Proof of Address |
| Residential Proof | Audited financial statements | Audited financial statements |
The application procedures and requirements for availing corporate bank guarantee differs from bank to bank.
Collect all the required documents that is mentioned above to get a corporate bank guarantee.
Apply for the corporate bank guarantee depending on the financial need/requirement.
Avail the services once the request is granted, to meet the specified requirements.
A corporate bank guarantee offers several benefits. It reduces the potential risks of transactions and also ensures the discharge of obligations as defined in the agreement or contract.
It is not a harder task to avail corporate bank guarantee in Dubai if you hold all the required documents.
The guarantee expires on different cases as given below
After verified investigation, banks issue a bank guarantee for the business on their request on submission of the required documents.
Banks collect the guarantee fee based on the type of guarantee they provide.
The eligibilty criteria to avail a corporate bank guarantee is defined by the concerned bank.
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