BUSINESS BANK ACCOUNT
Open a Business bank account in the UAE
A business bank account helps in the incorporation of your business setup in UAE. UAE is one of the best places for businesses due to its government, which has favorable and stable conditions, and trade laws are quite uncomplicated. Its geographical location also helps in conducting international trade by land, air, and sea with much ease. These elements have contributed to many investors taking their business deals to the UAE.
Be it an established business or getting just off the ground, it requires a solid foundation to support its cash flow and balance. Without long-term bank support, a business could hardly be extended. To avoid such a situation, banks in UAE extend outstanding business banking services, and it is very easy to open business accounts.
The business bank accounts in UAE are designed to keep safety and flexibility in the minds of the client's requirements. Opening a corporate bank account in the UAE presents large renewed transactions, easy and quick access to funds, and straightforward cash management for smooth business operation.
On this page, we will help you understand all the basics of corporate bank account opening when you start your business in UAE.
What are the various Types of Business Accounts in the UAE?
Business Accounts are divided into 3 different structures namely-
Mainland
Offshore
Freezone
Within the United Arab Emirates, there are many types of bank accounts, each serving diverse business purposes.
The following are some of the account types:
Current Account: A current account allows free and easy access to money, facilitating day-to-day transactions and making payments. As it allows unrestricted withdrawals and making a payment, it is befitting for those businesses that have to deal very frequently with the inflow and outflow of money.
Savings Account: A savings account can let the business earn on idle capital. It allows idle funds in business with a low-interest rate on the deposited sum.
Fixed Deposit Account: Fixed deposit accounts yield higher interest rates for a specific period of time. They are ideal in case your business has extra cash lying around which is not urgently required and as a general rule, they usually offer more attractive interest than what one would get from any ordinary savings account.
Multi-Currency Account: The multi-currency account provides the facility to hold multiple types of currencies within a single account. It helps international trading companies or organizations that have to deal with different currencies avoid the hassle associated with conversion fees and hence helps them to effectively perform cross-border transactions.
Zero Balance Account: Zero Balance Bank Account Opening for Startups and Entrepreneurs may be one of the best options. This product has been designed solely for startups and entrepreneurs. It offers highly beneficial banking solutions, exactly tailored for the skilled business owner and entrepreneurs.
How to Open a Business Account in the UAE?
Opening a corporate bank account is a must when it comes to establishing a business in Dubai. It is very easy to open this type of account.
Step 1: Obtain a Valid Trade License
No application for the opening of a corporate bank account can be entertained without furnishing proof of a valid license for trade. In the absence of this, banks will not even consider your application.
Step 2: Gather All Documents Required
Along with the license in place, get together all other necessary documents to send in the application for a bank account. Preparing them well in advance paves the way for faster approval of a corporate bank account opening.
Step 3: Check Visa Requirements
Applicants in the UAE can apply without a residency visa. In the case of applicants for joint accounts, if the partners are non-residents, a valid visa is required. It is also applicable in the case of applicants who are non-residents.
Step 4: Select the Bank and Account
Look for banks whose features, benefits, and perks cater precisely to your business needs. Experts like Biz Banking offer personalized services in selecting the best corporate account and bank to be able to set up a business in Dubai.
Step 5: Submitting the Application
Applications are accepted in different ways by different banks. Normally, it involves filling out forms with personal and business information, attaching the required documents, and submitting them to a representative of the bank or in person. This is an apparently prudent process that reduces errors and ensures seamless opening of corporate bank accounts.
While opening a bank account in Dubai, some tips to be borne in mind include:
Well, it is quite a straightforward procedure nowadays, as most of the Licensing Authorities/Registrars in the UAE have waived off the requirement of capital deposit except for a couple.
Most of the banks have the option to open multi-currency corporate bank accounts.
Most of them do not have a minimum balance policy, with the minimum monthly average cap as low as AED 10,000 or its equivalent in any other currency.
The first step toward a successful business is to select a reputed and authorized Banking consultant.
At the central focus of quality services, FAST GROW BANKING & BANKING CONSULTANT remains the most in-demand business setup company in the UAE. This is the best opportunity to scale up your business with us. Contact Best Solution Management services today to avail of your free consultation for Opening a Bank Account in UAE.
