Banking Solutions
Open a Business Bank Account in Dubai
Want help with Business Bank Account Opening in Dubai? Get help from us to open a bank account with top players - Emirates NBD, First Gulf Bank, HSBC, and Barclays.
Opening a Business Bank Account
Looking to open a business bank account in Dubai? Many entrepreneurs and business investors would think that the company formation process ends with registering a company and obtaining a trade license. But it’s not! There are additional tasks to be taken care of establishing your company, and one of the most important things is to – Open a Corporate Bank Account in Dubai. With around 50 UAE licensed banks, it’s a confusing task for entrepreneurs whether to choose Emirates NBD, First Gulf Bank, HSBC, and Barclays. Here comes the importance of getting help from our Business Setup Consultants in Dubai.
Open Business Accounts in UAE
Get details about Business Account Charges and calculate total cost of Business account charges
Top 5 Benefits of Opening a UAE Bank Account
Let us discuss a few of the features and benefits of opening a company bank account in the UAE.
1
- You can protect your personal liabilities by opening a bank account to manage business funds.
2
- It makes international remittances quickly and offers effortless exchange of currencies.
3
- Having a credit card account will help you make bulk purchases instantly without paying money upfront if you have a good credit score.
4
- Business loan options will have less interest.
5
- Get access to tax liabilities.
Opening a Business Bank Account in Dubai
Depending upon the nature of your business, the cash flow, and your profits, you must determine the type of Bank Account you wish to open – it can be – a current account, savings account, merchant account, or credit card account. The higher the transactions are, the incentives you receive from your bank will also be higher. Let us explain the important things to be considered while opening a bank account in Dubai.
Document Required for Account Opening
Process to Apply for a Bank Account
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Eligibility Criteria to Open a Bank Account
To open a Business account in Dubai, the applicant should comply with the list of eligibility criteria as set by the bank. The qualifying terms may vary from bank to. However, there are some general norms to adhere to, and they are listed as follows: -
- Must meet the minimum deposit amount as fixed by the bank
- Must maintain a minimum average balance as determined by the bank to which you are applying
- Must provide an existing bank statement of your savings or current account (if any)
- You must be ready to offer a proper KYC for your clients/customers, and shareholders.
Contact MTR Experts Now!
Want to open a Business Bank Account with the UAE Banks? The application process seems simple, but it will be straightforward only if your application is complete and free from errors & typos. So, it’s advised to get help from experienced consultants in opening a business bank account in Dubai, like MTR Experts.
MTR Experts, the best business consultants in Dubai, works with a team of experienced people who can turn the dreams of entrepreneurs and SMEs into reality.
From handling the company formation process, business consulting & management, and work permits to opening a business bank account in UAE, we will take care of everything and leave you free to run your business smoothly. So, if you have any queries related to company formation in UAE & to open a business bank account in Dubai, UAE, contact us now!
Frequently Asked Questions
1. What does it cost in Dubai to register a business account?
Most banks in the UAE don't charge a cost to open an account, however many of them do levy an annual or transaction fee. It's also important to keep in mind that most accounts require a minimum balance of AED 5,000 to AED 150,000.
2. Why is opening a business bank account in the UAE so challenging?
The UAE is committed to fighting financial crimes, particularly money laundering, therefore opening a corporate bank account might be challenging. Candidates must demonstrate their reliability to the bank they are applying to. Get help from our team to open a business bank account in Dubai without any hassle.
3. What are the documents required to open a business bank account in Dubai?
- A copy of a valid passport
- Copy of the Emirates ID and business partners/shareholders if any
- Utility bills
- Summary of business plan
- Information about the type of business activities
- Personal & Corporate Bank Statement for the last 6 months
- List the name of 5 customers and suppliers for reference
- Statements proving the source of income
- Company Registration and Company Formation Documents
- Certificate of incorporation
- Details of shareholders
- Certificate of good standing
- Bureau certificate to prove your credit standing
4. Which bank is best for company account in Dubai?
Listed below are some of the favourable business accounts in Dubai:
Emirates NBD Business banking
Abu Dhabi Commercial Bank (ADCB) Premium Current Account
Commercial Bank of Dubai (CBD) My Business account
FAB Business Advantage Account
Abu Dhabi Islamic Bank (ADIB) Business Elite Account
We maintain strong tie-ups with all the local banks, as well as global players. To open a business bank account in Dubai, contact us now!
5. Can I use my personal bank account for business in UAE?
A personal account cannot be used for business purposes, thus if you require a bank account for business purposes, you must form a company and open a corporate account for it. It is not allowed to conduct business using a personal account.
