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No Minimum Balance Business Accounts in UAE

All business owners require a safe and secure location to store their funds. Banks in the UAE provide the greatest business account alternatives for both established and startup enterprises. To manage your finances professionally, you should open a business account. It can assist you in keeping your personal and professional funds distinct while reviewing what comes in and what goes out.

Some firms find it difficult to maintain the required minimum monthly balance on their business accounts. We can assist you if you are one of those account holders. In this post, we've compiled a list of the finest business accounts that require no minimum balance to open and maintain. Continue reading to identify the one that best meets your company's needs. With the help of this blog Dhanguard will guide you with no minimum business balance account in UAE.

Best Business Balance Accounts in UAE

The best-performing zero balance business accounts to open in the UAE are listed below

HSBC BSP Premium Account

The HSBC BSP Premium Account is one of the bank's current business accounts.

The following are the key features and advantages of the HSBC business account

  • AED, USD, JPY, Euro, GBP, and other currencies are among the options.
  • Exchange rates that is competitive
  • Use the bank's ATMs or check and cash deposit devices for free cheque and cash transactions.
  • Banking over the phone is completely free.
  • HSBC Business Customer Service Centers are open 24 hours a day, 7 days a week.
  • There is no requirement for a minimum balance in each current account.
  • AED 1500 per month is charged as a maintenance cost.

RAKSTARTER SME ACCOUNT WITH RAKBANK

To assist start-up firms in maximizing their financial efficiencies, RAKBANK has created this business account with low minimum balance requirements. The following are the key features and advantages of the business account

  • There is no requirement for a minimum balance.
  • Access to an unlimited number of chequebooks
  • On the account balance that is kept, there are attractive interest rates.
  • On a zero balance in the business account, there is no fall below fee.
  • AED, USD, Euro, and GBP are among the currencies available.
  • Rates for trade finance are competitive
  • Fixed deposit rates are attractive.
  • Phone banking services are available 24 hours a day, 7 days a week.
  • Relationship manager with a specific focus

Silver ADCB Business Choice Current Account

Customers of ADCB can choose from three different types of Business Choice Current Accounts. One of these is the Silver Business Choice Current Account.

The characteristics and benefits of the bank account are listed below

  • On the balance in the account, there are attractive interest rates.
  • Minimum balance required is low.
  • 4 free chequebooks per year
  • Business Choice debit card is provided free of charge.
  • E-statements are available for free.
  • 15 teller transactions each month are provided free of charge.
  • Other ADCB financial products are easily accessible.
  • ADCB Business Choice Current Account - Gold

Gold Business Choice from ADCB Another zero-balance business account with excellent perks and minimal minimum balance requirements is the current account.

The characteristics and benefits of the bank account are listed below

  • Every month, you get a free chequebook.
  • Free teller transactions for the first 30 transactions each month.
  • Debit card for free
  • Chequebook will be delivered to the specified location.
  • Remittance fees are low.
  • Other ADCB financial products are easily accessible.

ADCB's Business Option Platinum Current Account

Platinum Business Choice by ADCB The current account is well-known for offering competitive interest rates on bank account balances.

Features and advantages of the bank account are listed below

  • Insurance for your business at no cost
  • There are no additional fees for unlimited teller transactions.
  • Debit card for business at no cost
  • Every month, you'll get three free chequebooks.
  • Chequebook will be delivered to the specified location.
  • 1 complimentary remittance per month
  • Other ADCB financial products are easily accessible.

Documents Required for Opening a Business Account

The list of documentation that must be presented differs by bank. The following is a list of some of the standard document needed to open a business account with any of the UAE banks.

  • All stockholders will receive a copy of the Emirates ID card.
  • Shareholders' residence visas
  • For the company's director and all shareholders, a copy of a valid passport is required, as well as a valid trade license.
  • Articles and Memorandum of the Company's Shareholders' Registry
  • a business strategy
  • Certificate of incorporation
  • Business partners' letter of recommendation
  • Existing contract copies
  • Fund disclosure sources
  • Copy of the stock certificates
  • Certificate of good standing
  • Extract from a business (as per the official registry of the company)
  • Statements of all stockholders' personal bank accounts for the last 6 months

How to Open a Business Account in the UAE in Easy Steps

To open a business bank account, follow these simple steps

Obtain a Current Trade License

When trying to open a business account, the first thing an applicant must do is obtain a valid trade license. The bank will not even examine an application for a business account if the applicant does not submit a trade license.

Obtain the Required Documents

After obtaining a working trade license, the applicant must collect the remaining paperwork needed to register a company account in the UAE. Having all of the necessary documentation prepared and organized can assist candidates in streamlining the entire application process and obtaining immediate approval.

Consult the Visa Requirements

To open a business account, UAE nationals do not require a residency visa. If they want to open a joint business account and one of their partners is a non-resident, they'll need to get a residency visa for them.

Select the Business Account option.

Once all of the documents are in order, the applicant can search for a bank that offers the finest features and perks for business accounts. They can either go to the websites of various banks to see what they have to offer, or they can go to our website to see what they have to give. Calling our customer service number is one of the most convenient ways to reach our helpline. Our financial professionals assess the customers' financial needs and assist them in opening the bank account of their choice.

Request a Business Account

For consumers who want to open a business account, each bank in the UAE has a different application process. Filling out the application form with all of the fundamental facts about the firm, attaching all necessary papers, and presenting it in the presence of one of the bank's representatives is the standard procedure. This ensures that candidates do not make any errors when completing their application.

Conclusion

It's time to take action now that you know how to open your preferred business account. Make sure you understand all of the features, perks, and pricing structure of the business account you want to open. This aids you in making the best financial option for your company. Please do not hesitate to contact Dhanguard if you require any support throughout the application process. We will gladly assist you.

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Frequently Asked Questions

Yes, a foreign entity can open business account in the UAE. The registration of any organisation in the UAE is generally an easier and cost-effective way.

The requirement for opening any bank account in the UAE vary from one bank to another. Although, the existence of a major director or shareholder is generally required.

A limited company should have a dedicated bank account because they have a separate legal entity.

The benefits of having business account includes tracking of the expenses, easy calculation of the tax liabilities as well as management of cash flow.

Yes you can open a business account in various major currencies of the world other than the UAE dirhams.

Every bank has a unique internal procedure and timetable for opening accounts. For an LLC or a Free Zone company, obtaining a bank account in the UAE normally takes 2 to 4 weeks.

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