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How to Open your First Corporate Business Bank Account, UAE

By Sakshi Srivastava - 17 Nov 2021 Last Updated: 11 Aug 2022
How to Open your First Corporate Business Bank Account, UAE

Stability and Security are the Hallmarks of the Banking Industry along with Reliability and Excellent Services in UAE Banks. The United Arab Emirates has always attracted worldwide Entrepreneurs owing its Vibrant Economy and Large Population. The United Arab Emirates is well-known for its renowned banking business and the high level of client privacy that banks give. Its financial system is known for its consistency. Local banks are well-known over the world for their high levels of security, dependability, and great customer service. It's important to keep in mind that each financial institution has different requirements for opening a business bank account.

What steps should be considered before Opening Business Bank Account in Dubai?

  1. If you have a Limited Liability Company (LLC) on the mainland or in a free zone, or even a branch or subsidiary, you can apply for a corporate bank account with a local bank.
  2. If you own a small business or a start-up, your presence as a bank signatory is also required for filing the application and validating the passport in the presence of the banker for a day or a few hours.
  3. In terms of documents, you must evaluate the company operations, the number of shareholders, the management's business background, and the new entity's business plan in the UAE.

How to Open a Bank Account in the UAE?

The requirements for opening a corporate bank account in the UAE differ from bank to bank, although most banks demand the presence of a significant shareholder or director. The first step in opening a bank account is to fill out an account opening application, which must be accompanied by complete firm data. Proof of business, such as contact and invoice information, as well as information about the company's clients and suppliers, might be included.

The steps to open a Corporate Bank Account in the UAE are:

Obtain a Business License

When you open a company, one of the essential steps is to get a valid license. Without a license, the bank will not recognise you as a corporation and you won't be able to create a corporate bank account.

Gather the Required Documents

The next critical step is to double-check that all of your legal and business paperwork are up to date.

Examine the Visa Requirements

The next step in opening a business bank account is to find out if any of your company's stockholders need a residency visa. Only a few banks need verification of this from at least one shareholder, while others do not. So there's the question of whether your stakeholders have resident visas or not.

Choose Bank

Once you have all of your documentation in order, you may start looking for a bank that fulfils your Requirements. There are various national and international banks to pick from, as noted above. When choosing a bank, keep the qualifying conditions and income in mind.

Application Process

It's time to start the formal account-opening procedure. It is usually a good idea to go to a bank branch and speak with an advisor who can address any questions you may have. You can continue with the process once they tell you what to do so.

What are the Prerequisites for Establishing a Corporate Bank Account in Dubai?

The common requirements are: -

Benefits of Opening a Business or a Corporate Bank Account

Here are Some Features and Benefits of Opening a Business or a Corporate Account:

  1. Your Personal and Business-related Funds will be completely separate with protection on your personal liability.
  2. Direct Deposit of Money from Customers that can be checked online.
  3. You can nominate an Employee who will be legally appointed to handle the financial matters, which can be tracked anytime.
  4. UAE offers most Competitive interest rates or profit rates in the whole region.
  5. You can make International Remittances through Business or Corporate Account.
  6. Along with UAE Dhiram, you can open your account in any of the other Currencies accordingly.
  7. Business organisations can also get complimentary cheque books from banks.
  8. Majority banks in the UAE provide business organisations low or Zero balance business accounts, making it easier for them to manage their cash flow.
  9. The credit card assists the company in making large initial purchases or establishing a credit score.

Eligibility Criteria for Opening a Business Account in the UAE

The business organisation must meet specific qualifying conditions set forth by the bank in question. The following are some of these requirements:

Average Minimum Balance

The organisation is obligated to keep a monthly average balance of a certain amount.

Savings Account or Checking Account

To be eligible to open a business account, several banks need the business organisation to have a savings or current account.

Types of Business Accounts in UAE

Types of Business Account in UAE are as follows-

Offshore Account

An offshore account is a bank account that can be opened outside of your home country. This type of account is meant to preserve and safeguard your assets when undertaking international transactions, as well as to profit from tax advantages. Dhanguard will guide you through the process and prepare all necessary paperwork. We'd be pleased to discuss the procedures you'll need to take to open your own Offshore Bank Account with you. We make sure that your interactions with the bank are as efficient as possible.

Mainland Account

Mainland Account will be established by companies that are incorporated as onshore companies and have been authorised by the Department of Economic Development. It expands company options in the UAE's domestic markets while also allowing them to operate freely in the regional market. Dhanguard is a Fintech company that helps people manage their money. By submitting the necessary documentation and following the proper procedures, we assist our clients with Mainland Account Opening.

Freezone Account

A free zone business must have a bank account in order to execute transactions and handle other financial affairs. In the United Arab Emirates, opening a freezone account can be challenging. Banks are the most trusted organisations in the UAE, yet opening an account is no longer as simple as it once was. But have no fear, Dhanguard is here to assist and guide you.

Conclusion

Every company must have a financial management system in place. Business accounts are used in the UAE to track money owing to firms and creditors, as well as cash balances and employee payments. Not only is it our job, but it is also our mentality, to make your company requirements as simple as possible. Dhanguard helps you to Choose your Account with its Benefits and Features provided. With a large network of banks, years of experience, and a knowledgeable team, is here to assist and guide you in Opening a Business Account or a Corporate Account in UAE.

Open business bank account online in Dubai, UAE. Compare and apply for business bank account from leading banks with Dhanguard.

By Sakshi Srivastava

17-Nov, 2021

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