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Checklist for Selecting the Right Bank for your Business Account in UAE

The UAE is frequently the top choice for investors because of its extensive government support for commercial institutions, great opportunities for business setup, transparent governmental policies, tax benefits, and business infrastructure. In order to facilitate efficient trade operations both locally and internationally, foreign investors frequently create a corporation with a corporate bank account in the UAE. The banking industry in the UAE is well developed, offering investors trust, protection for their money, and convenient foreign banking services. 

The question which should be arising in your mind by now is how you can select the Best Bank for your own Business Account in the UAE. Thus in this Blog, Dhanguard will extensively lay out all the parameters which you should look at before opening a Business Account in the UAE. So without any further ado, let’s learn!

Along with a wide array of services provided, Dhanguard also helps with Mainland, Offshore and  Business Account opening as well.

How to choose the Best Bank for Business Account in the UAE?

Choosing the best Bank to open your Business Account can be very taxing in the UAE. This is so because there are so many options available to a person looking for a Bank. Nevertheless, below mentioned are the major parameters, with the help of which you can select the Best Bank which caters to your needs perfectly.

They are as follows-

Pursue a Banking Consultant if in Doubt

You will require a bank account in order to make your transactions. Therefore, choose the appropriate bank based on the nature of your transactions and services, such as a cheque book, debit/credit card, trade financing, and other instruments. Always consult a specialist before making a hard and fast choice while selecting the appropriate Bank for yourself. It is important for you to be aware of the bank's history, size, and clientele as well and a good banking Consultant can assist you with that.

Enquire about the Fees and Charges

Before selecting a Bank to open your Business Account, you must also get to know about the Fees and Charges that will be levied, when you will start your Business Account. 

Below mentioned are the most general kinds of Fees and Charges that a Bank may ask you to pay up-

  • Learn what fees the bank may charge you if you fail to maintain the minimum balance required.

  • If you withdraw more than the maximum permitted amount, be aware of the transaction fees.

  • Whether or not you keep an average balance, the banks will still charge you these fixed fees. The minimum balance requirement is not to be confused with.

  • You should also familiarize yourself with the annual service charges that the bank imposes.

  • Other additional relevant charges

Go through the Policies and Guidelines of the Bank

Banking Policies and Guidelines differ from one bank to the next. Make a list of all the needs your firm has, and make sure the bank you choose can both meet those needs now and grow along with you as your business does. Check out the advantages that banks offer, such as

  1. Debit and Credit card capabilities

  2. Features of Cheque Book

  3. Depending on your needs, you can access online banking using a mobile application or website.

Examine the Payment Options offered by the Banks

Always look into the different payment services that the banks are providing. In order to select the best bank, you must determine whether it provides online payment services for the following:

  • Payment of utility bills such as-

DEWA- Dubai Electricity & Water Authority Bill Payments

SEWA- Sharjah Electricity, Water and Gas Authority Bill Payment

FEWA- Federal Electricity and Water Authority bill payments

Telephone Bill Payment- Etisalat & DU   

  • Government related bill payments.

  • You also need to check whether the bank is providing Payment Gateway Services.

Bank Branch and ATM Location

Pick a bank that is close to your place of business in an emergency, going with the bank that has the closest branches or ATMs is the best option as it will save you a lot of time.

Does the Bank provides WPS

By using authorized and registered agents, such as banks, money exchanges, and financial institutions that have been given UAE Central Bank approval, institutions are able to pay workers' wages using the Wages Protection System (WPS), an electronic salary transfer system. You must verify if the bank of your choosing provides this kind of service. The primary audience for this is Mainland Company.

What kinds of services do Banks provide in the UAE?

The Services Offered by the Banks in the UAE are as follows-

  • ATM Services

  • Cheque Book Facility

  • Credit Card and Debit Card Facility

  • Customer Service

  • Facility of Credit

  • Flexible Transfer of Funds

  • Facility of Multi Currency Account

  • Swift Online Banking

  • Types of Bank Account (International, Offshore)

Which are the Best Banks for Business Account in UAE?

The Best Banks for Business Account in UAE are mentioned below-

Abu Dhabi Islamic Bank (ADIB)

The two primary account types offered for business use by Abu Dhabi Islamic Bank are:

 

  • Deposit account - immediate access to available funds: Commercial Banking Call Account (available in AED, USD, EUR, and GBP)

  • Business Current Account – a specialized bank account for varied business needs (available in AED, USD, EUR, and GBP)

At the same time, each account is offered in a selection of account options, each of which is made to be able to handle a variety of financial chores for businesses. These account’s purposes and minimum account balance requirements differ, as does their amount.

 

Read More: Confused between which Bank to Choose for Personal Loan in Dubai? Read This!

Emirates NBD Bank

In the United Arab Emirates, Emirates NBD offers the best services for setting business bank accounts. To fulfill all of your financial and commercial needs, this bank is ready to offer the best bank accounts in the UAE. 

  • Emirates NBD offers three business accounts to meet its customer’s day to day banking needs.

  • It consists of a current account, a fixed deposit account, and a call deposit account. The bank provides a range of bank accounts, including straightforward checking accounts, interest bearing accounts, and flexible deposit accounts.

  • It's also important to note that all of the bank accounts have competitive interest rates and may be opened in a range of currencies.

Mashreq Bank

The oldest private bank in the United Arab Emirates is Mashreq Bank. This bank's history of assisting commercial clients is wide and extended. 

  • A range of profitable, stable, and customized business accounts are offered by Mashreq Bank to its customers. 

  • Business First, Business Premium Account, Business Platinum Speed X Account, and Term Deposit are the four divisions for business accounts. 

  • For the purpose of facilitating regular business operations, each of these Mashreq Business Accounts offers its customers a wide range of customized account services.

Emirates Islamic Bank

Emirates Islamic Bank is the best option for those who want to manage their money well. 

  • The account user can use the bank's phone or online banking services to ensure a convenient 

  • Emirates Islamic Bank Account Opening process or to have a positive banking experience. 

  • They'll be able to save more money thanks to the high profit rates on these accounts.

RAKBank

With a RAKBANK Business Account, you always have easy access to your funds. 

  • Because it has a low minimum balance and accepts a range of national and foreign currencies, it is a desirable solution for their business customers. 

  • They provide a variety of current and deposit accounts to meet your needs.

Conclusion

Banking can be a bit of a taxing activity, if you are new in the UAE or not properly familiar with the Banking Norms. Therefore we strongly suggest that the most effective strategy to make sure that everything runs without a hitch is to work with a professional or a banking consultant . During every step of the process, whether it is to open a Business Account or to apply for a Loan or a Credit Card, our banking consultants will be there to assist you. Dhanguard will make sure that opening a business bank account isn't anything you have to worry about when establishing a new business because you already have a lot on your plate. Thus we hope this blog provided you with insightful information. For more information on other related aspects, feel free to check out our website as well or visit our Head Office in Dubai.

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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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