A Mainland Account is a type of business bank account in the UAE that helps the owners of the business track their expenses and manage their funds. This type of account is different from personal bank accounts as it is for businesses in the UAE.
Business accounts in the UAE are used to trace the money owed to the business as well as creditors, cash balance, and payroll given to the employees. There are 3 types of Business Setup in UAE, and each of them is required to open a different type of corporate bank account. Apart from Mainland Bank, We provide assistance for Freezone Company Bank Account opening & Offshore Business Account.
Opening a Mainland Business Account in the UAE is a crucial step for business owners looking to operate within the local market. This account helps businesses manage their funds, track expenses, and simplify their financial operations. In this article, we'll guide you through everything you need to know about mainland company bank accounts in the UAE, from what they are to how to open one, including the required documents and benefits.
A Mainland Business Account is a type of corporate bank account designed specifically for businesses registered in the UAE Mainland. Unlike personal bank accounts, this account is intended for business purposes, helping companies manage their financial transactions, including tracking income, expenses, and payroll. Mainland businesses in the UAE are required to have a mainland company bank account in order to operate in the local market.
In the UAE, there are three types of business setups: Mainland, Freezone, and Offshore. Each type requires a different type of corporate bank account. While this guide focuses on mainland business accounts, we also assist with Freezone and Offshore business account openings.
Mainland business accounts are tied to companies licensed by the Department of Economic Development (DED) in the UAE. These accounts are ideal for businesses that wish to engage with local markets and conduct business activities without any geographical or operational limitations.
Certain documents are necessary to open a mainland company bank account in the UAE. These documents are required by banks to verify the identity of the business and its owners, as well as to comply with local regulations. Here is a list of the required documents:
Trade License: A valid UAE trade license issued by the Department of Economic Development (DED).
Memorandum of Association (MOA): This document outlines the structure and purpose of the company.
Passport, Visa, and Emirates ID of all Partners: Required if applicable.
Office Tenancy or Ejari Contract: Proof of a physical office location within the UAE.
6 Months Bank Statement: Either personal or company bank statements from the UAE or the home country.
Utility Bills: These serve as proof of address for certain nationalities.
VAT Certificate: If applicable.
Business Model/Company Profile/Website: Describes your business operations.
Customer Profile (CV) of Signatory: Profile of the person who will be signing the account documents.
Existing or Prospective Clients: Details of suppliers and buyers.
Debit & Credit Invoices: Proof of business transactions.
Note: Basic documents are mandatory for all businesses, while supporting documents may vary based on the business profile.
There are several advantages to opening a Mainland Business Account in the UAE. These benefits make it an attractive option for companies aiming to operate in the UAE's competitive business environment.
Most UAE banks offer free debit/credit card facilities for mainland business accounts. This allows business owners to easily access their funds, make withdrawals, and conduct transactions. However, there are usually limits set by the bank on the amount that can be withdrawn.
Banks in the UAE often provide cheque books with mainland business accounts. This makes it easier for businesses to process payments and conduct transactions, especially when dealing with larger amounts.
Mainland business accounts allow for easy fund transfers using net banking or mobile banking services. Whether it's domestic or international transfers, business owners can manage their financial flows with ease.
Having a mainland business account may also open up opportunities to access loans or credit facilities from the bank. This can be especially helpful for businesses looking to scale or manage cash flow.
UAE banks offer competitive interest or profit rates on deposits held in mainland business accounts. This provides an additional source of income for businesses, making the account not just a tool for managing funds but also a way to earn passive income.
UAE banks provide round-the-clock customer service to address any queries or issues. This ensures that businesses can get help whenever needed, whether it's during office hours or outside of them.
To open a Mainland Company Bank Account in the UAE, the following eligibility criteria must be met:
Valid Passport with UAE Entry Page: A valid passport is necessary for identification purposes.
Applicant's Personal Profile (CV): A detailed CV of the business owner or authorized signatory.
Latest Utility Bill: Proof of address for the business or the applicant.
Reference Letter: A reference letter from the applicant's personal or business bank, either in the UAE or internationally.
Six Months Bank Statement: The bank may require personal or company bank statements for the last six months.
Source of Incoming Funds: Information on where the funds coming into the account originate from.
Minimum Balance Requirement: Most UAE banks require a minimum monthly balance to open a mainland company bank account. The specific amount varies by bank.
Mainland company accounts are preferred by banks for several reasons, making the process of account opening relatively straightforward:
Proper Office Setup: Mainland companies are required to have a physical office, which makes it easier for banks to conduct a verification of the business's premises.
Account Maintenance & VAT Filing: Mainland businesses are often involved in VAT filing, making it easier to track the business's operations.
Local Business Orientation: Mainland accounts are mainly given to local businesses, which are often easier to track in terms of suppliers and customers.
The process of opening a mainland company bank account in the UAE is simple and straightforward. Here's a step-by-step guide:
Select a Bank: Choose a bank that offers the best features and services for your business.
Submit Required Documents: Provide all the necessary documents listed above to the bank.
Initial Deposit: Make the required initial deposit, if applicable.
Account Verification: The bank will verify the documents and conduct a physical inspection of the business if needed.
Activate Account: Once approved, the bank will activate the account, and you will receive your debit/credit card and chequebook (if applicable).
At DhanGuard, we specialize in helping businesses understand the complexities of opening a Mainland Business Account in the UAE. Our team of experts provides end-to-end support throughout the entire process, ensuring that you meet all the requirements and receive the best banking features for your company.
Here's how we can help you:
Expert Consultation: Our experienced consultants will guide you in selecting the best bank for your business and provide valuable insights on which account features are most suitable for your needs.
Document Assistance: We assist you in gathering and preparing all the necessary documents, ensuring everything is in order for a smooth application process.
End-to-End Support: From selecting a bank to submitting your documents and completing the account opening process, DhanGuard is with you every step of the way.
A Mainland Company Bank Account in the UAE is a powerful tool for businesses looking to establish themselves in the local market. It provides access to essential banking services such as debit cards, chequebooks, flexible fund transfers, and competitive interest rates. By opening a mainland business account, your company can thrive in the UAE's dynamic and growing economy.
If you're ready to open a mainland company bank account in the UAE, we can guide you through the entire process, ensuring you meet all requirements and get the best account features for your business needs. Reach out to us today for assistance with opening your mainland company bank account!
Opening of Mainland Account in UAE is preferable by the banks or financial institutions of United Arab Emirates due to many reasons explained in the above context.
A mainland company is also stated as an onshore company that is licensed by the Department of Economic Development of the associated emirate that allows the business activities in the local market or outside United Arab Emirates without any restriction.
It usually takes 2days to2 months’ time to open a Business Account in UAE depending upon the requirements of the Bank as well as the Customers.
Dhanguard is a FinTech company and we provide financial assistance to our clients. For Mainland Account Opening we at Dhanguard helps our client to accomplish the proper documentation with the relevant procedure for the same.
