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Every Business must have a system in place to manage its finances. In the UAE, business accounts are used to track money owed to businesses and creditors, cash balances, and employee payroll, among other things. Simplifying your business requirements is not only our work, but also our ethos.
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Every business needs a system for handling the funds. The business account deals with the tracking of money that is required to be paid to the creditors, the cash balance, funds that are owed to the business entity and the payroll that is to be paid to the employees.
Business accounts are dissimilar from personal or private bank accounts because they are especially structured to meet the requirement of the business.
This type of bank account assists the owner of the business to maintain separate transactions of the business from personal finances. This account usually accompanies special circumstances for the business requirements.
Whereas while choosing suitable business bank account for any company, it is recommendable that the owner decides for the one that offers a good rates of interest or profit with low charges.
Reason for owning a Business Account in UAE are as follows-
Business account supports the owners by keeping a track of their expenses. So, the owners are aware of their expenses. This type of bank account helps them by managing the expenditures as per the financial condition and prerequisite of the business.
By having this type of account the owners of the business are aware of the income as well as the expenditures. Thus it makes them stress-free to manage the cash flow.
It becomes simple for organizations to calculate their tax liabilities if they own this type of account. It assists in keeping transparency in the tax payment.
By having a Business Account one can easily wish to take out a loan or acquire a business credit card.
By having this type of bank account the organization can take in card payments by the customers.
The association with a dedicated business account makes it look professional, as clients prefer making payments to an account that has name of the business rather than name of the owner. Many clients are uncomfortable in making payments to a non-business account.
If there is a business account for the transactions related to the organization then there is a clean record for the auditor at the year-end.
Important features & benefits of a business account in UAE are as follows-
The business-related financial transactions offers a limited protection on personal liability of the business owner by separating the personal and business funds. The merchant services provides the customers with protection to ensure that their personal data is safe.
The credit card helps the business in production of huge start-up purchases or helping in establishing a credit score.
The business-related banking mostly comes with a selection of the line of credit in support of the organization. This can be beneficial in case of any emergency or when the association requires any new equipment.
Many banks in the UAE offers low or zero balance business account to the business organizations making it easier for them to manage the cash flow.
The banks also provide the facility of free cheque books to the business organizations.
The business owners can supervise the business accounts online through the online banking portal.
The banks also offer the capability of making international payment on the business account, making it easier for the businesses to transfer funds.
This type of bank account can be opened in various other major currencies, apart from the UAE dirhams.
The business organization are require to fulfil certain eligibility requirements determined by the concerned bank. Some of these requirements are as follows-
The organization are required to maintain a minimum amount as the monthly average balance.
Some of the banks asks the business organization to have a savings or current account in order to be eligible to open a business account.
The documents required to open a Business Account in UAE are as follows-
Information related to the activities to be performed on the account.
For opening a business account in UAE, following are the steps required to be followed-
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.
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