Open Business bank account Online in Dubai | UAE
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Business Account

Business Account

Let Us Help you to open a Business Account

Looking forward to opening a business account, connecting with Dhanguard for Digital Profile, Comparing Banks, Hassle-Free Documentation & FASTEST Services. With a pool of experts and a strong connection with banks, we make the Bank Account opening super easy for our clients.

Services offered for:

  • Offshore Account
  • Mainland Account
  • Freezone Account

When establishing your business in the UAE, having a business bank account is helpful. The UAE offers a great business environment because of its stable government and straightforward trade laws. Additionally, its geographical location makes it easier to conduct international trade by land, air, and sea. Due to these elements, a lot of investors choose the UAE for their business endeavors.

But whether a business is established or just getting off the ground, it needs a solid foundation to support its cash flow and balance. Without long-term bank support, expanding a business could be challenging. In order to prevent this, banks offer outstanding business banking services and make it very simple for business owners to open accounts in the UAE.

Business Bank Accounts in the UAE are created with security and adaptability to meet the needs of the clients. These accounts provide massive recurring transactions, rapid fund access, and simple cash administration for efficient business operations. 

Therefore in this page, Dhanguard will help you understand all the basics of starting a Business Account in UAE.

What are the various Types of Business Accounts in the UAE?

Business Accounts are divided into 3 different structures namely-

 

  1. Mainland Business Account

  2. Offshore Business Account

  3. Freezone Business Account

Mainland

Any Company which is registered under any of the UAE’s Department of Economic Development (DED) is denoted as a Mainland Company. Banks provide a wide array of services to the owners of the Mainland Company, hence they provide a separate type of Business Account to them namely Mainland Account which is different from a regular Bank Account.

Offshore

An offshore business account is a type of bank account that is managed by a specific bank in the UAE and is owned by an international business. The majority of offshore businesses choose an offshore business account to control and incur their business transactions as well as enjoy all other amenities offered by the bank as part of routine banking activities. Offshore company accounts frequently offer the account holder a wide range of advantages.

Freezone 

The UAE free zone company business account is created with the goal of giving business organizations the best possible use. Its main objective is to facilitate the investor's ability to keep track of their business operations. If the investor has a free zone business account, they could better manage their cash flow, track their business expenses, and figure out their tax liabilities.

Why should you have a Business Account, if you run a Business in UAE?

A good Business Account can come in handy, if you run a business in UAE, as they provide multiple benefits to the account holder as compared to the one provided by a simple Personal or Savings Account. 

The features and benefits of having a Business Account in UAE are the following-

For Making Investments

You will occasionally need to make certain investments if you own a firm. A business account makes this much simpler by including functions like standing instructions and reminders.

Safety

The business account shields you from personal responsibilities by keeping personal and company money apart. As a result, the services offered to owners of business accounts guarantee the protection of your data and transactions.

Aids in obtaining Business Loans

In order to obtain business loans and a corporate credit card, it can be helpful to have a business bank account. Opening a business bank account in the company's name is typical since it creates a legitimate presence that helps with loan applications.

Enticing Interest Rates and facility of International Transactions

UAE banks provide excellent interest rates on business bank accounts for start-up companies, which adds value to the company. Business owners can send remittances in foreign currencies using a platform made available by banks in the United Arab Emirates for very little money.

Record Keeping Precision

It is simple to maintain track of a vast amount of data because UAE business accounts are made to handle almost all business activities. These benefits provide it a special level of dependability when it comes to timely payment of taxes, salaries, and other obligations.

Online Money Access

Holders of business accounts can easily access the company's funds while traveling thanks to an intuitive online banking platform. As a result, you may access and manage your bank accounts whenever you want, from anywhere, which will save you time and effort.

Minimum Account Balance

Numerous banks in the UAE have lower minimum account balance requirements, and some even offer business accounts with no minimum balance, which makes it simpler for small businesses to prosper.

Accepts a Variety of Currencies

In addition to the UAE dirham, banks in the UAE also accept a number of other currencies, such as the US dollar, the British pound, and the euro, making it possible for clients from all over the world to open a business account.

What is the Eligibility Criteria/ Requirements to start a Business Account in the UAE?

A few requirements must be met by applicants in order to open a business bank account in the UAE. Depending on the business type and associated factors, the requirements may change. After completing the prerequisites, people must submit the needed paperwork to open a business bank account. 

The criteria/ requirements for opening a business bank account in the UAE are as follows:

Get your Business License

You need a business license, also known as a trade license, to initiate a company in the UAE. You must go to the Department of Economic Development (DED) and specify your business type with the necessary paperwork in order to receive a trade license. Following the verification, DED will provide you your license, which you can use to open business accounts.

Residency

Although the market is open to both foreigners and citizens, there are separate requirements for each. For a local, obtaining a trade license and incorporation alone would be sufficient to launch a firm. In addition to the trade license, an expat needs other supporting documents.

Visa Requisites

Before requesting a business bank account in the UAE, ensure all visa requirements have been met. Your trade permit or work visa may be requested by the banks. For the procedure to go well, it is crucial to have at least one stakeholder with a resident visa. A number of agents can assist you with your paperwork if you don't have a work permit.

Requirement of Minimum Balance

Many zero balance business accounts do not demand a minimum balance, yet they nonetheless provide the fundamental services of an account. You need an intermediate or advanced business account to receive a comprehensive service. Depending on the bank, such bank accounts demand a minimum average balance ranging from AED 50,000 to 500,000 or more. Depending on the kind of account and the bank, a deficit in account balance may incur a fee. Additionally, you must keep a consistent balance in your business account in order to earn interest.

Know your Customer (KYC)

You need to have a thorough understanding of your customers, including potential customers and purchases. Your banker or relationship manager can create a profile of you based on this information and represent you before the compliance team to assist simple approval.

Documents Required

With respect Identity and Address Proof

  • Copy of Shareholder representative’s Emirates ID card

  • Copy of Shareholder representative and director’s passport

  • Residence Visa of shareholder representative.

With respect to Business Related Documents

  • Sources of fund disclosure

  • Business plan

  • Articles of Association

  • Memorandum of Association

  • Certificate of Incorporation

  • Registry of shareholders

  • Good standing certificate

  • Extract of the Company through the official registry

  • Existing contracts.

  • Letter of reference through any business partners;

  • Information related to the activities to be performed on the account.

How to start a Business Account in UAE?

Before opening a business account, nearly all local and international banks in the UAE demand identification and address evidence. Additionally, it may be necessary for a business to have a physical presence in the UAE in order to open a commercial bank account there.

A Business Account can be started by two below mentioned methods-

Online

In order to open a business bank account in the United Arab Emirates, complete the online application form and upload the required paperwork with the help of a Banking Expert or by logging on to the website of your preferential Bank

Offline

Visit a local branch of a bank in the UAE or get assistance from Dhanguard and follow the instructions given by our banking specialist to open a business account that best suits your company's needs.

Finding a dependable banking specialist who will speak with the bank on your behalf is also advised so that you may not encounter any problems while starting your Business Account

 

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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