Business Account Opening

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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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Open Business Account in Dubai , UAE

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.

Why one should get a Business Account?

Reason for owning a Business Account in UAE are as follows-

Easy Expenses Tracking

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.

 

Managing Cash Flow

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.

 

Tax Calculation

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.

 

Easily Avail Business Loan

By having a Business Account one can easily wish to take out a loan or acquire a business credit card.

 

Card Payments

By having this type of bank account the organization can take in card payments by the customers.

 

For Professionalism

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.

Precise Book-keeping

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. 

Features of Business Account in UAE

Important features & benefits of a business account in UAE are as follows-

Features of Business Account

Protection

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.

Purchasing Power

The credit card helps the business in production of huge start-up purchases or helping in establishing a credit score.

Preparedness

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.

Minimum Account Balance

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.

Cheque Book Facility

The banks also provide the facility of free cheque books to the business organizations.

Online Access

The business owners can supervise the business accounts online through the online banking portal.

International Remittance

The banks also offer the capability of making international payment on the business account, making it easier for the businesses to transfer funds.  

Multiple Currency

This type of bank account can be opened in various other major currencies, apart from the UAE dirhams.

Eligibility Criteria to open a Business Accounts in UAE

The business organization are require to fulfil certain eligibility requirements determined by the concerned bank. Some of these requirements are as follows-

Minimum average balance

The organization are required to maintain a minimum amount as the monthly average balance. 

Savings or Current Account

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.

Essential documents required to open a Business Account in UAE

The documents required to open a Business Account in UAE are as follows-

Identity & Address Proof

  • Copy of Shareholder representative’s Emirates ID card;
  • Copy of Shareholder representative and director’s passport;
  • Residence Visa of shareholder representative.

Business Related Essential documents required to open a Business Account in UAE

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.

Other Required Documents

  • Letter of reference through any business partners;

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

Process to open a Business Account in UAE

For opening a business account in UAE, following are the steps required to be followed-

  • Complete and submit an application for account opening with the detailed records of the organization consisting the business proof like invoices, contracts and information related to the suppliers as well as clients.
  • The concerned bank will then gather information related to the background of the management of the applicant company. This process will also comprise of financial predictions.
  • The bank will then conduct an interview with the applicant company. After completion of all these stages, the Business bank account will be opened.
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Disclaimer: All above shared information was obtained from reliable sources and not directly by banks. There could be some differences due to continuous updates on policies and charges. Dhanguard has made every effort to ensure the accuracy of the information provided; however, such accuracy cannot be guaranteed by us. Above information are given solely for informational purposes only. It is not a recommendation to act on the basis of the information given. Dhanguard accepts no responsibility for any losses or damages incurred as a result of the Information provided.

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