Opening Mainland Account in UAE
Companies that are incorporated as onshore companies and are authorized by the Department of Economic Development will open Mainland Accounts. It expands business opportunities in the UAE's local markets and gives them the freedom to operate in the regional market without restriction. Dhanguard is a Fintech business that helps clients with their finances. We assists our clients with Mainland Account Opening by completing the required paperwork and following the appropriate procedures.
Business accounts in the UAE are used for tracing the money owned to business as well as creditors, cash balance and payroll given to the employees. There are three types of Company formation in UAE, and each of them is required to open a different type of bank account. Here we are going to discuss about the procedure to open Mainland Account in UAE.
Mainland Account is a type of business bank account in UAE that helps the owners of the business to track their expenses and manage their funds. This type of account is different from personal bank accounts as it is made exactly for businesses in the UAE.
Mainland Accounts are opened for Company that are incorporated as an onshore company licensed by the Department of Economic Development. It opens up business opportunities in the local markets of the UAE and are entitled to perform business activities in the regional market without any limitation.
Following list of documents are required for opening Mainland Account-
Advantages of having Mainland Account are as follows-
Most of the banks in the UAE, offers free debit/credit card facility with the Mainland bank account. The account holder can use these cards for retrieving their funds. Besides, they can also make withdrawals, but within the specified limit set by the concerned bank.
A lot of banks in the UAE offers the facility of cheque book to the account holder for creating easy transactions.
The account holder can easily transfer their funds using the bank account through the net banking or mobile banking services provided by the concerned bank.
The account holder can simply access the facility of business loan and other category of loans if they have their accounts with the banks of the UAE.
The banks in the UAE offers competitive rates of interest or profit rates on the amount deposited with the concerned bank. This interest rate is a type of earning for the account holder and can act as a savings for the business.
The banks or financial institutions in the UAE offers 24/7 customer service to the account holders. They effectively and efficiently resolve the issues as well as queries.
Bank easily opens Mainland Account because of the following reasons-
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.