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.

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Mainland Account

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.

What is Mainland Account?

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.

Documents required for Opening Mainland Account

Following list of documents are required for opening Mainland Account-

  1. Incorporation documents of UAE business;
  2. Passports of the shareholders;
  3. Utility bills as address proof;
  4. Proof of funds like Personal bank statements of the shareholders;
  5. Documents of any other existing business (if applicable);
  6. Bank statement of another existing business (if applicable);
  7. Business profile;
  8. Expectations on annual turnover and initial deposit to the newly opened account.

Advantages of opening Mainland account in UAE

Advantages of having Mainland Account are as follows- 

Advantages of opening Mainland account in UAE

Debit and Credit Card Facility

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.

Cheque Book Facility

A lot of banks in the UAE offers the facility of cheque book to the account holder for creating easy transactions.

Flexible Funds Transfer

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.

Loan or Credit Facility

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.

Competitive Interest or Profit Rate

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.

24/7 Customer Service

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.

Why opening Mainland Account is preferable by the Banks in UAE?

Bank easily opens Mainland Account because of the following reasons-

  1. Mainland Companies have Proper Offices and it is easy for to bank to have a physical verification for the same.
  2. Account Maintenance & VAT filing
  3. Mainly given to the local Businesses
  4. One can easily trace Buyers as well as suppliers

 

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