Are you seeking a more secure solution to save your money but also guarantee that your privacy is protected? Opening a business bank account in Dubai has gotten easier in recent years and is highly advised for any expanding enterprises.
In this article, we will guide you on how you can open a business bank account so that your new account will be up and running in no time.
What is the Cost to open a Business Bank Account?
Most banks in the UAE do not charge a fee to open an account, but many do charge an annual fee or a fee for each transaction. Also, keep in mind that most accounts need a minimum balance of between AED 5,000 and AED 35,000.
Because it can be difficult to open a business bank account in UAE, many business owners choose to use services that help them open a business bank account online.
How to open a Business Bank Account in Dubai?
Here are the steps for opening a business bank account in Dubai. Examine the steps below to visualize the process.
1. Business License
Banking requires a business license in UAE. Without a license, you can’t open a corporate bank account in the UAE. Obtain a business license in Dubai-UAE before applying for a bank account.
2. Prepare Legal and Corporate Documents
Before submitting legal and business documents, double-check them. For example- fully filled application form, Emirates ID copy, and shareholder representative. Business Plan and Strategy, memos, articles, etc.
3. Visa Requirements
Next, confirm that your stockholders need a resident visa. Some banks may require this form for at least one shareholder to prove residency.
4. Select a Bank
Once you have all the required documents, you can find a bank. National and international banks abound. When choosing a bank, check eligibility and income.
5. Process of Application
This approach is normally undertaken after consulting with an adviser or bank office. Officials must see the required documents and application form. Before accepting or denying the application, the bank will review all the material.
After approval, the bank researches the applicant’s management team, shareholders, and directors. The bank conducts the last interview. All procedures must be completed before opening a business bank account in Dubai.
Which Bank is best for Business Account in UAE?
Your situation will determine which bank account is best for your business. Some banks have more traditional services, like cheque books, while others have services that are based on apps. Most banks open a business bank account online.
Here is a list of some of the best banks in the UAE for business accounts:
- Dubai Islamic Bank
- Abu Dhabi Islamic Bank
- Mashreq Bank
- Commercial Bank of Dubai
- RAK Bank
- Abu Dhabi Commercial Bank.
- National Bank of Fujairah Emirates NBD
In a nutshell, opening a business bank account in Dubai is essential to proceed with your business activities. Feel free to contact us at +971-58-258-3505 or via email at firstname.lastname@example.org. We’ll get back to you as soon as possible to help you, so you can open a business bank account.
Calculate your business setup costs in 1 minute with our easy-to-use COST CALCULATOR.