Do you want a safer way to save money while safeguarding privacy? Opening a business bank account in Dubai has become more convenient in recent years and is strongly recommended for any growing business.
In this article, we will provide you with a step-by-step guide on how to open a company bank account, ensuring that your new account is operational in a short span of time.
What is the expense associated with opening a business bank account?
Many banks in the UAE do not impose a fee for opening an account, although some do require an annual fee or charge for each transaction. Additionally, it’s important to note that most accounts require a minimum balance ranging from AED 5,000 to AED 35,000.
Given the challenges of opening a business bank account in the UAE, numerous business owners opt for online services to facilitate the process.
How can I go about opening a business bank account in Dubai?
You need to follow these steps to open a business bank account in Dubai. Take a look at the steps below to get a clear picture of the process.
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Obtaining a Business License
In the UAE, obtaining a business license is a requirement for banking operations. A valid license is necessary to open a corporate bank account in the UAE. Prior to opening a bank account, a business license must be acquired in Dubai-UAE.
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Get ready legal and corporate paperwork
Prior to submitting legal and business documents, it is essential to thoroughly review them. For instance, a complete application form, a copy of your Emirates ID, and a shareholder representative are required. Business Plan and Strategy, memos, articles, etc.
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Visa Requirements
Additionally, please ensure that your stockholders possess a valid resident visa. Certain banks may request this form from at least one shareholder as a means of verifying residency.
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Choose a bank
Once you have all the necessary documents, you can locate a bank. There is a plethora of national and international banks. When selecting a bank, it’s important to consider eligibility and income requirements.
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Application Process
This approach is typically pursued after seeking guidance from an adviser or bank office. Officials need to review the necessary documents and application form. Prior to making a decision on the application, the bank will carefully examine all the relevant documents.
Once approved, the bank thoroughly investigates the applicant’s management team, shareholders, and directors. The bank is conducting the final interview. It is essential to ensure that all necessary procedures are fully completed prior to opening a business bank account in Dubai.
Which bank would be the most suitable choice for a business account in the UAE?
Consider your specific circumstances to determine your business’s most suitable bank account. Certain banks offer more traditional services, such as chequebooks, while others provide app-based services. Many banks offer the convenience of opening a business bank account online.
Presenting a compilation of top banks in the UAE for business accounts:
- Dubai Islamic Bank
- Abu Dhabi Islamic Bank
- Some UAE banks include Mashreq Bank, Commercial Bank of Dubai, RAK Bank, and Abu Dhabi Commercial Bank.
- The National Bank of Fujairah and Emirates NBD