How to start a business bank account in the UAE for entrepreneurs

author Post By: endeavour 17 Dec, 2021
How to start a business bank account in the UAE for entrepreneurs

UAE offers a great business environment. UAE has a stable governance and easy policies for trade. Furthermore, the geographical location of UAE makes global connectivity easy via water, air and land. Due to these reasons, the UAE has always attracted traders from all over the world. Dubai always attracted a large number of investors due to its sparkling economy and large expat population. The current market trends of Dubai have opened a huge number of opportunities for foreign investors. The most attractive factor of UAE is, it is Tax Free. Due to all these factors more and more investors are attracted to UAE, to open their dream business in UAE. Dubai has one of the best transport networking systems and a strong law and order system followed. Nevertheless, every upcoming business requires a strong foundation for its cash flow and balance. You should also select a location to open your business which is convenient, stable and cost effective. Without having reliable banking support, growing a business would be a bit tough. To avoid these issues, banks in UAE offer a great deal on business banking, which in turn makes it favourable for the entrepreneurs. A corporate bank account is essential to open a business in the UAE. It is recommended to research the profit rates, benefits bank offers, charges on the banking services, etc., before opening a business bank account. 

What is the necessity of a business bank account?

Once mainland business setup Dubai is active, a business account will be necessary to send-receive money, manage business transactions, and make financial payments. A business account helps easily perform the company transactions, acquiring loans, tracking the expenses, etc. Business account provides protection on personal liability by keeping the personal funds and business funds separate. A business bank account offers plenty of services like monitoring the incoming and outgoing transactions occurring in the business account. It also reminds of the expenses to be made as per the business requirement. A business account helps in accessing funds and tracking transactions. UAE business accounts also help in tracking expenses and building strategies for future investments in accordance to the present situation of the enterprise. A business account with its credit services makes it easy to avail big loans. A business account makes it convenient for the entrepreneurs to facilitate standing instructions or reminders for making certain investments on a regular basis. It also helps in getting business loans and business credit cards easily. Data and transactions are kept safe. There are lots of banks in the UAE who offer zero balance business accounts, making it convenient for low budget entrepreneurs to run their business smoothly.  Another major advantage of UAE banks are, they accept currencies apart from UAE Dirhams too, like USD, GBP, and EUR etc.  This allows expat business people to open and use business accounts easily. Summing up, once your business is set up, you would require a corporate bank account so that you can conduct trade, pay and receive cash and do transactions regularly or periodically. 

How to start a business bank account in the UAE for entrepreneurs?

The main advantage in having a business account in Dubai mainland business setup is its stability and security provided on your data and transactions. Business accounts with credit services help entrepreneurs to obtain large loans in turn helping large initial purchases. For new business holders UAE banks provide a good deal in the interest rate. Some of the criteria used in opening a business bank in UAE are:

  • Business bank accounts can be opened either online, phone call or offline. Application form has to be filled and submitted along with necessary documents.

  • A business licence is required

  • Documents include: Emirates ID copy, residence visa copy, all shareholder’s passport copies, 6months bank statement. 

  • Business related documents include: source of fund disclosure, business plan, memorandum and articles of association, Certificate of registration, certificate of incorporation, utility bill of shareholders showing address proof, good conduct certificate, Company Trade Licence, Lease Agreement.

  • While choosing a corporate bank account, keep in mind the minimum balance you should maintain always.

It is viewed, opening a business account in the UAE is one of the most critical tasks. It can take almost three months to complete all the procedures and to open a business bank account. Especially companies in the Dubai free zone, find a major issue in opening a corporate bank account due to the lack of office space or compliance. Due to these stringent regulations of UAE authorities, opening a bank account is difficult and takes longer than expected. Endeavour being one of the leading business setup consultants of UAE. Endeavour provides the best service in opening a corporate bank account in less time. Endeavour experts include lawyers, consultants, corporate legal advisors, tax experts, banking partners, PRO, etc. to ease your job in setting up a business in UAE. Endeavour has extensive knowledge in regards to the various regulations followed by the country, and hence can help you in opening corporate bank accounts anywhere in UAE based on your requirements.  All documentation requirements for both Dubai mainland business setup and free zone companies are taken care of. We understand the entrepreneur’s objectives and guide them from A to Z to attain their business setup. Contacting us helps you save your time, cost and increase the efficiency by making your business journey in UAE easy.