Business Bank Account In Dubai
Transactions have become a necessity to not just take part in any business activity but also required to run day-to-day tasks. So if you are opening a business in a different country, holding a bank account in that particular country or city will give you extra benefits when making transactions. Benefits are always a blessing to businesses that want to do well.
Opening A Business Bank Account In Dubai
Opening a business account offers an abundance of benefits to an entrepreneur. Along with better offers, it is also a much easier process to make transactions between customers or other businesses. This is why opening a business bank account in Dubai will make running your business smoother and more efficient.
Opening A Business Bank Account in Dubai For Non Residents
For non-residents that wish to set up a business in Dubai, it will be highly beneficial to hold a bank account in the concerned city i.e Dubai. You are not only entitled to offers that are specific to the region and catered to the people there but you will also have the ease of making transactions. The city’s banks will be more inclined to provide account holders in their banks with better interest rates for loans and other beneficiaries.
The benefits of opening company bank account in Dubai you may ask?
- It is easier to track your expenses for that particular business.
- You can easily distinguish the cash flow as it will all be maintained in one particular account. This won’t lead to any confusion as it is a separate entity from your other accounts.
- You can have tax payment transparency.
- If a business/client/customer wishes to transact with you, they will be more inclined and less sceptical to make payments to your account if it is a bank they are familiar with.
- There is a sense of security when making payments to corporate bank accounts.
- There will be low upkeep costs that will be required to maintain your account.
Benefits Of Corporate Bank Account In Dubai
Any country or city will provide their residents or even non-residents with more offers when the individuals make use of the services that particular city provides. This also applies to the banking sector. When you show interest in making a corporate bank account in Dubai, bankers will rush to you with different bank offers that they provide so that you create an account with them.
How To Start A Business Bank Account In UAE?
Once you have acquired the above-mentioned documents you can approach a bank to help you along the process of setting up your corporate bank account. Make sure to visit various banks and see the type of benefits and offers each bank will offer you and which one will best suit your company. You will be asked for further details other than the documents and details mentioned above depending on the bank you choose to hold an account with.
Requirements To Open A Business Bank Account In Dubai
You will be required by any bank to provide certain documents and complete some legalities to open a business account in Dubai. Once this account has been set up under your company’s name, you can start to make transactions that you can have a better track of. You will need to present the bank with the following documents as a minimum along with any other particular document or details required by that bank
- Your trading license
- The share certificate of the company
- A copy of the MOA or AOA.
- An entry page of UAE with all the shareholders along with the passports.
- 6 months of the shareholders' banking statements.
- Address proof of the shareholders’ utility bills.
- Prospective or existing names of the client/buyers/suppliers.
- An incorporation certificate.
- If any of your shareholders reside in the UAE then their Emirates ID will be required.
- The visa page of your shareholders is also required if they are a resident of the UAE.
- If a shareholder has a company outside of the UAE then the corporate legal documents and bank statements of said company are required.
Major Challenges Faced While Opening A Corporate Bank Account In Dubai (UAE)
It is important to be aware of the burdens and pbstacles you could face in the process of applying and hoping for corporate bank account to operate your business in UAE. Below are a few to keep in mind:
- It sometimes becomes burdensome to get the approvals for a business account opening in high risk areas.
- The mninmum balance will be around AED 25k to AED 50K depending on the stream of business you are operating.
- A resisa and a local address is mandatory without which you cannot open an account.
- Trustworthiness is essential for officials to have faith in allowing to operate a business in their territory.
- An actual office space address is required. Another thing which Cohub can help you with.
How Does Cohub Help?
With a multitude of banks offering different rates of interest and security, it will be quite confusing to choose a bank that is a good match for your company. In such an event, Cohub will make the entire process of finding the best-suited banks much easier. Research data of all the banks and offers they provide, the documents that will be required by you, banks that provide good rates for loans, interests and rebates along with any other company banking establishment needs will be taken care of by Cohub.
If You Need Any Help Contact With Us
Frequently Asked Questions
In the quest for finding a good bank account to settle for, many individuals have had similar doubts running through their minds. Below we have some answers that might be beneficial in easing any thoughts as such.
Which bank is best for business account in UAE?
Abu Dhabi Commercial bank, Commercial bank of Dubai, Emirates NBD Business Banking and Abu Dhabi Islamic Bank are some of the best banks to have business accounts in.
How many weeks does it take to open a bank account in Dubai?
2-3 weeks is the estimated time is takes to open a business account in Dubai.
Can I open a business bank account in Dubai?
Yes, with the documents mentioned in the blog along with some extra details depending on the bank you want to make an account in, you can open a business account in Dubai.
Which bank is best for foreigners in Dubai?
Emirates NBD is a good bank to start with.
How much deposit do I need to open a business account?
Every bank will have varying costs as to how much deposit your account will have to hold.