The business setup process in the UAE is an ever-growing one, from choosing the right business activities and legal structure to compiling the necessary documents to apply for a business license in the UAE.
Once your company is setup in UAE, a business bank account in UAE will be necessary to make financial transactions and manage your business activities.
Opening a business bank account in UAE involves steps and requirements, with the first one being that you should have a valid trade license in UAE.
However, to successfully open a bank account for your company on the first try, we recommend you get assistance from a reliable and expert business advisor in UAE, such as Corporate Business Services (CBS). To start, you can book a free consultation our experts now.
In the meantime, let’s look at the advantages and how you can open a business account in UAE.
Advantages of Opening a Corporate Bank Account In the UAE?
Whether you are an established or a thriving business, opening a corporate business account in the UAE offers plenty of advantages.
Here are the significant of them:
- Income Flow: A corporate bank account in UAE allows you to manage and keep track of all your company’s transactions.
- Requirement of Account Balance: In UAE, most banks don’t ask for a minimum balance, and a few only require a very small amount, making it easier for new businesses.
- High Security and Assurance: Opening a business account with a bank in UAE can be tricky, but they offer services to business account holders, assuring the security of their transactions and activities.
- Exceptional Loan and Interest Rates: Having a corporate bank account can help business owners to get loans. Also, they offer significant interest rates for new businesses, making them premier in the global market.
- Card Payments and Chequebooks: You can get banking equipment such as check books and credit and debit cards with better daily cash withdrawals and transaction limits.
- Online Transactions: In the changing business market, the UAE banks offer online transactions and user-friendly banking sites. Making it feasible for you to make transactions anywhere.
- International Transactions and Account: By selecting a foreign currency, you can share the feasible change of currencies. All banks in the UAE offer diverse services related to international transactions.
Procedure for Opening A Business Bank Account In the UAE
- Choose the Right Bank: Different banks in the UAE offer different types of accounts, requirements, and services. Always make sure to choose a bank that aligns with your needs.
- Determine Your Business Type: The UAE offers 3 main types of businesses ( Mainland, Freezone, and Offshore). Your business type will affect the process and requirements of opening a bank account.
- Gather Required Documents: Compile the required documents for a business bank account opening.
- Visit Bank and Submit Application Form: Visit and collect the application form from the bank; fill and submit your application form along with all documents.
- Make Initial Deposit: The initial deposit for opening a business bank account in UAE may vary depending on the banks.
- Wait for Approval: After submitting all requirements, wait for approval from the bank. Activate your bank account once approved.
Required Documents for Opening A Business Bank Account In the UAE
- A valid trade license or commercial registration certificate.
- Passport copies of the business owners/shareholders.
- Passport copy and visa page of the account signatory (who has the authority to operate the account).
- Emirates ID for all relevant individuals.
- Proof of address for all relevant individuals (utility bills or lease agreements).
- Business plan or profile.
- NOC (No Objection Certificate) from your sponsor or the relevant authority, if required.
How can CBS help you?
Speaking to our experts at CBS can be your strategic step towards a smooth and informed bank account opening experience. Our expert will provide up-to-date information on the latest banking regulations and requirements, ensuring you meet all the criteria for a successful account opening process.
So, get in touch today for your business banking journey; we are here to help you succeed!
FAQ on Business Bank Account in UAE
Can I Use my personal bank account for business transactions in the UAE?
It’s not allowed to use your personal bank account for business transactions in UAE. Therefore, in order to make any business transaction in UAE using a bank account, both parties must have a business bank account from any registered bank in the UAE.
Can I open a business bank account in UAE without residency?
No, you cannot open a business bank account in the UAE without having a valid UAE residency visa. To open a corporate bank account in UAE, you must submit your passport copy, Valid UAE residency visa, and other required documents.