Having a business bank account in the UAE is an essential requirement for all companies in the UAE. UAE is a hub for trade and commerce, so the region has enormous growth opportunities.
Entrepreneurs can maintain their organizational banking requirements easily in the UAE. The UAE Banks provide a host of business benefits to the company owners.
Various products are customized for the business owners to operate their business in the region seamlessly. The wide network of UAE Banks makes it easy for business owners to conduct their business transactions.
Benefits of Having a Business Bank Account in UAE?
The newly set up company will be able to easily kickstart their business operations in UAE. They can start invoicing their customers and make other transactions.
Also, obtain loans for their business and avail of company credit card facilities and more.
So, the new company will have a handful of benefits in getting a new business bank account. Following are a few of the top benefits of having a corporate bank account.
- Easy access to business funds and the ability to manage the cash flow effectively
- Make any investments such as property purchases, financial investments such as stocks, mutual funds, bonds, etc.
- Better Forecast and planning for future capital investment, operational expenses, current expenses, and more
- Ability to take a business loan and utilize the bank’s special products for business such as credit facilities, overdrafts, credit cards, etc.
- Ability to track incoming and outgoing cash flows, expenses and revenue easily with dashboard access and statements
- Handle all transactions efficiently and keep all data in place. Having a Bank Account in the UAE will help gain trust among suppliers and other stakeholders.
Additional Features of a Business Bank Account in UAE
There are various benefits to having a business bank account for a company in the UAE. It will help in building savings and enhance the future cash flow. Also will support the growth of the business.
Additionally, having a business bank account helps in keeping the personal and company cash separate. Also, avail the credit facilities, various banking products, and services. The money in the bank account is secured and businesses can focus on their core operation without any worry.
Furthermore, businesses can grow their loan portfolio by having a good business credit score. Also, the banks in UAE have a minimum account balance requirement, so startups can start and thrive in the marketplace easily. Again, the competitive interest rates for the new company are an additional value for the company.
Moreover, the company can avail of the facilities for international remittance, multi-currency bank accounts, avail of the chequebook facility, etc. The multi-currency bank account helps businesses accept payments in currencies other than AED from their clients around the world.
Again, the internet facility, online banking, mobile app etc., help the business owners in managing and accessing their bank account from anywhere at any time.
How to open a business bank account
Opening a bank account in Dubai, UAE has a process to follow. Also, there are a few documents that the business owner must submit to the bank as part of the Know Your Customer (KYC) process.
Depending on the scope of business activity, the banks will request certain documents to prove the business’s existence, financial capacity, cash flow, business model, clientele suppliers, etc. So, in general, the following are steps in opening a business bank account in Dubai, UAE.
It is advisable to seek the assistance of an expert Business Consultant to open a business bank account at the right bank. Most of the banks in UAE have an online portal and mobile application to open a bank account.
Our team will connect you with a reliable relationship manager from the popular banks in UAE to coordinate the business bank account opening.
Documents Required to Open Business Bank Account in UAE
There are a few documents the bank personnel would require from the business and company owner.
Mainland Bank Account
Basic Documents
- Trade license
- Memorandum of Association (MoA)
- Passport, Visa & Emirates ID of all partners (if applicable)
- Office tenancy or Ejari contract (physical office)
Supporting Documents
- 6 months bank statement (personal/company from UAE/home country)
- Utility bills as address proof (for certain nationalities)
- VAT certificate (if applicable)
- Business model/company profile/website/plan
- Applicant profile (CV) of signatory
- Name of existing or prospective clients (suppliers/buyers)
- Debit & credit invoices
Note: All basic documents are mandatory. Supporting documents are as per the business profile.
Free Zone Bank Account
Basic Documents
- Trade license
- Share certificate
- Memorandum of Association (MoA)/Article of Association (AoA)
- Passport, Visa & Emirates ID of all partners (if applicable)
- Office tenancy (physical office)
Supporting Documents
- 6 months bank statement
- Utility bills as address proof
- Business model/company profile/website
- Applicant profile (CV)
- Name of existing or prospective clients (suppliers/buyers)
- Invoices/bills of shipment/shipping documents/agreements/customs clearance, etc.
- Offshore Bank Account
Basic Documents
- Trade license/Certificate of Incorporation
- Share certificate
- Passport
Supporting Documents
- Parent company’s legal documents [ If the branch office needs to open a business bank account in UAE]
- Office tenancy of parent company as address proof
- Last 6 months’ company bank statement from home country
- Certificate of Good Standing (if applicable)
- Certificate of Incumbency (if applicable)
- Visa & Emirates ID (if available)
- Applicant profile (CV)
- Business model/company profile
- Website (if available)
- Foreign Entity Bank Account
- Memorandum of Association (MoA)/Article of Association (AoA) with legal attestation
- Trade license
- Share certificate
- Passport with UAE entry page of shareholders
- Emirates ID & visa pages of shareholders (in case shareholders have UAE residency)
- Name of existing or prospective clients (suppliers/buyers)
- 6 months bank statement (personal/company from home country)
- Utility bill of shareholders showing address proof
- Corporate legal documents and bank statements (in case of a shareholder having a company outside UAE)
So, specifically, for a new company to open a business bank account in the UAE, the company owner or the authorized signatory must have a UAE residence visa. The banks in UAE will take a little while to process the account due to the strict compliance process.
However, depending on the business type and credibility, the time taken to open a business bank account will vary. It is always advisable to seek the assistance of expert Business Consultants like AURION to get the right business bank account for your company.
