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Whether you are an existing business owner or planning to start a new business, opening a business bank account is one the most financially prudent ways to to keep your transactions smooth.
The United Arab Emirates has an efficient banking system ensuring highest levels of privacy to it’s customers. The transparent public policies, no corporate tax rate, and the remarkable growth of various organizations have further contributed in widening the country's economic landscape.
A business account is a current account that offers unique benefits to enable businesses to manage their finances more effectively. Business accounts help business owners differentiate their professional transactions from the personal ones. These account allow companies to view and manage their cash flows, track their expenses, and make it easy for them to calculate their liabilities.
Most banks in the UAE allow corporate agencies or organizations to open a business bank account at reasonable interest rates and low monthly charges. The best part about business bank accounts is that business owners can choose the account features and benefits based on their business preferences.
For example, a small business owner might need a business account to make day-to-day online transactions. In this case, the business owner needs two features more than anything else - low-cost maintenance and free internet banking.
Here is a list of factors that you need to consider before opening a business bank account in the UAE.
Security is an important factor and it also contributes to the success of the UAE banking industry. The banks in the UAE assure that the business bank accounts they offer to open are safe, maintaining the highest levels of privacy for the account holders. Before you apply for opening a business bank account in the UAE, you must check if the chosen platform is secure for keeping your funds.
If you own a business or a company in the UAE, it is wise to apply for a corporate account in one local bank. However, with the UAE banking industry, you also get the flexibility of applying for an international business bank account in Citibank, Standard Chartered, HSBC, etc.
Once you have chosen your bank, the first thing you need to check is the procedure for opening a business bank account. If your business is a start-up, you must consider choosing a local bank. Most local banks need you to be physically present at the time of account opening. They need to get your signatures and verify your passport in your presence. However, the procedure may vary from bank to bank.
Now that you know what to keep in mind, let us go ahead and learn the benefits of a business bank account, the documents required, and a simple three-step procedure to open a business bank account for your business.
Here are some significant benefits of opening a business bank account in the UAE.
Here are the documents required for Opening a Business Bank Account in the UAE.
All the banks in the UAE have different account opening process for business bank accounts. However, here are a few common steps that you can follow to open a business bank account in the UAE.
The initial step for opening a business bank account is getting a valid business license. If the concerned business doesn’t have the license, the bank will not recognize the account opening application.
Next, the applicants need to organize all the required documents in line, as mentioned by the bank’s representative. This helps them streamline the whole account opening process and get the application approved without any hassle.
The next step would be checking the residency visa requirements for all the shareholders. Some of the banks in the UAE ask for a residency visa for one shareholder. However some do not ask for it at all. So, the applicants much first check the requirements about the residency visa of the company’s stakeholders.
Once all the requirements are fulfilled, contact your chosen bank and show your interest in opening a business bank account with them. The applicants will need to fill out the application form, including the detailed records of clients and suppliers, proof of business, invoices, contacts, and much more. Make sure you check the income requirements and eligibility criteria to avoid getting your application rejected.
You are now ready to begin with, the formal account opening process. You must first visit the bank’s branch and speak with the representative face-to-face. This helps you find answers to your queries right away. Follow the account opening process as they say.
Once you decide to open a business bank account, make sure you keep all your documents ready to avoid any delays. Ensure your documents are well-organized and filed before you submit them.
No matter which bank you choose to open a business bank account for yourself, make sure you go through all the terms and conditions of that account. This way, you will get to know the benefits and features of your bank account better and will be able to make the best use of them.