No Minimum Balance Business Accounts in UAE

All business owners need a place where they can keep their money safe and secure. Banks in the UAE offer the best business account options for both – the already up and running businesses as well as start-up entrepreneurs. 

Opening a business account is the best idea to manage your finances professionally. It can help you keep your personal finances separate from the professional ones while evaluating what comes in and what goes out. 

Sometimes it becomes a challenge for some businesses to meet the minimum monthly balance requirement of their business account. If you are one of those account holders, we are here to help you. In this article, we have listed some of the best business accounts that you can open and maintain with no minimum balance requirements at all. Keep reading to find the one that suits your business requirements.

Top Zero Balance Business Accounts in the UAE

Here is a list of the best-performing zero balance business accounts to open in the UAE.

1. HSBC BSP Premium Account

HSBC BSP Premium Account is one of the current business accounts that the bank offers. Here are the major features and benefits of the HSBC business account.

• Available in multiple currencies, including AED, USD, JPY, Euro, GBP and more
• Competitive rates on forex transactions
• Free cheque and cash transactions using the bank’s ATMs or cheque and cash deposit machines
• Free phone banking services
• Free access to HSBC Business Customer Service Centres even during extended hours
• No average minimum balance required per current account
• Monthly maintenance fee of AED 1500

2. RAKBANK - RAKstarter SME Account

RAKBANK has introduced this business account with low minimum balance requirements to help start-up businesses maximise their financial efficiencies. Here are the major features and benefits of the business account.

• Zero minimum balance requirement
• Unlimited chequebook facility
• Attractive interest rates on the account balance maintained
• No fall below fee on zero balance in the business account
• Available in multiple currencies, including AED, USD, Euro and GBP
• Competitive trade financing rates
• Attractive interest on fixed deposits
• Full-time phone banking services
• Dedicated relationship manager

3. ADCB Business Choice Current Account - Silver

ADCB offers three types of Business Choice Current Accounts for their customers. Silver Business Choice Current Account is one of them. Here are the features and benefits of the bank account.

• Attractive interest rates on the balance maintained in the account
• Low minimum balance requirement 
• Free four chequebooks per annum
• Complimentary Business Choice debit card
• Free e-statements
• Complimentary 15 teller transactions per month
• Quick access to other ADCB financial products

4. ADCB Business Choice Current Account - Gold

ADCB Gold Business Choice Current Account is another zero balance business account that offers high benefits at low minimum balance requirements. Here are the features and benefits of the bank account.

• Free first chequebook every month
• Complimentary 30 teller transactions per month
• Free debit card
• Chequebook delivered at the chosen location
• Low charges on remittance
• Quick access to other ADCB financial products

5. ADCB Business Choice Current Account - Platinum

ADCB Platinum Business Choice Current Account is well known for its competitive interest rates on the balance maintained in the bank account. Here are some other features and benefits of the bank account.

• Complimentary business insurance 
• Unlimited teller transactions with no extra charges
• Free Business Choice debit card
• Free three chequebooks per month
• Chequebook delivered at the preferred location
• 1 free remittance per month
• Quick access to other ADCB financial products

Documents Required for Opening a Business Account

The list of the documents required varies from bank to bank. Here is a list of some standard documents required to open a business account in any of the banks in the UAE.

• Copy of Emirates ID card for all the shareholders
• Residence Visa of shareholders 
• Copy of a valid passport for the company’s director and all the shareholders
• A valid trade license 
• Articles and Memorandum of the Company
• Registry of shareholders
• Business plan 
• Incorporation certificate
• Letter of reference through the business partners
• Copy of existing contracts
• Sources of fund disclosure
• Copy of share certificates
• Good standing certificate
• Company extract (as per the official registry of the company)
• Past six months’ personal bank account statements of all the shareholders

Easy Steps to Open a Business Account in the UAE

Here are a few simple steps to follow to open a business bank account 

1. Get a Valid Trade License

Getting a valid trade license is the first thing an applicant needs to do when trying to open a business account. If the applicant applies for a business account without submitting a trade license, the bank will not even consider the application.

2. Gather the Essential Documents

Once the applicant has a working trade license, they need to gather the remaining documents required to open a business account in the UAE. Getting all the documents ready and organised can help the applicants streamline the whole application process and get their application approved at once.

3. Check Visa Requirements

UAE residents do not need a residency visa to apply for a business account. However, if they are applying for a joint business account and any of their partners are non-residents, they will need a residency visa for those stakeholders.

4. Choose the Business Account

Once the applicant has all the documents in place, they can find a bank that offers the best features and benefits for business accounts. They can either visit different banks’ websites to check out what they offer or simply visit our website to check out their possible options. One of the most convenient ways is to contact our helpline by calling the customer support number. Our financial experts analyse the customers’ financial needs and help them apply for their chosen bank account.

5. Apply for a Business Account

All banks in the UAE have different application processes for opening business accounts for their customers. The common process includes filling out the application form by providing all the basic details of the business, attaching all the essential documents and submitting the same in the presence of one of the bank’s representatives. This helps applicants avoid any mistakes in submitting the application.

Simple Ways to Open a Business Account in the UAE

Here are a few simple ways through which applicants can apply for a business account in the UAE.

1. Online Banking

Banks in the UAE offer online banking portals to help their customers easily access all the banking products and services. The existing bank customers can log in to their online banking portal using their banking credentials and apply for their chosen business account. The applicants need to fill out the application form and submit the same with all the required documents. 

2. Mobile Banking

The existing bank customers can also log in to the mobile banking app of their bank and apply for their chosen business account in just a few clicks. All they need to do is fill out the online application form and submit it along with all the essential documents.

3. Bank’s Website

The applicants with no access to the preferred bank’s online or mobile banking portal can visit the bank’s website and fill out the application form to open their preferred business account. They need to upload all the required documents on the website or they can also request one of the bank’s representatives to collect the set of documents from their place. Not all banks in the UAE provide this facility for collecting documents from home.

4. Bank’s Branch

The applicants with no access to the internet can also visit their chosen bank’s branch and apply for opening a business account. They need to carry all the required documents with them and provide the same while submitting the application form in the presence of a bank’s representative.

5. Our Website

As we have already mentioned, this is one of the most convenient ways of applying for a business account. The best part about getting in touch with our support team is that you can learn about all the features and benefits of your chosen bank account in detail and can therefore make an informed decision based on your financial preferences.

The Bottom Line

Now that you know how to open your preferred business account, it’s time for you to make a move. Make sure you check all the features, benefits and fee structure of the business account you have chosen to apply for. This helps you make the right financial decision in favour of your business. Do not forget to give us a call if you need any assistance in the entire application process. We will be happy to help.