Having a savings account is essential once you start earning, as such a bank account can help you in securing your capital along with attractive interest rates.
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.
Here is a list of the best-performing zero balance business accounts to open in the UAE.
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.
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.
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.
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.
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.
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.
Here are a few simple steps to follow to open a business bank account
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.
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.
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.
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.
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.
Here are a few simple ways through which applicants can apply for a business account in the UAE.
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.
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.
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.
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.
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.
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.