Opening a business bank account in Dubai is a very simple process. the bank account is one of the most considered factors in establishing a new business. The whole bank opening process can take less than a week, but it entirely depends on the bank you choose. you have two options: local and foreign. Local banks are based in the UAE and foreign banks are based overseas. The local banks offer better rates on loans and deposits but the foreign banks often have more competitive exchange rates.
How to get open a business bank account in Dubai
In order to open a corporate bank account in the UAE, you must submit documents such as initial approval, license details, and other certificates to the bank for perusal and approval. These documents also include those pertaining to individuals proving their identity. However, if the stakeholders include individuals from foreign countries, the identification documents must be notarized in their home country and attested. After attestation of the documents in the ministry and at the Embassy/ Consulate of the UAE in that person’s home country, it must be submitted to the Ministry of Foreign Affairs (MOFA). The final attestation is done at MOFA.
The submission of bank opening applications can be done through in-person physical presence and also online.
the cost of opening a bank account ranges from 5K AED to 500K AED for the local banks. it completely depends on the bank you choose. the cost may vary from bank to bank even the minimum monthly maintenance balances also vary.
Benefits of having a business bank account
A business bank account is a great way to keep your business’s finances separate from your personal finances. It also helps you avoid getting a personal loan for your business, which can be more difficult to get and more expensive than a business loan.
Additionally, having a business account helps you manage your cash flow better because it allows you to keep track of how much money is coming in and going out. If you’re trying to make sure that the money that comes into your business stays in the business and doesn’t get mixed up with personal expenses, then keeping them separate is important.
Bank accounts also offer protection against fraud because transactions are monitored by banks. If someone tries to steal from your account, the bank will take steps to recover any lost funds. However, if someone steals from you directly then there is little protection available.
Banks keep records of all transactions made through their accounts, which can help when reporting income or tax returns at the end of the year. This can be particularly useful if you work part-time because it means that you don’t have to keep receipts for every purchase or transaction made during the year; instead, you can just provide proof that you have a valid bank account and that there was enough money in it at certain times throughout the year.
The other benefits are currency exchange offers, credit facilities, and also services of local and international banks.
Here are some of the corporate commercial bank’s list helps you to choose
- Mashreq Bank
- Dubai Islamic Bank
- First Abu Dhabi Bank
- Commercial Bank Of Dubai CBD
- Emirates Islamic Bank
- Emirates NBD-ENBD
- HSBC Bank
- Union National Bank
- Dubai Bank
- Arab Bank UAE
- First Gulf Bank
What are the documents required to open a business bank account in Dubai
To open a business bank account in Dubai, you will need to provide the following documents:
- A copy of your and your shareholder’s passport, with at least six months left on the validity (if your passport is expiring within six months, you must submit the original).
- A copy of the valid legal documents like company registration certificate(free zone/mainland), trade license, Trade license, etc.).
- A copy of your Emirates ID card.
- A copy of your visa or residence permit.
- A signed power of attorney or board resolution from the person opening the account on behalf of the company (if applicable).
- A copy of address proof.
- A copy of the company profile and bank reference letter if needed.
How we can help you?
As a business setup services firm, we can help you to open a business bank account in Dubai easily. we give the best legal advice and business consulting for your new business setup in Dubai. we suggest the best suitable location (either mainland, Freezone, or offshore)for your business and also help you in drafting all legal commercial contracts including the power of attorney, memorandum of association, article of association,joint ventures agreement, wills, and testaments, and many more. Also, we will suggest to you the best-lsited bank open a flexible business account. if you are interested and want to open a corporate bank account then feel free to contact us. or you can write a mail to email@example.com.