Opening a Business bank account is the next big thing that holds major importance for business setup in Dubai. It makes your financial transactions simple and is highly recommended for better maintenance of your business funds. Corporate banks in the UAE offer the facility of multi-currency accounts. A multi-currency account allows you to deal in multiple currencies which is very helpful for foreign investors as it reduces the overall transaction costs, and keeps your money transfers hassle-free.
Opening a Business bank account provides numerous advantages for businesses.Here are some of the major benefits:
The banking system in the UAE is one of the safest in the world. You don’t need to worry about the privacy of your data when you open a business bank account in Dubai, UAE.
Banks in the UAE offer the utmost secure transactions for your business. You are always notified about your account updates and there is no possibility of any fraudulent activity taking place within the account.
If you are a foreigner doing business in the UAE, capital transfers and currency exchanges are a major part of your business. This becomes easy with a corporate bank account for your business.
Banks in the UAE are technically sound and provide you with a variety of services, including instant money transfers, credit cards, and online banking.
It is essential to manage your finances in order to get your business going in the UAE. Here are the steps that you can follow to get your corporate bank account opened
List of essential documents to open a corporate bank account in Dubai
There are plenty of banks to choose from in the UAE. Some of the top banks that you can prefer
First Abu Dhabi Bank
This bank was established by the merger of two banks. These banks were The National Bank of Abu Dhabi and First Gulf Bank. The First Abu Dhabi Bank is regarded as the largest bank in the UAE.
Abu Dhabi Commercial Bank
With its headquarters in Abu Dhabi, this bank has the government of Abu Dhabi as a 65% stakeholder of the bank. This bank was formed by the merger of three banks. This merger took place in 1985.
Dubai Islamic Bank
It was founded in 1975. This bank’s practices are based on the principles of Islam. It is also regarded as the first of its kind bank and the largest islamic bank in the UAE. It has its headquarters in Dubai.
This bank was also made after a merger that took place in October 2007. This merger took place between the Emirates Bank International (EBI) and the National Bank of Dubai (NBD). This created one of the largest groups in the UAE.
Commercial Bank of Dubai
This bank is headquartered in Deira, which is situated in Dubai. It was established in 1969 and provides a range of services. It is the 7th largest bank in the UAE, based on total assets. CBD is the 7th largest bank in the UAE, based on total assets.
Abu Dhabi Islamic Bank
It is a public Joint Stock Company established on 20 May 1997. It is headquartered in Abu Dhabi and is the Shariah compliant lender. It provides personal, business, corporate and private banking services.
Choosing the right bank for your Business account is important for any business. There are certain factors that decide if you should go for one bank or the other.
The reputation of the bank has a great impact. Go for a bank with a good reputation when it comes to supporting the businesses that have opened their account there.
Keep an eye out for the services the bank offers. This can help you compare and know the best offers available.
It is essential that you choose the bank that helps you get the answer to all your queries and guides you through the process with their knowledge and expertise.
The banks charge fees that differ from one another. Make sure that you compare these charges when choosing your bank.
Opening a business bank account in Dubai is one of the most challenging tasks in the UAE. It is essential to adhere to the strict laws and follow the regulations set by the authorities.
If you are planning to open a corporate bank account in the UAE, you should take certain points under consideration. These are
RadiantBiz is a trusted name when it comes to reliable corporate banking services in the UAE. We will walk you through the corporate banking process for your business in the UAE because we have all the necessary skills and expertise.
Additionally, all banks in the UAE would require you to give them a pile of paperwork. Why don’t you let us take care of it? We provide completely transparent and easy processes for your corporate bank account and guarantee to provide the best guidance for choosing the best bank to meet your company’s demands.
We consider all factors for your business to assist you in a 360-degree manner in selecting the best bank.
With 15 years of experience in corporate banking, our in-house team will assist you in compiling all the documents required.
Overcome the challenges of compliance checks with our dedicated in-house compliance management team.
We will help you plan everything while you are sitting in your home country. Our team will submit all the required documents to the banks on your behalf.
The cost of company bank account setup differs depending on the bank you choose. In order to get an estimate, enter your details in our cost calculator and get started.
Every bank has a different policy on minimum balance. Some bank needs a minimum balance (say 10,000 AED) and some charges a monthly rental amount on zero balance.
Opening a corporate bank account in Dubai can typically take anywhere between 3-5 working days
The entire process of opening a bank account in Dubai takes about 4-6 weeks. However, you may open a corporate bank account with RadiantBiz in just one week.
RadiantBiz offers the possibility to open a bank account virtually, even though it is necessary to be physically present in the UAE when doing so. We will handle the application process on your behalf.
The best bank for business accounts in the UAE will depend on you and your company’s needs. The services and fees of each bank are different from the other. This is where you can seek expert help and get started.
Yes, even though the requirements and policies of each bank differ, mostly banks allow foreign companies to open a bank account in the UAE.
No, without a licence none of the banks will recognise you and let you open a corporate bank account.
Yes, you can transfer money to a country fairly easily using your bank account in the UAE. You can utilize the mobile/net banking features that your bank provides.
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