Types of corporate bank accounts in Dubai
By Jahnavi Seth | 25th MAY 23
Dubai is the right option for any entrepreneur who dreams of getting their business started in the UAE. It provides a great opportunity for people all over the world to choose the right path for growth and development. The same remains true for opening a business bank account in the UAE. This can help you manage your finances in a better way and keep an account of your funds.
When opening a corporate bank account, it is essential to ensure that you are choosing the one that fits your needs. Various banks in the UAE provide different types of services and bank accounts for you to choose from. Making the right choice is essential for you and your business. Here are a few types of corporate bank accounts that are offered in Dubai.
1. Conventional corporate bank accounts
These bank accounts are the most widely used accounts in Dubai. They are provided by banks in Dubai and follow the conventional principles of banking. These types of accounts let you make multiple transactions in different currencies. You can avail services such as online banking, loans, cheques, etc. You can get competitive interest rates on your deposits. The account operations and transactions are also greatly flexible.
2. Islamic corporate bank accounts
These bank accounts adhere to Sharia principles and are preferred by businesses that want to adhere to the Islamic law while practising their business. There is avoidance of interest on the loans and the deposits. Islamic Financing principles of Mudarabah and Murabaha are followed. Specialised banking teams are provided to ensure compliance with Islamic law practises while banking.
3. Offshore corporate bank accounts
These types of bank accounts are preferred by businesses that want asset protection and need privacy in their operations. You can do transactions in the currency of your choice while ensuring confidentiality and privacy in the same. You can have access to international banking services and get potential tax advantages as well.
4. Free Zone corporate bank accounts
These types of bank accounts are appropriate for businesses that have been established in the free zones. It provides better advantages to people who are set up in one of the free zones. You can get 100% foreign ownership and repatriation of profits as well as the capital. The account setup process is simple and straightforward, ensuring that you stay away from all the hassle. There are specialised services and networking opportunities. Tax incentives and exceptions are also provided for free zone companies.
Corporate Investment accounts
They allow you to invest funds and get returns on your capital. This account allows you to invest using stocks, mutual funds, bonds, etc. This allows you to have flexibility in investment options.
This account allows you to carry out financial transactions such as property, mergers and large projects. These accounts are used to hold your funds securely until the purpose or the specific transaction is finished. Dedicated Escrow services are provided to help oversee the transactions of the accounts.
How can RadiantBiz help?
Are you unable to make the right choice for the type of bank account that is the most appropriate for your business? Don’t worry, RadiantBiz has your back. We have years of experience in the industry and help you make the right choices for you and your business. With our help, you can get the right support you need and get started with your business bank account. Our experts come up with tailor made solutions according to the needs of your business. We also ensure that you have the right guidance through each and every step of your business setup so that you can do what is the best for you and your business. Get help from our company setup consultants today and know the best choices to make that set you and your business up for success in Dubai.