Dubai has earned the reputation of being the best destination for business setups as well as offering the best banking services when it comes to opening a bank account in Dubai. Moreover, to ease up the process, the Dubai government offers various advantages to non-residents on a variety of business options.
Now, each firm operating anywhere in the world must have a bank account in order for all of its financial activities to run smoothly. A corporate bank account is also a benefit when considering starting a business in the Emirates. In order to conduct business as a foreigner in Dubai, you must register a business bank account. These bank accounts can make your financial transactions simpler, so you should opt for them.
Let’s look at the top 7 reasons why you must have a business bank account in Dubai-
- Better financial handling
When you open a business bank account in Dubai, you get access to the best financial services in the world. Dubai offers complete economic ownership for handling business transactions in most of the banks based in the region. The capacity to manage finances is one of the main advantages and a crucial component of having a business bank account. In addition to the original capital commitment, income and expenses can be efficiently managed through the use of a business bank account.
- More investment opportunities
Opening a business bank account in Dubai has tremendous potential when it comes to investment opportunities. This is because investments require substantial capital. Businesses that have business bank accounts can increase their purchasing power, thus enabling them to make investments. Anyone planning to start a business in Dubai or conduct investment activities should get a business bank account right away.
- Numerous beneficial facilities
Having a bank account for your company offers you multiple advantages such as access to various banking services such as cheque book, easy & quick bank transfers, ATM services, credit cards, internet banking, multiple currencies, investment plans, international banking services, and much more. Consequently, only if a business has a bank account registered in any bank based in Dubai, then it becomes eligible to avail of all the bank’s services.
- Financial security and safety
Dubai has some of the best international banks in the world and they have a reputation for offering the most secure banking services ever. Moreover, banks assure their customer’s money security and protection from obligations on both a personal and business level. More than any other financial institution, banks provide peace of mind by keeping your money safe and secure while conducting any transaction.
- Feasible interest rates
When you open a business bank account in Dubai, you also unlock feasible interest rates in the UAE that would help you later if you want to choose to go for a loan facility for your business or any personal venture as per preference. For new businesses creating business bank accounts, UAE banks offer favorable interest rates, which is advantageous for them at every level.
- Get access to international transactions
Now, as a non-resident in the country when you are new here and want to set up your business here you must open a business bank account in Dubai. This is because you get to explore your international transactions in a much better manner. As an international expat operating a business in Dubai, you need to transfer money in and out of the country, and this is where this would greatly benefit you and your business.
- Multiple currencies
When dealing with international business opportunities in Dubai, having a corporate bank account is very advantageous in every aspect. One of which is that you can do transactions using multiple currencies. This means the banks in Dubai accept a variety of currencies in addition to the dirham. The US dollar, the British pound, the euro, and many other currencies are accepted by the banks there, making it simple for customers from all over the world to create business accounts.
Are you eligible to open a business bank account in Dubai?
Let’s check the eligibility criteria for opening a business bank account in Dubai-
- Minimum balance
Of course, to open a business bank account in Dubai you must have to consider having a minimum balance criteria that differs from bank to bank. Additionally, business owners are required to maintain a minimum average amount throughout the time that they have their own business bank account. Depending on whatever bank they choose to create an account with, the amount that must be maintained will vary.
- Initial deposit
Starting a business bank account requires starting with an initial deposit in every bank in Dubai. Non-resident business owners must maintain a certain initial deposit threshold at banks to be eligible to create a business account. The required minimum initial deposit will vary depending on the bank.
- Submit your KYC
KYC includes submitting all the required documents that are needed during the time when you open a business bank account in Dubai. The completion of a Know Your Customer (KYC) form will be required of business owners in order to speed up the procedure for approving requests for business bank accounts and regulatory requirements.
List of documents required for bank accounts-
- Company trade license
- CV/Resume
- Copy of passport with residency visa
- Certificate of registration
- Share certificates
- Company memorandum and articles of association
- Emirates ID
- Utility Bills for address proof
- 6 months bank statements
- Your business plan
- Type of activities on the account
- Complete set of certified company incorporation documents
- Certificate of good standing
- Hold a current or savings account
Obviously, as a business owner in Dubai, you must open a current or savings account before opening a business account with a bank in the United Arab Emirates.
How can you open a business bank account in Dubai with RadiantBiz?
Every new business has different needs, such as specific business jurisdiction preferences and banking services for corporate accounts. For this reason, RadiantBiz is available to assist you with opening a business bank account in Dubai. We are a group of experts who can help you with your banking needs and guide you through the procedure.
The management team at RadiantBiz has more than 15 years of experience in corporate and commercial banking. We are familiar with your industry and can provide you with the best advice. We will be there for you throughout the full banking procedure to help you overcome any kind of challenges, risks, and difficulties.
Furthermore, we consider all factors so that we can assist you in selecting the best bank for your needs. We help you open business bank accounts with the top regional and international banks in the UAE so that your business can operate without any hassles.
FAQs
- How much time will it take to open a business bank account in Dubai?
The entire process of opening a bank account in the UAE takes about 4-6 weeks. However, you may open a business bank account with RadiantBiz in just one week.
- Do I need to know which countries are not eligible to have a bank account in Dubai?
You cannot conduct business with a few nations because of sanction issues. These nations include Cuba, North Korea, Iran, Syria, and others.
- Can someone open a bank account in Dubai from sitting abroad?
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.
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