Business Accounts
Business Accounts
Business owners in the UAE require a secure and reliable place to manage their finances. UAE banks offer a range of business account options catering to established enterprises and startup entrepreneurs alike.
Opening a business account is a smart step towards managing your finances professionally. It facilitates the separation of personal and business finances, allowing you to monitor your cash flow effectively.
While many business accounts have a minimum monthly balance requirement, some entrepreneurs might find it challenging to meet this criteria. If you're among them, you're in luck. In this article, we've compiled a list of top business accounts that don't impose any minimum balance requirements. Read on to discover the one that best suits your business needs
Documents Required for Business Accounts
1. Personal and Company Documentation:
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Original passport and Emirates ID of all signing authorities and partners (with photocopies).
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Trade License.
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Memorandum of Association (MOA) in original and copies.
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Tenancy contract.
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Chamber of Commerce certificate copy (if the registration number is on the trade license).
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Email ID for company account communication.
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Customer list with names, addresses, and contact persons (3 buyers and 3 sellers).
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Company turnover and profit percentage.
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UAE residential addresses and mobile numbers of all signing authorities.
2. Shareholders and Directors' Documentation:
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Copy of Emirates ID card for all shareholders.
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Residence visas of shareholders.
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Copy of a valid passport for the company's director and all shareholders.
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Valid trade license.
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Articles and Memorandum of the Company.
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Registry of shareholders.
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Business plan.
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Incorporation certificate.
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Letter of reference from business partners.
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Copy of existing contracts.
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Sources of fund disclosure.
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Copy of share certificates.
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Good standing certificate.
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Company extract (as per the official company registry).
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Personal bank account statements for all shareholders for the past six months.
Easy Steps to Open a Business Account in UAE
Obtain a Valid Trade License
Acquiring a valid trade license is the initial and crucial step when seeking to open a business account. Banks require this license for the account application to proceed.
Prepare the Necessary Documents
After securing the trade license, gather all the essential documents required for the business account application. Organizing and having these documents ready will streamline the application process.
Verify Visa Requirements
UAE residents generally don't need a residency visa to apply for a business account. However, if the account involves non-resident partners, they may require residency visas.
Select the Right Business Account
Once all documents are in order, choose a bank that offers business accounts with suitable features and benefits. Research different banks through their websites or contact customer support for assistance in selecting the right account.
Submit Your Business Account Application
Each bank in the UAE has its specific application process for business accounts. The standard procedure involves completing the application form, providing essential business details, attaching required documents, and submitting the application with a bank representative's assistance to ensure accuracy.
Simple Ways to Open A Business Account in UAE
1. Online Banking
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.
2. Mobile Banking
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.
3. Bank’s Website
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.
4. Bank’s Branch
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.