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Business bank account in the UAE is very difficult to create. The UAE Central Bank has made the process very strict. So, people have to go to the companies that render these challenging services. In fact, our team will assist you through every tiny detail of opening the account opening procedure to ensure hassle free experience.
In-Person Business Bank Account Opening: The person who wants to open an account has to appear physically for the bank account. However, meeting the bank representative, account opening form signing, and submitting the documents is necessary.
Open a Business Bank Account in UAE: The person who wants to open the bank account is not in the UAE, the online process is available for them to facilitate. Meanwhile, the online presence of the person is necessary via phone call or online meeting. Although, one thing needs to be kept in mind that the process can run online but the person must appear in bank for the final process of signing the account form.
The standard processing time of opening the account is between 14 to 25 working days or more days. However it all depends upon the complexity of the process.
You can open a bank account on your phone with these UAE digital banks:
Step of starting an App:
Bank account opening is very easy and quick. It usually takes a couple of days or a couple of weeks. Whether you need a current account or saving account, UAE residents only needs following documentation:
Non-residents can only open a savings account. However, a checkbook will not be issued but only a Debit Card will be issued to withdraw money. Non Residents must have following documentations to start the process:
These documents will act as a means to open a bank account in the UAE. Non-resident saving accounts will take a little longer to open due to extra documentation.
Following are the types of banks to choose according to your transactions:
An Emirates Islamic Current Account is a transaction account. However, it comes with Debit card facilities, check-books, along with many other banking benefits. UAE Banks offer two types of account, one comes with salary transfer and second does not come with salary. Account in your employer’s bank can help you receive money quicker than other banks.
Open Current Account with different major currencies such as USD, GBP, AED, Euro, Yen, Saudi Riyal, Kuwaiti Dinar, Canadian Dollar, Qatari Riyal, Bahraini Dinar and Omani Riyal. However, other than these currencies, you can’t avail debit card and cheque book facility options.
Minimum 3000 AED must be kept in the account to open the account. However, after receiving salary the limit is waived off.
For expats, the UAE is heaven and offers offshore banks. Most important place is Dubai for overseas residents living and investing. Basically, anyone who has a valid residence visa can apply for an offshore account. The main purpose of the account is to manage import and export business. As it is considered as the most stable, secure, and reliable, it usually involves lower taxes than other bank accounts. Offshore account comes with many facilities such as;
If you want to do business in the UAE, you have to go for a corporate bank account. If a business owner has a personal bank account, he/she is not eligible to run a business. Corporate accounts are current accounts that allow larger money transactions. Meanwhile, it takes 2 – 4 weeks to open a corporate bank account.
Additionally, anyone who wants that type of account must have some more documentation and that are following below:
Saving accounts offer higher interest rates than other accounts and also comes with debit and credit card but eliminates checkbook. That’s why many people go for saving account types. However it offers limited withdrawal access. These types of accounts come with fixed or variable interest rates. The one who opens the account, will decide the interest type.
For an investment account, you have to sign an investment agreement with the bank. The investment time will be 12 months to 10 years. Even the time can be longer than 10 years. The minimum ROI of your investment will be 3% to 7% annually. Minimum investment varies from bank to bank. It offer stocks, mutual funds, real estate, bonds, and gold to grow your wealth.
In the dynamic and growing department of the UAE, opening a bank account is a vital step. UAE Central Bank also offers multiple opportunities and services to support your business operations. EZ Setup ensures your smooth process, time saving, custom solutions, and also free from any fraudulent activity.
Our financial advisors and consultants are well aware that UAE laws and regulations are the most important pillar of EZ Setup. Additionally, they are legally permitted to deliver these services to the entrepreneurs and visitors. With our right consultation, you and your business can thrive and seize countless opportunities to grow exponentially.
