Introduction
Dubai is the most popular business hub for international companies, and it’s easy to see why. The UAE’s thriving economy, diverse people and culture, and abundance of opportunities have made Business setup in Dubai easier. But what if you want to keep track of your business finances without having to use banks or credit cards? You might think that opening an account business bank account in Dubai with one of the major financial institutions in Dubai would be out of reach because they require large amounts of money up front (or pay high fees). So what can you do? In this article we’ll talk about some excellent options for opening a bank account in Dubai today so that you can keep track of your profits!
Find a Bank that Accepts your Business Profile
To find a bank that accepts your business profile, you can browse through the list of banks on our website. You’ll have to make sure that they accept your business profile before opening an account with them. If you don’t know what type of bank you should open with, we recommend checking out this guide: How To Start Your Business In Dubai.
The following banks are good for any type of business:
- Emirates NBD Business Banking – Formerly known as National bank of Dubai, Was formed in the year 1963 by then Dubai ruler Sheikh Rashid Bin Saeed Al Maktoum.
- Abu Dhabi Commercial Bank – It is the fifth largest bank in the region. It was formed in the year 1985.
- Commercial bank of Dubai – Commercial bank of Dubai was formed in the year 1969. Bank provides banking services to corporate, retail, business, SME , public and private entity.
Compare Account Features and Fees
You need to compare several account features and fees in order to find the best business bank account for your needs. Some of the most important factors include:
- Fees – Compare fees for opening a business bank account with other banks, as well as monthly and annual fees.
- Features – Make sure that all of your requirements are met by each financial institution before signing up. For example, make sure that they offer online banking and mobile apps so that you can access your money easily from anywhere at any time on any device (PCs/Macs/iPhones).
Consider Account Minimums and Bonus Requirements
There are a few important things to consider when opening a business bank account in Dubai.
- The first is the minimum balance required to open an account. To qualify for this, you will need to maintain a minimum daily balance of AED 10,000 or more.
- The second thing to note is bonus requirements. Banks typically offer bonus programs after they have been open for a certain amount of time and/or meet certain benchmarks such as having several transactions on their books or making investments into their funds. These bonuses can range from hundreds up into thousands of dirhams per year depending how much effort you put into growing your business with them over time!
- Third aspect worth keeping track of is how much you can expect to pay in fees per month.
Set Up the Account
- Customer Service
- Online Banking
- Mobile Banking
- Branches
- Security and Other Services
Deposit Funds Into the Account
You can deposit funds into the account in three simple steps. First, you need to log into your business bank account and select “Deposit Funds” from the menu. Then, proceed with entering your payment details, including bank account number and routing number for wire transfers (if applicable). Finally, click on “Submit” when done and voila! Your money is safely in your business account waiting for you to transfer it out again if needed later on down the line.
Documents Required to open bank account in Dubai
You will need to submit the following documents to open a business bank account in Dubai:
- Passport
- Business registration and license (if applicable)
- Bank statement for previous year(s) that reflects your income and expenses for the last 12 months. If you are not sure about your income, it is better to get an estimate from a certified accountant or financial advisor who can give you an idea of how much money you can afford to deposit in your new bank account.
The opening form must be filled out correctly and signed by both parties (you and the bank).
How to open a business bank account in Dubai
If you want to open a business bank account in Dubai, here’s what you need to know.
- The process of opening a business bank account in Dubai
- The documents required to open a business bank account in Dubai
- The steps involved in opening a business bank account in Dubai
- Benefits of opening a business bank account in Dubai
- Risks of opening a business bank account
Business Banking Accounts for Entrepreneur
Business banking accounts can help you manage your finances, save money on fees and get your business started.
Business bank accounts are more than just a place to deposit money. They’re also an opportunity to get access to other features that can be useful for entrepreneurs:
- You’ll be able to use cash-based payment options (like ACH) when making payments because these services don’t require credit checks or identity verification – which means you’ll have fewer steps in the process of paying someone back.
- You’ll be able to make deposits without an extra fee since most banks charge their own set amount (usually $2-$3 per transaction). This saves you from having to pay out hundreds or thousands of dollars in fees each month!
Conclusion
You can now open a business bank account in Dubai, the United Arab Emirates. The process is straightforward and there are many different banks that will accept your business profile. You should compare the features offered by each one before deciding which one to use for your business needs. Make sure you also consider any minimums or other requirements that might be required before opening an account with them as well