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The requirements for opening a corporate bank account in the UAE differ from bank to bank, although most banks demand the presence of a significant shareholder or director. The first step in opening a bank account is to fill out an account opening application, which must be accompanied by complete firm data. Proof of business, such as contact and invoice information, as well as information about the company’s clients and suppliers, might be included.
Once the business is set up and operational in UAE, a business account will be required to send-receive money, manage business transactions, and make financial payments. A business account makes it very handy for firms to make their transactions, tracking the expenses, acquiring loans, etc. An entrepreneur must get a business account for the following reasons:
Business accounts in the UAE offer an enticing set of features and benefits. Usually, these accounts may include savings accounts, merchant accounts, merchant services accounts and a dedicated credit card account. Following are some benefits and features that are offered by business accounts in UAE to entrepreneurs.
Banks in UAE will require certain documents before opening a business bank account for entrepreneurs or any business. These documents may include identity, address proof, documents related to the business, and some additional documents. Following is the list of common documents required for opening a business account.
Identity and Residence Proof –
Business Related Documents-
Other Required Documents-
Eligibility Criteria for Opening a Business Account in the UAE
The business organization must meet specific qualifying conditions set forth by the bank in question. The following are some of these requirements:
Average minimum balance:-
The organization is obligated to keep a monthly average balance of a certain amount.
Savings account or checking account:-
To be eligible to open a business account, several banks need the business organization to have a savings or current account.
Opening a bank account in the UAE is a very long but straightforward process if you follow all the procedures correctly. There are few challenges also for opening a bank account in UAE-
Therefore it is wise to take the help of a business bank account service provider in Dubai, UAE. The professionals will help you overcome all these challenges and help you smooth the bank account’s smooth opening.