Contents
Opening a business banking Dubai account is the most required because of the rising Dubai economy with Real Estate improvements and raised tourist demand. Currently, Business Banks in Dubai are more able to lend than ever. It is not surprising that more foreign business corporates are looking to integrate or open overseas bank accounts in the UAE, according to Dubai international financial center.
A foreign can open a corporate bank account in Dubai
The first step is having all required company documents certified at the Emirates Consulate and the UAE Ministry of Foreign Affairs, where the company gets registered. The certification process fees at the UAE (MFA) cost approximately 2,000 AED per document, meaning costs $3000 USD or more.
Often the certification process can take months. However, a foreign entity can open a bank account in Dubai, and integrating it in the UAE is a much easier and more effective solution.
Read more: Business Activity UAE
Requirements for Opening Business Banking Dubai account
Opening an account is varying from bank to bank, where the existence of a major contributor administrator or banking partner is typically required. Sometimes lawyers can set up business accounts on behalf of their clients, but most times this is not the right way.
To open a business bank account, the first step will be completing an account setting-up application, supported by company information details. That information must include proof of business type, such as invoices and contracts, as well as the clients and suppliers. Although the list of differences between banks, the next required documents must be included:
- The passport of the company investor representative with a residence visa.
- Copy of the Emirates ID card of the shareowner representative
- Passport copy of the company administrator.
- Information for activity type of the account.
- Revealing the source of funds.
- Presenting existing contracts.
- Reference letters from business partners.
- Presenting a business plan.
- Fully certified incorporation documents like:
- Company Articles and Memorandum.
- Incorporation Certification.
- Shareowners registry.
- Company extract from the official company registry.
- Certificate of good behavior.
After All, the bank will collect background information about the management team of the applicant, including shareowners and administrators. The information-collecting process will also include financial predictions. Finally, the bank will conduct an interview with the applicant. Once these stages are completely done, the account will be opened.
Take a look at: job in UAE 2023
Best bank in Dubai for business
There are many international and local banks in Dubai. Where the commercial and investment banks in Dubai are forming the backbone of economic activities in the emirates, facilitating financial transactions with a major list of banking and investment services to citizens, expatriates, and small businesses. The corporate banking sector in Dubai is a beefy pillar of the UAE national economy. Here is a list of the best foreign and local banks in Dubai contains:
Emirates NBD business bay
When we talk about the top 7 banks in Dubai, Emirates NBD will be likely the first choice that comes to our mind for most people. Founded in 2007, Emirates NBD was the conduct of a union between Emirates Bank and the National Bank of Dubai. It is respectively the second and fourth largest bank in the UAE. Emirates NBD branches are located in several places in the UAE. The main branch is located in Baniyas Street, Deira, Dubai.
Emirates NBD offers an overall range of financial services for individuals and corporations. The bank has a reliable Internet banking system, which allows clients to access its services during navigation. The financial services highly appreciated by their clients contain:
- Housing loans.
- Auto cars Loans.
- Personal loans.
- Project funding.
- Business credit cards.
First Abu Dhabi Bank
The First Abu Dhabi Bank, established in 2016, was a result of a merger between the First Gulf Bank and the National Bank of Abu Dhabi. That merger led to the creation of the top banks in Abu Dhabi Dubai, and other emirates of the UAE.
Among all banks in Dubai international financial, the First Abu Dhabi Bank is providing its banking services for individuals, with the best credit card offers in the UAE, including a comprehensive houses financing system. It also offers several banking services that are compliant with Islamic Sharia. The Bank is Located Opposite Wafi Center, Dubai Healthcare City.
In general, First Abu Dhabi Bank is famous for its financial services, such as:
- Mortgage loans.
- Savings accounts.
- Insurance.
Dubai Islamic Bank
Dubai Islamic Bank is numbered among the best banks in Dubai and the UAE. The bank was opened in 1975, by Highness Sheikh Rashid bin Saeed Al Maktoum, The former Vice-President and second Prime Minister of the United Arab Emirates and Ruler of the Emirate of Dubai. Popular branches are located in Dubai Deira, Jumeirah, Karama, and Oud Metha.
The Islamic Bank is serving more than 1.9 million national and foreign clients in the UAE, with account services available to all customers, serving the greater vision of citizenship and social solidarity in the UAE. The bank offers a chain of services to retail and corporate clients like Auto Loans, Personal loans, housing loans, and Business Finance.
Mashreq Bank
Having an account in Mashreq Bank means you already have a bank account in and outside the UAE as well. Mashreq Bank is one of the biggest local banks in Dubai Provides its progressive banking services to many individuals, companies, and institutions. It is one of the best performing banks in the UAE for more than five decades. Its successful operations can be expected from the increasing network of branches across the UAE and many countries in the world.
Mashreq Bank offers a wide set of e-banking and banking services and solutions, including bank accounts for residents in the UAE. The branches are located on Sheikh Zayed Road, the Dubai Festival City Mall, Al Qusais, and Dubai Internet City. Here are the most appreciated services as follows:
- Personal loans for citizens and residents.
- Personal loan for the UAE.
- Debt combining loans.
Read more: UAE mission visa
Commercial Bank of Dubai
The Commercial Bank of Dubai was founded in 1969. The bank offers banking services in Sharia compliance and has many branches in Dubai, Al Quoz, Deira, and Karama. Also, there are 15 branches of the commercial bank of Dubai (CBD) across the UAE.
The customer of CBD Bank can enjoy personalized banking solutions, through carefully selected relationship administrators. The most prominent commercial bank of Dubai services is:
- Real estate loans.
- Personal loans.
- Debit Cards.
- Vehicle financing.
Emirates Investment Bank
The Emirates Investment Bank is providing you with the best financial investment services in the UAE, with attractive facilities for local and expat investors, and flexible plans in respect of wealth management and creative activity. The bank is located at Festival Tower, Dubai Festival City.
The Emirates Investment Bank (EIB) is featured by the ease of customer services and speed of transactions, providing a wide range of electronic services to its clients in demand to save effort and time, such as:
- Wealth planning.
- Asset management.
- Stock trading.
- Investment banking.
Read more: UAE golden visa
Union National Bank
Union National Bank is one of the leading banks in the United Arab Emirates with great customer service and transaction facilitation, serving a diverse customer base of individuals and small businesses of famous names in the corporate sector. Its branches are located in several areas of Dubai in Downtown Dubai, Al Barsha, Business Bay, and Dubai Marina.
The UNB bank has constant efforts to improve innovation and expand the range of banking services using ideas obtained directly from its clients. They are creating a process for every service that provides customer criticism and space for continuous improvement.
Union National Bank presents many banking services and financial solutions to customers. The bank is known for its client services, such as:
- Platinum Debit Card.
- Cashback Cards.
- Business Loans for UAE nationals, expatriates, education, and rent loans.
Read more: UAE Labor Card
Which bank is best for a business account in the UAE?
Emirates National Bank of Dubai (ENBD) is the top 5 bank in more than ten countries over three continents, the largest and most reliable bank of business in the UAE, besides:
Abu Dhabi Commercial Bank.
Dubai Islamic Bank.
Abu Dhabi Islamic Bank.
Mashreq Bank.
Can I open a business account in Dubai?
A business bank account in Dubai can be opened by regards filling out the application form and introducing the necessary documents. To open a corporate account that best encounters your business demands, visit the local branch of one of the UAE banks you choose and follow the instructions given by the banking professional.
What types of corporate entities exist in Dubai?
There are five pathways for a business setup that is applicable to foreign companies Under UAE law, interested in creating formally corporate in Dubai:
1. Establish a Branch office.
2. Permanent establishment.
3. Found an entity in one of the free zones in the UAE.
4. Establish a civil company.
5. Making a commercial agency agreement.
What type of business banking account charges?
A business banking account in Dubai banks is known to be full of fees, so get a full list of expected charges before starting to open your business bank account in a specific bank.
Opening a business banking Dubai account is a fairly painless process, with a lot of options to decide on the right business choice current account for your business. Every business account is created to suit your needs of business size and type. As well as, all banks offer customized banking solutions, more smooth and easy international banking financial management.
