The best banks in the UAE to open a business account
The United Arab Emirates is quickly developing into a financial center of the Middle East. Banks, financial institutions and insurance companies satisfy the needs of an ever-increasing miscellaneous population. Banks especially provide a multitude of benefits to their clients all year round – allowing everyone to follow their dreams. There are some of the best banks in the UAE for opening a business bank account.
What to take into consideration to open a business bank account in the UAE?
There are a few things to take into consideration before proceeding to open a business account in UAE.
One of the main facets which have helped the prosperity of the UAE business banking sector in the last years is productivity and security. Lately, several agreements have been signed between the UAE and other countries to fight tax evasion. These agreements necessitate that, in spite of severely protecting privacy, banks are obliged to cooperate with international authorities in some cases.
If someone has a company, a registered branch, or a subsidiary corporation in the UAE, he can open a business account in the UAE.
You are required to attend the bank in person as a bank signatory to deliver the application and confirm the passport.
With regard to documents, you are required to assess the company operations, the number of shareholders, the management’s business history and the new institution’s business plan in the UAE.
The necessary documents for opening a business bank account in the UAE
Some obligatory documents are required to be presented to open a business bank account. It’s significant to bear in mind that this can differ based on the extent of each customer’s business and the bank’s principles.
Identity Card: The shareholder agent and company manager are required to submit a copy of their Emirates ID card and a valid passport. The shareholder agent’s residence visa is also needed.
Complete CV: 5 to 7 years of work and business experience are needed. Ensure the corporation’s business activity matches your personal technical skill before opening a corporate bank account.
Utility Bill: A copy of the utility bill is required as verification of your present address.
Corporation Business Documents: Opening a corporate bank account in the UAE will require the corporation’s business documents.
Business Bank Statement: The last six months of bank statements from the shareholder’s present company are required.
Personal Bank Statement: Each shareholder is required to also submit a personal bank statement for the last six months.
Company Document for confirmation of Ownership: Deliver a corporate document that acts as proof of ownership for your existing business.
Business Plan: A business plan is necessary, and it should contain all information about the company’s activities, potential customers, a brief business growth plan, financial plan, suppliers and partners, along with the management team’s experiences and capabilities.
Board Resolution: It is essential to have a Board Resolution allowing a Company Officer to open a business bank account.
The best banks in UAE for opening a business bank account
1. Emirates National Bank of Dubai
ENBD which attends more than 10 countries and over 3 continents, is the biggest and most trustworthy bank in the UAE. The bank was established in 2007 as a result of the joining of the National Bank of Dubai and Emirates Bank International together. Its main office is located in Dubai. The bank provides plenty of services to its clients. These services range from priority banking solutions to bespoke investment management solutions. The bank satisfies the needs of individuals, companies, HNWIs and institutions. In addition, the bank is equipped with the highest number of ATMs in the country. Emirates National Bank of Dubai is one of the best banks in the UAE for opening a business bank account.
2. Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank is a bank that has a long history of helping the growth of the UAE itself. A great number of shares of the bank are owned by Abu Dhabi Investment Council, which cooperates with the Abu Dhabi government to take on development projects in the country. The bank provides retail, business, Islamic Banking, and investment management services to customers via its different business parts. One of the concentrations of the bank is its customer service. ADCB goes beyond traditional banking and makes a special effort to help clients. One of their leading strong points is customer service – it does not make any difference which branch you go to, there is no need to wait a long time for your turn, and a customer agent will always be accessible to you. Abu Dhabi Commercial Bank is considered one of the best banks in the UAE for opening a business bank account.
3. Dubai Islamic Bank
Founded in 1975, Dubai Islamic Bank is unique due to being the first bank to provide customized Islamic finance choices and is also the biggest Islamic Bank in the UAE. The main office of this bank is in Dubai. The bank’s Islamic banking principles and solutions act as standards for other Shariah-compliant banks to pursue. The bank ensures appealing profit rates according to Shariah-compliant investments and also provides account opening ease for minors with no concealed or maintenance costs.
4. Standard Chartered
As one of the main international banks in the world, Standard Chartered provides wonderful banking services to its customers; with a sensitive concentration on customer service and automation of processes. It was one of the first banks to launch automated teller machines; and carried on leading the way with regard to technology and innovation. The bank’s sought-after services are Standard Chartered XtraSaver Account, which presents an appealing interest rate of 1.2% each year. The account can be used in USD and AED; with the bank offering an international debit card to use it. Standard Chartered Saadiq Personal Finance offers personal finance choices according to Islamic principles.
This account enables clients to gain a yearly profit of 7.55%; and offers a free chequebook and debit card. In addition, the bank provides different priority banking services that present a cashback of up to AED 7000. Furthermore, SC provides all-inclusive and reliable insurance solutions. These involve Futura; which offers long-term insurance coverage, and Global Choice; which enables clients to give their children a head-start with a consistent savings policy.
5. Abu Dhabi Islamic Bank (ADIB)
ADIB has more than 70 branches and 460 ATMs all over the UAE. ADIB is one of the dependable and most trustworthy banks in the UAE. The bank mixes Shariah-compliant financial services with up-to-date banking services to provide clients with the best of both worlds. The bank has a robust concentration on the young population – and presents the country’s only student ISIC Card, which enables students to learn, develop and become successful with efficient money management skills. The ISIC student card is valid in more than 10 countries universally and provides a range of exceptional discounts both at home and overseas. ADIB also provides a GTB service, which stands for Global Transaction Banking that provides affordable and effective cash and business management solutions to fulfill the working capital requirements of business and financial institutions.
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6. Mashreq Neo
A branch of the oldest bank in UAE, Mashreq Neo is known as the first digital bank in the UAE. The bank does not have any branches, and provides all the traditional banking services along with several unparalleled offers to captivate a young customer base. The smartphone bank application provides a plethora of exhilarating solutions; like Quick Remit; which enables people to transfer money to over 20 countries charge-free. This facility provides wonderful exchange rates and is utilized by people to send and get money in a short time.
Besides that, Mashreq Neo has plenty of discounts and cashback offers – even introducing the app to a friend authorizes you to reward points and cashback. With regard to security, the digital bank has been recognized as the best and safest mobile banking app in the Middle East by World Finance in 2020. Users of the Mashreq Neo smart bank admire it for its simplicity, transparency and security characteristics; with the app being made up-to-date every week to remove any gaps.
7.National Bank of Fujairah
Established in 1982, the National Bank of Fujairah has wonderful fame for superiority in the fields of business and commercial banking, trade finance, and treasury. Lately, they have extended their range of services to incorporate all-inclusive personal banking choices and have also extended their horizons into the digital world by bringing into use NBF Digital, displaying a range of digital products fitting every business’s needs.
Besides backing different industries like oil and shipping, NBF is also pledged to support the economic growth of the UAE and its home emirate of Fujairah. As the Bank is admirable and reliable for its strong financial base on the capital markets, convincing universal counterparties resort to them for regional syndications. By developing enduring relationships with their clients and contributing to them to taking advantage of opportunities in an ever-changing marketplace, they use their robust track record, strong heritage, deep market understandings, and unshakable commitment to service and innovation.