As an entrepreneur, you should get yourself the best business bank account uae. A business bank account in UAE can help you avoid the inconvenience of handling both personal and business finances separately. It will also save you time and effort, as it allows you to manage your money online and makes transactions easier for you in general. The UAE is famous for its safe and secure banking industry that keeps the details of clients private. That’s a big reason why business people use Dubai’s banking systems.
Benefits of best business bank account UAE
Businesses need to have different bank accounts for other purposes: there is no point in having one single account to cater to all your needs. Here are the several reasons why you should open a business bank account in UAE
- You can control your finances with ease
You’re the sole owner of the account, and you decide how much money needs to be withdrawn from it. That way, you can monitor your expenses and help you to avoid spending extra. In addition, you can easily see where all the money goes and if anything is missing in your budget.
- You can avoid unexpected fees
With the best business bank account UAE, you don’t have to worry about any hidden fees or restrictions that can pop up at any time with personal funds. Business accounts know precisely what is included and what isn’t because they come with clear-cut contracts and features.
- You get higher interest rates
Business bank accounts often offer better interest rates than personal ones because they give businesses more privileges and freedom. If you have a higher interest rate, you’ll get more profit from your investment, which is always a good thing.
- 4. International Transfer
Business banks make it easier to transfer their funds internationally to grow globally.
- Separation of fund
Keeping personal and business funds in different accounts makes the fund protective from personal liabilities and makes the company more professional.
- Access to Business loan
Having a business account can help with the credit limit and loans regarding the business.
Documents required to open a business bank account in UAE–
To open best business bank account UAE and start receiving your revenue, here is a list of documents required
- Emirates ID card of shareholder or company director.
- Copy of Passport and residence visa.
- Information of business plan like its activities, potential clients, partners, existing contracts, futures plan.
- All original business documents such as Utility bills, trade license, lease agreement, and MOA or AOA
- The bank statement of every shareholder is at least six months old.
- Business partners must give a letter of reference.
Depending on the bank, other documents may also be required, so please contact with bank before visiting.
The most common process to open a business bank account in UAE.
Almost every bank in UAE has a different business account; however, we list some common points that most banks follow.
- Check the business license
The first step to opening a business bank account has a UAE business license. If your business doesn’t have a valid license, the bank might reject your application.
- Collect all documents
Applicants need to collect all the documents mentioned above and other documents you can ask for from the bank. Also, make sure to check the check residency visa requirement of shareholders. This is applicable in some banks only. This will help to open a bank account without any complications.
- Choose the Bank
When you prepare all the documents and fulfill all requirements choose a bank according to your need. Visit the desirable bank. The Director of the company needs to go bank as well. You need to fill out an account opening form mentioning all the details and submit it with the required documents. You can communicate with the bank representative about your queries. It will take around 2-3 weeks to open your business bank account.
Why choose Taskmaster commercial broker LLC UAE
For a business, opening best business bank account Dubai is the most significant task. Still, the procedure has become complex and time-consuming. In that case, you can choose Taskmaster commercial broker LLC best business bank account in Dubai, providing high-quality services.
Taskmaster commercial broker LLC UAE is committed to opening businesses bank accounts transparently by following global best practices and simplifying the entire process with utmost ease till you have a business bank account in UAE registered under your name to operate your business without any risk of failure. In the bid to meet and exceed customer expectations, it assures you to have an international relationship with the most significant number of banks worldwide.