If you think about it, Dubai and UAE as a whole has a plethora of opportunities for anyone looking to start a business and has the passion to do so. Even though an online business bank account serves the purpose of securing business funds, it also allows the business owner to elevate the credibility of the firm to a higher status. In this article, you’ll learn that with the right tools, you’ll be able to meet the necessary criteria for an application without difficulty. Having this knowledge of open business bank account online uae comprehensively tells you the image it paints for your business success.
Furthermore its kind of an asset for your firm to possess a business bank account as it not only allows for efficient tracking of revenues and expenses but also ensures there is a distinction between personal and business finances. Additionally, it does make tax season relatively more easier as there is designated documentation of transactions. Moreover, it is crucial to choose the right bank or service provider as several banks in the UAE provide a wide range of services tailored to suit your businesses needs when you make the move to opening an account with them. So, this necessitates the selection of a bank that would be appropriate for your goals and business operational needs. The following sections of this guide will provide you advice on which bank you should choose and which features are crucial to you.
How Business Bank Accounts Are Important
If you are serious in doing business, the first step for you is to get a business bank account. It adds professionalism when dealing with clients and partners and provides confidence to the stakeholders. It separates personal and business transactions, providing an easy way to conduct financial reviews of the company. Furthermore, there are times when banks offer business accounts that have extra benefits compared to personal accounts, such as better online banking services or loans specifically designed for small and medium-sized enterprises.
Conditions for Getting a Business Bank Account online
Before checking out these requirements of the online business bank accounts, it is important to know what the requirements banks in the UAE have. Different banks may have different requirements but most of the times, the below mentioned requirements are mandatory:
- Nationality: Requirements may differ for UAE residents and expatriates.
- Type of Business Entity: Particular types like LLC’s and sole proprietors are acceptable.
- Documentation: Banks usually request trade license, passports copies and other documents.
With this information, you are better equipped to set yourself up for the application process. Knowing the differences in requirements between different sorts of banks will be useful for saving both your time and effort and making the experience overall more pleasant.
In the next section of the article, Let’s focus on the step by step process which will help you open a business bank account in the UAE remotely.
Research and Choose a Suitable Bank
To take the first step a bit more smoothly, do some homework about all the banks operating within the United Arab Emirates. Since every bank offers distinct sets of services and has various fee structures, this selection would determine a lot. Want to know what factors to consider during making choosing a service provider? Here is an insight:
- The ranges of accounts provided (Such as saving accounts, checking accounts, etc.)
- How much does it cost to keep the account active?
- Does the bank offer online banking options? If so, how easy is it to access these features?
Gather Required Documentation
Once you have chosen a bank, the next step would be to collect the needed documentation when submitting the online account application. More often than not, the documents required are the following:
- Professional license indicating that your business has been registered
- Copy of passport and their Emirates ID of any business owner or owners.
- Any other legal papers which may be required: such as a partnership document
To ease your worries in the future, start getting these papers in order as it can greatly save time on the application process as you would have everything you need in one place.
Fill Out the Online Application Form
Once all the documentation has been compiled all you are required to do is head over to the bank’s website that you have selected and complete the ‘account application form online’. When filling the form, make sure you:
- Make sure to verify that the required documents are uploaded in the necessary places.
- Remember to keep any emails or numbers that may serve as verification for future communication.
Verification Steps
Once you have submitted your application, the bank will perform the necessary verification steps. These include:
- Verification of the documents you submitted, which may take several days in some instances.
- Investigating the business owner(s).
- Seeking clarification whenever there is something that is not fully clear.
Name of Bank Account Types Charges
- Bank A Checking, Savings Monthly: AED50
- Bank B Business, Merchant Monthly: AED75
- Bank C Corporate, Dual Currency Monthly: AED60
Account Activation
Once you account has been successfully verified, the bank will advise you that your account is active. It is the time when you will get log in details necessary for access to the Internet while providing you with the ability to take care of your business’s financial operations across various locations. With a business bank account, advanced online banking options become available for easy reporting and management of transactions.
Benefits of Having an Online Business Bank Account
Online business bank accounts allow you to do a plethora of things including international fund management, bitcoin and manage e-commerce. All in all, having a business bank account online is very helpful for Entrepreneurs. With a business bank account you do not have to worry about analytics because even hiring management accounts isn’t expensive. Also sending invoices is easy, if a client fails to send their payment on time, you can easily send them an invoice to ensure they still pay the agreed sum.
Conclusion
In the UAE, opening a business account using an online application is simple as long as you comprehend what is meant by the term. You can join banks more competently if you know how they operate. Always remember, if you want to increase your chances of being accepted for a loan, you should assemble all your paperwork beforehand. Making such decisions is not difficult as all you have to do is to consider the goals of your business. Gratis enables you to have a better grasp on how to develop your skills in managing business finances.
Questions poised and their answers
- What businesses can benefit from opening a bank account in the UAE? Yes, other types of businesses such for example, LLCs, sole proprietorships, and partnerships can issue a business bank account in Dubai if certain conditions are satisfied.
- Are there any requirements for a non UAE resident opening a business account? A lot of banks permit even foreigners to access accounts but they will require a wider range of documentation.
- After how long, can I get my account opened if I apply online? The duration depends on which bank you are going for but it can be anywhere between a few days to a couple of weeks.
- Is there a monthly fee for business accounts? There is definitely a fee charged but the amount can differ, it’s a wise decision to make it clear for yourself first.
- Does it cause a problem if I use my personal account for business purposes? It’s absolutely permissible, however NOT recommended, due to the fact that it can cause a greater mess in accounting and legalities when it comes to liability and tax issues.
