How to Open a Mainland Company Bank Account in UAE

Business banks accounts in UAE are utilized for tracing the money owned by corporations along with creditors, cash balance, and payroll provided to the workers. There are three kinds of company establishments in UAE, and they needed to open a different kind of bank account. Here we focus more on the mainland company bank account opening process in UAE. A mainland account is a kind of company bank account that assists business owners to track their costs and handle their capital. This kind of account is different from a personal account because this is made of transactions for corporations in the United Arab Emirates.

Mainland company bank accounts are opened for a corporation that is incorporated as an onshore corporation licensed by the Economic Department. This opens up commercial possibilities in the UAE local markets and is entitled to run commercial activities in the regional market without any restriction.

The Steps to Open Mainland Company Bank Account in UAE 

• When you start opening a corporation, one of the crucial moves is to acquire a business license. Without a business permit, the bank won’t recognize you as a corporation and you would not be able to open mainland company bank account in the UAE.

• The next crucial move is to be sure that your corporate and legal papers are properly prepared.

• Next, once all the papers are ready, you can choose the most suitable bank as per your needs. There are numerous international and national banks, that you can select from. Consider the eligibility and income when deciding the bank.

• Now you need to start the formal process to open mainland company bank account in UAE. Generally, this is suggestable to visit a branch communicate personally with an advisor and make an application.

Documents Required for Mainland Company Bank Account in UAE

• Incorporation documents of UE business

• Stakeholder’s passport

• Utility bills as the proof of address

• Funds’ proof like personal bank statements of the stakeholders

• Documents of any other running corporation

• Bank statement of another running corporation

• Business profile

• Requirements on annual turnover and starting deposit to the newly opened account.

Benefits of Mainland Company Bank Account in UAE 

• Debit and Credit Card Facility 

Most banks in UAE gives free credit and debit card facility with the mainland bank account. The holder of an account can utilize these cards for retrieving their funds. Besides, they are able to make withdrawals, but within the mentioned duration set by the relevant bank.

• Cheque Book Facility 

Many banks in UAE give the feature of cheque book for the account holder for making transactions easy.

• Flexible Funds Transfer 

The account holder can transfer easily their capital utilizing the bank account through the mobile banking and net banking services given by the relevant bank.

• Loan or Credit Facility 

The account holder can just access the feature of business loans and other loans category if they have their accounts with the banks of the United Arab Emirates.

• Competitive Interest or Profile Rate 

The UAE banks give competitive rates of interest or rates of profit on the amount deposited with the relevant bank. The rate of interest is a kind of earning for the account holder and can work as savings for a corporation.

• 24/7 Customer Service 

The banks and financial entities in this country give 24/7 client service to the account holder. They efficiently and effectively solve matters along with queries.