Open a business bank account in Dubai, UAE
The issue of availability of a foreign business account abroad becomes particularly important for those businessmen who conduct international business. At the same time, the number of countries, where there is a possibility to open a business account for carrying on business, decreases, and the requirements when opening a business account and continuing operation with it increase.
A business account in one of the financial institutions in the UAE is the reliable and advantageous solution. The financial institutions of the UAE allow one to open business accounts for onshore and offshore companies and get all the benefits of the costs of services, minimal requirements for balance on business accounts and prompt servicing. All this is combined with the high reliability and high level of confidentiality.
Any business, any company should have at least one current business account (in case of transactions with international partners it is convenient to have several business accounts with different currents), and financial institutions in the UAE provide great solutions in business accounts for foreign investors.
List of banks in the UAE for business
The rapid growth of local business in free zones stimulated the increase of the banking sector. Financial institutions, providing their services to business in the United Arab Emirates can be divided into two types:
- Local financial institutions and joint-stock institutions that operate in accordance with the provisions of the Law of the United Arab Emirates No. 10 of 1980.
- Branches of foreign financial institutions licensed by the Central Bank of the United Arab Emirates in accordance with Law No. 10 of the United Arab Emirates, 1980.
For now, there are about 50 branches of foreign banks and 20 local ones provide their services to business owners. So small business in the UAE have lots of options of opening a business bank account in Dubai to choose from.
Now let’s take a look at the list of the best financial institutions in the UAE for business accounts:
- Dubai Islamic Bank is a large financial institution, which works with business accounts according to Islamic financial law. Even though they keep up with the traditional rules for the provision of loans, this company offers a full range of modern financial services. The main office is located in Dubai; there are branches abroad.
- Emirates NBD is one of the financial institutions in the UAE that opens business accounts for offshore business. The main office is located in the city of Dubai. Emirates NBD is one of the largest financial institutions not only in the UAE but the GCC region. The most modern banking services, mortgage lending – a wide range of modern financial instruments for business and various business accounts are at your service.
- Rakbank – the fast growth of business in Ras Al Khaimah free zone ensures steady growth of the commercial Rakbank. They provide current and saving business accounts and loans. The main office of this financial institution is located in the city of Ras Al Khaimah, but there are branches in other Emirates. This financial institution is a recognized leader in profitability in the region and reliable financial partner of local business.
- First Gulf Bank is a large local bank whose main office is located in the city of Abu Dhabi. The rapid growth of business in the region ensures the demand for its financial services. The bank offers good conditions in the mortgage lending sector and credit accounts for local business. The representatives of the royal family founded this bank.
- Citibank UAE is a well-established financial institution (it has been operating for more than 50 years), with a head office in Dubai, which opens business accounts for companies in local free zones. The bank offers a wide range of loan products for the purchase of real estate for local business. There are branches of this financial institution in all the Emirates.
- Al Hilal Bank is another Islamic bank whose activity is based on the principles of Islamic financial norms. It provides its services for businesses: saving and current business accounts and credits. The main office is located in the capital, Abu Dhabi, but the bank has 20 representative offices in other parts of the country.
- Union National Bank is another local bank with a headquarter in Abu Dhabi, aimed at local business and providing its solutions in accounts. One of the largest financial institutions in the country, the government of the country takes part in the management of this institution. This financial institution offers a full range of modern banking instruments and is well suited for working with large local businesses. It has a wide network of branches throughout the Emirates.
Choosing a financial institution to open a business account is an important and crucial task that has to be solved during the company registration. In order to make the right decision and choose the best set of financial services with regard to further growth, you need to take into account all the peculiarities of the local business environment. Our team of professional consultants will help you choose the best bank and type of business account for your business in the UAE, so don’t hesitate, contact us now!