Opening a corporate bank account online in the UAE used to be a daunting task for SMEs. You had to go through a lot of paperwork and wait for long periods of time to get your account approved.
Thankfully, that's no longer the case. Free Zones in the UAE offer a fast and easy account opening process, making it easy for you to get started, with reliable banking partners that offer seamless digital banking services. In this post, we'll walk you through the process of setting up a corporate bank account in the UAE which makes setting it up as easy as it can be.
The convenience of digital banking reinforces the UAE’s position as one of the top SME business destinations in the world. In the UAE, there are approximately 350,000 businesses, making up over 90% of the total number of registered companies in the country, and employing over 80% of the nation's private sector workforce. With digital banking services, these SMEs can open a bank account online from any part of the world.
We'll start with the basics: why do you need a free zone corporate bank account? Then, we'll move on to the steps required to open an account. Finally, we'll give you some tips on how to get the most out of your corporate bank account.
Well, there are a few reasons. First of all, it just makes things easier. Having a bank account allows you to transfer money more easily and keep track of your expenses.
Second, it's required by law. In order to set up a Free Zone Company, you must have a corporate bank account.
And third, it shows that you're serious about doing business in the UAE. Having a bank account is just one more way to show that you're committed to doing business in the UAE and that you're here for the long haul.
Before we get into how to set up a Free Zone Corporate bank account in the UAE, let's first take a step back and understand what it is.
A Free Zone Corporate bank account is a special type of bank account that is designed for businesses that are based in Free Zones. Free Zones are specific areas within the UAE that have been designated for economic activity.
With this bank account, you'll be able to take advantage of the UAE's tax-free status. This means that you won't have to pay any taxes on your income or profits. And if you're looking to expand your business, a Free Zone Corporate Bank Account will give you a head start in the UAE's business-friendly environment.
Before we get into how to set up a Free Zone Corporate bank account in the UAE, let's first take a step back and understand what it is.
A Free Zone Corporate bank account is a special type of bank account that is designed for businesses that are based in Free Zones. Free Zones are specific areas within the UAE that have been designated for economic activity.
With this bank account, you'll be able to take advantage of the UAE's tax-free status. This means that you won't have to pay any taxes on your income or profits. And if you're looking to expand your business, a Free Zone Corporate Bank Account will give you a head start in the UAE's business-friendly environment.
There are plenty of benefits that come with setting up a Free Zone Corporate Bank Account in the UAE. For one, it'll help you save time and money. You won't have to travel to the UAE to open an account, and you'll also get preferential rates on products and services.
The benefits of setting up a Free Zone Corporate bank account include:
If you're thinking of setting up a business in the UAE, then a Free Zone Corporate bank account is definitely something you should consider.
Now that you know the type of bank account you need, it’s time to start the process of setting it up. When you choose a business-friendly Free Zone like UAQ Free Trade Zone to set up your business you make your banking requirements too taken care of.
UAQ FTZ provides seamless traditional and digital banking services assistance to support innovation and value creation, and empower SMEs.UAQ FTZ, has an MoU with one of UAE’s most reliable banks - the National Bank of Umm Al Quwain- making banking easier for its SME investors.
For the setup process itself, UAQ FTZ ensures your documentation is water-tight before submission. To open a Free Zone Corporate bank account in the UAE, you’ll need the following documents:
Once you have all these basic documents ready, we will get things moving superfast for you, and you will be partnering with a credible banking partner in no time!
UAQ Free Trade Zone has two reliable and reputed banking partners – National Bank of Umm Al Quwain (NBQ), and Emirates Development Bank (EDB) – who serve the financial needs of our investors.
NBQ, reputed for its impeccable customer service and ease of operations, maintains consistently high capital adequacy and liquidity ratios, which demonstrate the financial resilience developed through robust corporate governance and financial discipline.
EDB is reputed as “the key financial engine” of the UAE’s economic diversification and industrial transformation agenda.
You may be wondering what the advantages are of banking with EDB and NBQ, the banking partners of the UAQ Free Trade Zone. Here are a few:
Priority Banking : UAQ Free Trade Zone investors can avail EDB’s diverse financial solutions, including account opening services, loans, credit facilities, and other banking options that will help them grow. NBQ will offer affordable and accommodating banking solutions for companies who are setting up their businesses in the free zone with special account packages.
Financial Stability : NBQ and EDB are well-established banks with a strong financial backing, so you can be confident that your money is in safe hands.
Digital Banking App : EDB enables SMEs and start-ups to kick-start their businesses by providing a business bank account and an IBAN number within 48 hours and then offering a comprehensive range of fast, secure, and round-the-clock banking services.
For all investors : These corporate banking services will be offered to all entities registered with UAQ FTZ across all business activities and license types.
Startups and SMEs : EDB offers direct and indirect financing to start-ups, small and medium enterprises, and large corporates, sponsoring industrial projects across five priority sectors; manufacturing, infrastructure, advanced technology, food security, and health care.
Profit Margins : NBQ offers highly competitive interest rates on deposits, which can help to grow your business.
Financial Services : Includes transactions, payments, savings, and credit from NBQ.
Extended Services : Includes personal accounts, SME loans, Credit Cards, Multicurrency Prepaid Card, Personal Loans, Mortgage Loans and Auto Loans from NBQ.
Islamic Banking Operations : Offered through the Islamic banking window established in 2005 across NBQ’s branch network.
UAE Presence : NBQ has a strong presence in the UAE, with a network of 12 branches and countless ATMs across the country. This makes it easy to access your money when you need it.
Credit Guarantee Programme : EDB’s Credit Guarantee Program, which supports SMEs by guaranteeing loans from our partnership network of nine commercial banks, has mobilized more than AED 332 million of capital to SMEs in the past year, with a target to deploy AED 5 billion of guarantees by 2026.
Tailored financing solutions : EDB offers tailored financial services for greenfield and brownfield project financing, capex financing, advanced technology adoption financing, renewable energy and energy efficiency financing, and digitalization finance to promote business growth.
Non-financial solutions : EDB’s non-financial services include training, consulting, and market studies, which are hugely important in a rapidly evolving economic landscape.
You've made the decision to set up a free zone corporate bank account in the UAE—congratulations! This is a smart move for any business, as it offers a number of advantages.
Now it's time to get started. The first step is to talk to us. Once you've done that, you'll need to gather some documents and open an account.
It's important to do your research before you start the process, so you know what to expect. But don't worry—we're here to help. Follow our simple instructions, and you'll have your corporate bank account up and running in no time.
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