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Blog

All about your corporate bank account

September 16, 2022
Author
Amal Eeckhout
corporate bank account in dubai

Navigating the Complexities of Corporate Bank Accounts in Dubai

Setting up a corporate bank account in Dubai can seem like a daunting task, but with Emifast by your side, you can navigate this process effortlessly. While we take care of the intricacies, it's beneficial for you to understand the process and what's involved.

The Importance of a Corporate Bank Account

A corporate bank account is crucial for your business in Dubai. It's not just a requirement; it's a tool to manage your financial transactions, deposits, and loans effectively. This account is a window to your business's financial health, offering transparency and control over your financial dealings.

Challenges in Opening a Corporate Bank Account

Opening a corporate bank account in Dubai comes with its own set of challenges:

  • Requirement of a Physical Office: A tangible presence in Dubai is essential.
  • Credibility Checks: Constant proof of credibility is mandatory.
  • Difficulties for High-Risk Countries: Additional scrutiny for businesses from high-risk nations.

Timeline for Account Opening

The process for opening a bank account varies with each bank but generally takes up to four weeks. This timeline ensures thorough checks and compliance with local regulations.

Corporate Account Essentials in Dubai

In the UAE, using a personal account for business transactions is not permissible. A corporate bank account, specifically a current account, is mandatory.

Advantages of a Current Account

A current account is ideal for daily business transactions. It offers:

  • A chequebook
  • A debit card
  • Unlimited withdrawals
  • Other facilities enhancing your financial management

Why Choose a Current Account?

The primary reason for choosing a current account for corporate purposes is its suitability for numerous daily transactions, providing flexibility and ease in managing business finances.

Documentation for Account Opening

To open your corporate bank account, we'll need the following documents:

  • Trade License (provided by us)
  • Certificate of Company Registration
  • Visas and Passports of Shareholders
  • Company's Memorandum and Articles of Association
corporate bank account

Leveraging Credit Cards for Business Success in Dubai

Credit cards are an indispensable tool for businesses in Dubai, offering a convenient and flexible way to manage expenses. At Emifast, we guide you through the process of obtaining and utilizing a business credit card, ensuring it aligns with your company's financial strategy.

The Role of Credit Cards in Business

Business credit cards are designed for corporate use, enabling you to handle both small and large purchases on credit. It's important to note:

  • Exclusive for Business Use: These cards should only be used for business-related expenses.
  • Indicator of Financial Health: Responsible use of a business credit card can reflect positively on your company's financial stability.
  • Emergency Use: They can be a vital resource in urgent situations, although we recommend careful use.

Building a Business Credit Score

Obtaining a credit card is a strategic move in building a credit score for your business. A strong credit history can open doors to better financial opportunities and terms in the future.

Choosing the Right Credit Card

Selecting the appropriate credit card is crucial. Banks offer varied terms and benefits, and your choice should align with your business needs and goals. We assist in:

  • Evaluating options
  • Aligning the card features with your business requirements
  • Ensuring you get the best possible financial tool

Eligibility Criteria

To be eligible for a business credit card, you need to fulfill certain requirements:

  • Valid Trade License: Proof of licensed business operation in Dubai.
  • Age Criteria: The primary cardholder must meet the bank's age requirement.
  • Income Requirements: Demonstrating the financial capacity to handle credit.

Our Commitment to Your Journey

Embracing the use of a business credit card is an exciting step in your entrepreneurial journey. At Emifast, we are committed to making this process seamless and stress-free for you. We handle all the legwork, aiming to complete the process within 2 to 4 weeks.

Are you ready to embark on this journey with us? Let's take your business to new heights with the right financial tools in hand.