As a small business owner, you want to keep you costs to a minimum when starting out your entrepreneurial journey. Corporate Banks in Dubai are recognizing the need to offer business packages for start-ups and small businesses, below is a list of the business packages offered by a few banks in Dubai. Choosing the right bank and business package depends on your business needs and your current financial state. Look at things like minimum monthly balance requirements; bank charges; foreign currency options and transfer fees.
- Emirates NBD
- Connect: No minimum monthly average balance.
- Proprietor: minimum monthly balance of AED 50,000.
- Prime: minimum monthly balance of AED 50,000.
- Mashreq
- NEO BIZ Lite: no minimum balance requirement (recommended)
- NEO BIZ Prime: monthly average balance AED50,000
- Business Premium: monthly average balance AED 150,000
- Business Platinum: monthly average balance AED 350,000
- RAKBank
- Business Banking Current Account: minimum average monthly balance AED 25,000
- RAKstarter Account: no minimum balance required (recommended)
- WIO
- Digital Banking Option: No minimum deposit
Documents Needed to Open a Corporate Bank Account for a Small Business:
- Business Trade License
- Memorandum of Association
- Share Certificate
- Proof of Business Address (Flexi Desk if Virtual)
- Copy of Visa
- Copy of Passport
- Copy of Emirates ID
- 6 months Bank Statements (Personal)
- Additional: Your business website address