In most cases, opening an account is a natural step for normal operations of any company.
Depending on the objectives and business opportunities, there are several points that should be minded while selecting "your" bank:
With the help of our agents you can easily select the appropriate bank as your convenient financial instrument.
United Arab Emirates are famous for the fact that local banks fully meet these requirements and are ready to provide their services to a wide range of potential and existing customers.
Our company offers its assistance in opening of corporate accounts in all banks of the Emirates. However, as practice shows, Emirates NBD, Mashreq Bank and Noor Bank are the most demanded of them by our customers. Below is a comparison chart for the opening and maintenance of accounts in these banks to the date (all information is collected from the official websites of the respective banks).
|Plan Name||Business Banking Plus||Premium Business Banking||Corporate Banking|
|Minimum monthly average balance (the required monthly account balance in all currencies of the account)||AED 200,000||AED 150,000||AED 10,000 in equivalent for every currency of the account (for ex., AED 20,000, if you have AED and USD currencies on the account)|
|Account Maintenance Fees||Free, if minimum balance is observed (if not, the bank will charge AED 300 per month)||Free, if minimum balance is observed (if not, the bank will charge AED 400 per month)||Free, if minimum balance is observed (if not, the bank will charge AED 100 per month)|
|Relationship Manager Fee||Free||Free||Free|
|Issuance of token (Digipass, crypto-card) to manage online banking (one-off fee)||AED 500||AED 500||AED 500|
|The subscription fee for online banking||AED 200 per month||AED 200 per month||AED 500 per year|
|Cheque book (available only to resident companies)||Free||Free||AED 50 (50 leafs)|
|Debit Card Replacement||Free||Free||Free|
|Local Transactions||Using online banking – free of charge; via branch - AED 40||Using online banking – AED 8; via branch - AED 10||AED 50|
|Cross-border transactions (in other currencies)||Using online banking – AED 65; via branch - AED 75||Using online banking – AED 35; via branch - AED 45||AED 75|
|Cash transactions (AED)||2 transactions per month – free, AED 10 for each additional transaction in current month||Less than AED 1 Mln - waived. For AED 1 Mln or more - 0.01% of cash value or AED 100 whichever is higher||Less than AED 1 Mln - waived. For AED 1 Mln or more - 0.01% of cash value or AED 100 whichever is higher|
|Account Closure||Less than 6 months - AED 100. More than 6 months - waived||Less than 6 months - AED 250. More than 6 months - waived||Less than 12 months - AED 6,000. More than 12 months - waived|
Of course, only basic packages of these banks are described in the chart above. Each them may offer even more favorable terms for servicing the account. The principle is quite simple - the more funds you are ready to keep on your account as the minimum balance, the more reduced the cost of the account maintenance.
Here is a standard list of documents that a bank requests to open a corporate account in UAE:
Please contact us for a professional advice on the corporate account opening in the UAE, our consultants will be pleased to help you!