TOP 10 UAE BANKS TO OPEN BUSINESS ACCOUNT IN DUBAI

Table of Contents

Introduction

Adam Global Business Advisory recognizes the United Arab Emirates as the commercial cornerstone of the Middle East. The region has crafted a conducive and competitive business landscape that beckons investors and businesspeople from all corners of the world, reinforcing its position as a crucial financial fulcrum. The UAE’s banking sector operates under the watchful oversight of the Central Bank of the United Arab Emirates.

With the rapid expansion of Islamic banks, the presence of 23 domestic and 28 international banks further amplifies its global significance. The preeminent banks in Dubai and UAE extend their services to expatriates and UAE citizens alike.

In spite of the oscillating oil prices and wavering investor confidence, numerous banks have managed to uphold a remarkable growth trajectory, marked by enhanced assets and net profits.

Banks in UAE	Popular account	Branches & ATMS in UAE
First AbuDhabi Bank (FAB)	FAB Savings account	74 Branches and 100+ ATMs
Emirates NBD	Emirates NBD Savings account	33 Branches and 1081 ATMs
ADCB	ADCB Savings account	72 Branches & 450 ATMs
Emirates Islamic Bank	Kunooz Savings account	50 Branches & 39 ATMs
Dubai Islamic Bank (DIB)	DIB Savings account	90 Branches & 520 ATMs
ADIB	ADIB SmartBanking account	89 Branches & 577 ATMs
RAKBank	RAK Bank Current account	26 Branches & 131 ATMs
National Bank of Fujairah (NBF)	NBF Savings account	48 Branches & 48 ATMs
Mashreq Bank	Mashreq Bank Savings account	31 Branches & 31 ATMs
Standard Chartered Bank	XtraSaver Account	5 Branches & 42 ATMs

The vast array of options can be bewildering. To streamline your decision-making process, we’ve meticulously sorted out banks in accordance with various categories that correspond to your potential needs.

Foremost Bank in UAE – Emirates NBD
Pioneer Digital Bank in UAE – Liv Bank
Top Bank in UAE for Expatriates – Emirates NBD
Outstanding Bank in UAE for Non-Residents – Emirates NBD
Prime Bank in UAE for Indian Expatriates – Mashreq
Superior Bank in UAE for Commercial Purposes – FAB
Leading Bank in UAE for Small and Medium Enterprises – ADCB
Exceptional Bank in UAE for Savings – ADCB

Top Business Bank in UAE -First Abu Dhabi Bank (FAB)

Boasting over $300 billion in assets, FAB stands as the most substantial bank in the UAE and ranks among the largest in the Middle East. Established in 2017 from the merger of First Gulf Bank and the National Bank of Abu Dhabi, FAB has a broad network of branches and ATMs throughout the UAE and a significant footprint in other Middle Eastern countries. As a publicly traded entity on the ADX, FAB is a true stalwart in the UAE banking sector, with a rich history and substantial old money reserves. Many of the wealthiest UAE residents entrust their finances to this institution.

For larger businesses, FAB is the ideal choice for establishing a new corporate bank account, thanks to their efficient process for handling substantial business transactions. However, smaller and startup companies are also welcome. As your business grows and begins to manage larger amounts, FAB’s services become increasingly beneficial.

The Most Secure Bank in the UAE

From various perspectives, FAB is arguably the most secure bank in the UAE. Its size, excellent risk management procedures, and the significant old money it holds make it a reliable choice. Therefore, consider not only opening a business account with FAB but also managing your personal wealth with them. First Abu Dhabi Bank is likely one of the best places globally to safeguard your personal assets.

Top Bank in UAE for SMEs – Abu Dhabi Commercial Bank (ADCB)

ADCB, another major UAE bank, has over 40 years of experience in the banking industry. With over 40 branches in the UAE and offices in key international markets like India, Singapore, Hong Kong, and London, ADCB has a robust presence. It was the first UAE bank to launch a mobile banking app and continues to invest in digital technologies to enhance customer experience. As a publicly traded company listed on the ADX, ADCB is a familiar name in the UAE, with advertisements visible in restaurants, shopping malls, coffee shops, and retail stores. Many of our clients who own small to mid-sized businesses bank with ADCB.

How much does opening a business account in Dubai cost?

The expense associated with setting up a business account in Dubai can fluctuate based on the bank’s charges and the minimum balance required to maintain the account. To provide a clearer picture, we’ve compiled a table that outlines the minimum balance required for each bank.

Bank	Business Account Name	Maintaining Balance
Emirates NBD	Emirates NBD Business Banking	AED50,000
Abu Dhabi Commercial Bank	ADCB Premium Current Account	AED100,000
Commercial Bank of Dubai	My Business Account	AED20,000
First Abu Dhabi Bank	Business Advantage Account	AED10,000
Abu Dhabi Islamic Bank	Business Elite Account	AED500,000

1.Emirates NBD

Website: Emirates NBD
Location: Dubai, United Arab Emirates
Contact Information:Phone: 600 54 0009, +971 600 54 0009
Service Availability: Customer support is accessible 24 hours a day, 7 days a week.

Emirates NBD comprehends the necessity of fundamental features in a business account for every entrepreneur. The bank’s Business Banking accounts cater to all regular financial requirements with minimal fees and a manageable maintaining balance of just AED50k.

If the maintaining balance of 50 thousand seems excessive for your small enterprise, Emirates NBD offers a solution by charging only AED250 per month. The bank also offers competitive rates for both local and international transfers, coupled with a 0% interest rate. This makes it an ideal choice for all types of businesses, particularly small to medium-sized ones prevalent in Dubai.

Opening a business account with Emirates NBD provides you with a complimentary international debit card, even for sole proprietorships and single signatory accounts. Moreover, these business accounts are available in USD, EUR, AED, and GBP, catering to businesses with transactions in these currencies.

One of the key strengths of this business account is its backing by Emirates NBD, a leading and highly reputed bank in the UAE. This ensures that its business accounts are built on a solid foundation and infrastructure that the bank has spent years developing.

Advantages

Manageable maintaining balance
Suitable for small to medium-sized businesses
Comprehensive basic account features
Backed by Emirates NBD

Disadvantages

Account features may not suffice for larger businesses

2. Abu Dhabi Commercial Bank

WEBSITE https://www.adcb.com/en/personal/
LOCATION Abu Dhabi Commercial Bank Building, Shk Zayed street., P. O. Box: 939, Abu Dhabi, United Arab Emirates
CONTACT INFORMATION •Phone: 600 50 2030, 600 56 2626 •
EMAIL: contactus@adcb.com SERVICE HOURS •
Customer service via Liv Bank app is available 24/7

Abu Dhabi Commercial Bank offers six distinct business accounts, providing bespoke solutions for every type of business owner. The AED100k maintaining balance might be a bit high for some, particularly small business owners, but the 0% interest rate and a host of fantastic benefits more than compensate for it. However, this does make it somewhat out of reach for business owners who are just starting, which we believe is a missed chance. Despite offering six different types of business accounts, it’s disappointing to find that these are not conducive to young entrepreneurs. On the plus side, the bank offers benefits such as business accounts in USD, EUR, AED, and GBP, which is beneficial for businesses conducting foreign transactions. In addition, Abu Dhabi Commercial Bank provides unlimited teller transactions, internet banking, a dedicated and accountable relationship manager, and Shariah-compliant products. We appreciate that the bank does not withhold any benefits from business owners. Its Islamic banking allows them access to benefits that are not available in other banks. Given that it’s Abu Dhabi Commercial Bank, it has been in operation since 1985, making it one of the more established and well-known banks not just in Dubai, but in the UAE.

Advantages

No interest on its business accounts
Excellent set of account features
Operated by Abu Dhabi Commercial Bank

Disadvantages

High minimum maintaining balance
Fees make it somewhat inaccessible for new business owners

3. Commercial Bank of Dubai

WEBSITE https://www.cbd.ae/
LOCATION Private Banking, 11th Floor, Headquarters Baniyas Road, Dubai, UAE
CONTACT INFORMATION •Phone: 600 575 556, +971 600 575 556
SERVICE HOURS •Every day: 9 am – 5 pm

The Commercial Bank of Dubai’s business account packages combine your business banking and regular banking needs, making it suitable for clients who prefer to maintain lower bank account balances. This bank’s business accounts require only AED20k as a maintaining balance, making it accessible for emerging entrepreneurs. It also has a 0% interest rate and an AED150 fee if you fall below the required maintaining balance. This means that businesses of all types can consider these business accounts. However, despite its wide range, it lacks depth in its account features. While the accounts are available in multiple currency denominations such as AED, USD, GBP, EURO, JPY, and CNY, account owners can only choose one per account. The same restriction applies to relationship managers, who are limited by the brand where you opened your account. We believe this restricts the business owner’s flexibility and ability to adapt to growth and challenges. However, it also offers some great features such as providing business owners their first checkbook for free and a complimentary Dubai Chamber of Commerce prepaid card. As for the bank that operates it, the Commercial Bank of Dubai is the 7th largest bank in the UAE with $23 billion in assets, making it a solid choice for business accounts.

Advantages Relatively lower required maintaining balance Great range of account benefits Operated by the Commercial Bank of Dubai Disadvantages Account features lack depth and flexibility

4. First Abu Dhabi Bank

WEBSITE https://www.bankfab.com/en-ae/personal
LOCATION Abu Dhabi, United Arab Emirates
CONTACT INFORMATION •Phone: 600525500, +971(2)6811511
SERVICE HOURS •Customer support is available 24/7 via the app

First Abu Dhabi Bank offers business account packages of all types and sizes, tailored to the needs of every business owner. With a minimum balance requirement of only AED10k, this bank is incredibly accessible to almost every business owner. In addition, it has a 0% interest rate and offers free inwards local and international remittances, making it a great business-friendly account, especially for budding entrepreneurs. With accounts that focus on foreign exchange solutions, insurance and wealth management, mortgages, and loans, its bank accounts cater to the needs of any business. However, its features are somewhat weaker compared to other banks. While business owners get unlimited free checkbooks and their own relationship manager, it lacks other basic features that we look for in a business account. First Abu Dhabi Bank’s business accounts are not available in other currency denominations, which limits business owners that have foreign transactions. This is surprising because First Abu Dhabi Bank is the largest bank in the UAE. So, it’s really inexcusable for it to skimp on the features of its business accounts.

Advantages

Low and accessible rates
Suitable for businesses of all kinds and sizes
Operated by the largest bank in the country

Disadvantages

Limited range of account features

5. Abu Dhabi Islamic Bank

WEBSITE https://www.adib.ae/en/pages/home.aspx
LOCATION Abu Dhabi, UAE
CONTACT INFORMATION •Phone: +971 4 2477777, +971 5 5526 7108, +971 5 5526 7108 •
EMAIL: customerservice@adib.ae
SERVICE HOURS •Customer support is available 24/7 via the app

Abu Dhabi Islamic Bank (ADIB) offers its special Business Elite Account, which provides personalized business banking solutions to cater to high-end businessmen. With a maintaining balance of a staggering AED500K, this business account is not for everyone, but that’s because of the benefits it offers. We believe this account is inaccessible to smaller business owners and is more suited to high-end ones. However, when it comes to its account features, it is unbeatable. It comes with a business platinum debit card with high ATM and POS limits and personalized ADIB business platinum checkbooks. The account also offers over 15 currency denominations, the most out of everything else, and a dedicated relationship manager assigned to meet your business needs.

FAQs about Business Bank Accounts in Dubai

Is it worth it to open a business BANK account?

Yes, it is worth it to open a business bank account in Dubai. A business bank account provides a number of benefits, including:

Separating your personal and business finances
Making it easier to track your business expenses
Providing a more professional image for your business
Enabling you to accept payments from clients and suppliers
Making it easier to get a business loan

How much money should be in my business BANK account?

The amount of money you should have in your business bank account will depend on your business’s needs. However, it is a good idea to have a minimum balance of at least AED 50,000. This will help you to avoid any fees that your bank may charge for low balances.

Can I open a business account without using money?

No, you cannot open a business account without using money. Banks will require you to make a minimum deposit when you open a business account. The amount of the minimum deposit will vary depending on the bank.

Can a bank reject your application to open a business account?

Yes, a bank can reject your application to open a business account. There are a number of reasons why a bank may reject your application, including:

Your business is not registered with the UAE government
You do not have a valid business license
You do not have a good credit history
You are not a resident of the UAE

If your application is rejected, you should contact the bank to find out why. You may be able to appeal the decision.

Is it Necessary to Possess a UAE Bank Account for a Business Visa in Dubai?

To qualify for a business visa and officially register a company in Dubai, it is necessary to have a bank account within the UAE. While the visa application procedure may not explicitly mention this requirement, it is essential for the formal registration of your business in the UAE.

The process of company registration in Dubai involves several steps that need to be completed comprehensively. These steps include determining the legal structure of your prospective Dubai business, selecting a trade name, obtaining a business license, securing office space, obtaining pre-approvals, and completing the business registration. Although there is no specific step titled “open a business bank account in Dubai,” it is implicitly incorporated into the process since you need a system to manage your UAE business funds.

Now, does this mean that you are limited to banking exclusively with a UAE bank?

Surprisingly, no. You have the freedom to open an account with foreign banks, which may include banks from various island nations that offer tax benefits.

Offshore banking provides several advantages to account holders. One key advantage is that international banks are not subject to the same regulations as traditional banks, allowing for enhanced flexibility in financial management. Another benefit is the access to a wider range of investment opportunities offered by offshore banking. Many international banks provide accounts that enable investments in foreign currencies, shares, and other assets, which helps in diversifying portfolios and mitigating risks.

Furthermore, offshore banking offers increased privacy and security to account holders. Many international banks do not disclose account holder information to third parties without explicit authorization, protecting against unauthorized access to account data. Overall, offshore banking offers numerous benefits for businesses in Dubai.

Prime Advantages of Banking Offshore

Embark on Your Banking Journey in Dubai Today – We’re Here to Assist You!

Considering starting a banking relationship in Dubai? Adam Global Business Advisory is at your service!

As the premier consultant for business formation in Dubai, Adam Global Business Advisory has a stellar track record of guiding entrepreneurs and accomplished professionals from all over the UAE. Our suite of services includes both company establishment and assistance in initiating banking services in Dubai.

Uncertain about what’s right for you? Reach out to us and schedule a consultation.