Freezone Business Bank Account-Here’s Everything You Need To Know

Freezone Business Bank Account-Here’s Everything You Need To Know

It’s important to have a company’s business bank account to keep things professional-looking. Whether you’re going for a freezone company formation or opting to start a business offshore or UAE mainland, having a business bank account can serve many purposes. This article will illustrate how having a local business bank account in Dubai freezone can aid in the progress of your journey:

What is a Business Bank Account?

As evident from the name, a business bank account is opened especially for businesses. It allows the investors and the owners to keep separate personal accounts from that of the company. Moreover, it helps in keeping things sorted, which can be tracked easily.

Opting for a freezone bank account assistance in Dubai gives you the liberty of operating competently while keeping a check on financial progress.

Benefits of Having a Business Bank Account for Your Company

Let’s take a look at how corporate bank account opening in Dubai can boost your business progress by manifolds:

Expense Tracking

Financial tracking is the most crucial element for businesses, no matter how big or small they are. Keeping a track of finances leads to profiting decision-making as well aids in assessing time for investments.

Having a business bank account allows keeping finances organized. As highlighted earlier, it keeps personal accounts separate, which makes it easier to track transactions using the company’s capital.

Not to mention it makes it easier for the company to manage its taxes. Instead of mixing tax returns with personal accounts, a business bank account gives a clear indication of finances, which makes it easier to deduce returns to be filed.

Strong Company Profile

A company having a business bank account ensures its credibility in the market. From handling business transactions to dealing with finances, an official business doesn’t illustrate anything shady to the clients or customers.

Moreover, it promotes a credible profile of the organization in the market. With freezones in Dubai harboring opportunities for business investments, having an attractive and credible profile can help boost client capturing.

Card Payments

Your company will be preferred if it accepts credit cards as a payment option. However, credit card payments can be accepted only if you have a business bank account. In case you want to facilitate your customers through credit card payments, having a business bank account should be your top priority.

Partnering & Venturing

Partnering or investing in any business venture is something that every organization thins during its progress. However, what makes things smooth is having an official account for the organization. As highlighted earlier, it strengthens the profile of your organization.

Moreover, it ensures privacy since your personal accounts are separate and your partner will only be accessing the company’s accounts. With a consolidated business bank account, monitoring business transactions will be quite easier.

Identity Protection

You need to ensure that your business identity isn’t stolen. One way to counter it is to get your trademark registered in Dubai. Another way is to get a business bank account. With your company’s financial information organized and tracked, you can build a strong claim against anyone using your company’s identity.

Benefits of Having A Freezone Business Bank Account

Now that you know what are the potential perks of opening a business bank account, let’s take a look at some of the perks you get from opening a business bank account in Dubai freezones:

  1. Confidentiality of personal information evading identity theft.
  2. Joint account options, helpful in partnering and venturing.
  3. Zero taxation- one of the special perks bestowed upon businesses in freezones.
  4. Unrestricted purchase options for credit cards.
  5. Personal and business loans are easily accessible.

 

These are some of the advantages you get for opening a local business bank account in Dubai freezones.

Requirements for Opening a Business Bank Account

Now that you know the perks of getting a business bank account in the UAE freezones, let’s get an idea of what’s required:

  1. Shareholder presence is mandatory for account opening.
  2. Foreigners will need to submit signed documents required by the consulate where the process is initiated for business bank account opening.
  3. The UAE Ministry of Foreign Affairs must certify documents submitted.

 

Documentation Required

Here are the documents that you’ll need to open a new business bank account:

  1. Company documents, including trade license, MOA/ civil partnership agreement, office rent agreement, etc.
  2. Residency visa
  3. Emirates ID
  4. Utility bills
  5. Bank account statement for the past 6 months

Applicants must get all documents attested by the Foreign Ministry for successful submission.

How Does IBG Consulting Help?

IBG Consulting is one of the leading business bank account opening services providers in the UAE. We provide steadfast solutions for setting up your business bank account in the UAE. From documentation to approval to account opening, our collaborations with several banks make things easier and time-efficient. 

 

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