What is Mainland Business Bank Account
A form of business bank account in the UAE called a “Mainland Account” aids business owners in keeping track of their spending and managing their money. As it is for businesses in the UAE, this sort of account is distinct from personal bank accounts.
In the UAE, business accounts are used to track money due to the company by creditors, cash on hand, and employee paychecks. In the United Arab Emirates, there are three main business setups, and each one has to open a particular kind of corporate bank account. We assist with the opening of Offshore Business Accounts and Freezone Company Bank Accounts in addition to Mainland Bank. Here, we’ll go over how to open a Mainland Account in the United Arab Emirates.
Advantages of opening Mainland account in UAE
Credit and debit card acceptance
The majority of banks in the United Arab Emirates provide free debit/credit card service with a mainland bank account. These cards can be used by the account holder to access their money. They can also withdraw money, but only up to the limit that the relevant bank has set.
Check Book Service
Many banks in the United Arab Emirates give account holders the option of a checkbook to facilitate simple transactions.
Unconstrained Funds Transfer
These bank accounts allow the account user to move money with ease. The relevant bank offers mobile or online banking services.
a credit or loan facility
The account user has the option of using several kinds of loans offered by the relevant bank.
competitive profit or interest rates
On the amount deposited with the relevant bank, the banks in the UAE provide competitive interest or profit rates. This interest rate can function as a savings for the company as well as a kind of income for the account holder.
24/7 Client Support
The banks and other financial organizations in the UAE provide their customers with customer assistance around-the-clock. They deal with the problems and inquiries in a professional and efficient manner.
Documents required for corporate bank account
- KYC for all Partners
- Local Sponsor or Agent Passport & Emirates Id
- Trade License
- Memorandum of Association (MOA)
- Office tenancy or Ejari contract (Physical office)
- Last 3 month personal bank statement from UAE or home country
- Signing authority updated resume company profile
- Utility Bills as address proof (for certain nationalities)
- VAT Certificate (if applicable)
- Business model/company profile/ Website
- Customer Profile (CV) of signatory
- Name of existing or prospective clients (suppliers/buyers)
- Debit & Credit Invoices
Why company bank account opening in UAE preferable by the Banks?
The proper offices of mainland companies make it simple for banks to conduct a physical verification of those offices.
Account upkeep and VAT reporting
primarily distributed to local companies
Both customers and suppliers can be located with ease.