Corporate Bank Account: Who Qualifies and What You Get
Learn how to set up a business account to manage brand payments and supplier costs in the United Arab Emirates.
A Corporate Bank Account is a specialized account for business entities to manage their professional finances separately from personal funds.
Who it's for
To qualify for this account, you must be a holder of a valid trade license.
What you get
Having this account gives you the ability to receive payments from brands and pay your suppliers. This allows you to manage the revenue from brand deals and the costs of running your business through a single, dedicated channel.
What it costs you
There are two main costs to keep in mind. First, you will need to manage minimum balance requirements set by the bank. Second, you will be responsible for paying various bank fees associated with the account.
The catch to know
The process involves compliance checks, also known as KYC, which can take several weeks to complete. You should plan for this waiting period when setting up your business operations.
How to apply
- Ensure you hold a valid trade license.
- Contact a provider to begin the application process.
- Complete the required compliance checks.
- Maintain the necessary balance to meet the bank's requirements.