A zero balance business account in UAE is the best option for start-ups and small businesses, as it eliminates the need to maintain a minimum account balance. If you’re starting a new business in the UAE, you need to manage your finances efficiently to make the journey easier.
A zero-balance account comes with several perks, including low-cost transactions and access to debit cards. Here, we have discussed the top zero-balance business accounts in the UAE, which can help you choose the option that suits you best.
What is a Zero Balance Business Account in UAE?
A zero-balance business account is an ideal solution for businesses that prefer not to maintain a minimum balance in their accounts. This financial solution is favourable for SMEs and new companies as it helps them to manage their cash flow effectively. These accounts come with several features, including online banking, credit card services, and low-cost transactions. Due to their features, they are an ideal option for companies doing local and international trade.
Many banks in the United Arab Emirates, including Emirates NBD, RAKBank, ADCB, Mashreq, and others, offer zero-balance business accounts. Some of these banks have fewer fees than others. If your company has irregular cash flow, you can select one of these options for business account opening in the UAE.
What are the Top Zero Balance Business Accounts in UAE?
Here is the list of the top 10 zero-balance business accounts in the UAE, which are ideal for new entrepreneurs and small businesses seeking to minimize their costs.
RAKBANK
RAKBANK offers a zero-balance RAKstarter account, particularly for startups. It allows small businesses to open a bank account without maintaining a minimum balance.
Requirements – Zero Balance Business Account in UAE
The bank has the following requirements,
- A valid trade license in the UAE
- Memorandum of Association (MoA)
- Emirates ID
- Passport of all shareholders and sponsors.
- Minimum down payment (if required)
- Company incorporation documents
Primary Benefits
Opening a business bank account in RAKBANK can give you many benefits, including
- No minimum balance required
- Fast transactions
- Advanced PIN & chip features
- Enhanced daily withdrawal limit
- More than 1 million ATM locations worldwide
- Devoted relationship manager
- Offers online and mobile banking
- Free chequebook and debit card
- Available in different currencies (AED, USD, GBP, EUR)
Abu Dhabi Commercial Bank (ADCB)
This business bank account is the best choice for entrepreneurs, offering zero minimum balance requirement for opening an account. It allows you to focus on your business without worrying about banking and keeping a minimum balance in your account.
Requirements – Zero Balance Business Account in UAE
Given below are the requirements for business account opening in ADCB,
- Company’s valid trade license
- Emirates ID
- Passport copies of all shareholders
- Memorandum of Association (MoA)
- Company registration documents
- Initial minimal deposit (depending on the account)
Primary Benefits
There are many benefits of opening your business account in Abu Dhabi Commercial Bank,
- Free e-statements
- No minimum balance requirements
- International debit card
- Access to online and mobile banking
- Checkbook
- Ease of utility bill payments
- Free unlimited domestic remittance
- Free unlimited teller transactions
- Auto sweep service
- Customized business packages
- No monthly fee requirement
Emirates NBD
Emirates NBD offers the option of opening an online business account in the UAE. It allows entrepreneurs and new businesses to open a business bank account without keeping a minimum balance.
Requirements – Zero Balance Business Account in UAE
Here are the requirements for the business account,
- Your company must be legally running in the UAE.
- You must have a valid trade license or company registration documents.
- Your company should be a single-layer company or a sole proprietor.
- You must have Emirates IDs and passports of all shareholders.
- You need to have a valid Memorandum of Association/board resolution/Article of Association
- Showing the company’s six-month bank statement (for the existing company) or the partner (for the new company)
Primary Benefits
The main benefits of an NBD zero balance business account are,
- Zero Balance account
- Effective cash management services
- Mobile banking services
- Free and easy local transfers
- Digital account opening with few documents.
Mashreq Business Banking
Mashreq Bank offers a Lite Business account that is ideal for start-ups, with no minimum balance requirement. We have given the benefits and requirements of a Mashreq zero-balance business account in the upcoming section.
Requirements – Zero Balance Business Account in UAE
The bank requires simple documentation, which is,
- Valid trade license
- Memorandum of Association (MoA)
- Bank statements
- Company registration documentation
- Emirates ID of all shareholders
- Passport copies of all shareholders and partners
Primary Benefits
Some of the benefits of Mashreq Business Banking are,
- There is no requirement to keep a minimum balance
- Free local and international online transactions every month
- Free chequebook and debit card with a high withdrawal limit
- Minimal monthly fee of AED 200
- Mobile banking apps and 24/7 online banking
First Abu Dhabi Bank (FAB)
FAB offers an isave account with a zero balance requirement, making it an excellent option for entrepreneurs and small businesses in the UAE. Startups can save their costs and streamline their operations.
Requirements – Zero Balance Business Account in UAE
- Company’s trade license
- Memorandum of Association
- Company registration documents
- Emirates IDs and passport copies of all partners
- Minimum initial deposit (varies by business type).
Primary Benefits
The benefits of opening a FAB zero balance business account are as follows,
- There is no requirement to keep a minimum balance
- Customized services for different businesses
- Free online banking
- Access to overdraft services and trade facilities.
Commercial Bank of Dubai (CBD)
The Commercial Bank of Dubai offers a minimum balance account for businesses, featuring online banking services and easy money transmission. This account is best suited for small and medium-sized companies.
Requirements – Zero Balance Business Account in UAE
To open your minimum balance business account in CDB, you must have the following,
For UAE Residents
- Emirates ID
- Residence visa
- National passport
- Completed account opening application
For Non-Residents
- Completed account opening application
- National passport
- Bank statements
- Address proof
*Additional documents may be required, depending on the account type and bank policy.*
Primary Benefits
- Zero balance maintenance
- Free money transfer facility
- Free debit card with contactless pay card technology to make easy transfers and cash withdrawals.
- 24-hour customer support centre
HSBC Premier Bank Account
HSBC’s premium account offers companies a zero-balance business account with premium digital banking services and easy access to their account.
Requirements
To open a premium account in HSBC, you’ll need the following,
- Emirates ID and passport
- Company’s bank statements for the past three months
- Proof of company registration
- Valid trade license
Primary Benefits
Some of the benefits of HSBC’s premium account are,
- Zero balance requirement
- Debit and credit cards
- Ease of online banking services
- Dedicated customer support service
Al Maryah Community Bank Business Account
The bank offers free and seamless digital banking accounts for entrepreneurs and business professionals. The account offers a zero balance option and online mobile banking services, which is the best option for small companies and start-ups.
Requirements
Here are the detailed requirements for Al Maryah’s business account,
- Valid trade license
- Company registration documentation
- Proof of company’s address
- Emirates IDs and passports of all shareholders and authorized signatories
Primary Benefits
Some of the primary benefits include,
- No minimum balance requirement
- No need for monthly or annual fees
- Checkbook for cash withdrawals
- Debit card for ATM withdrawals and other payments
- Mobile banking access
- Dedicated customers service
ADIB Business One Account
Business One is a Shariah-compliant business account offering robust banking services with no minimum balance requirements. The business bank account is flexible and is accessible for various types of businesses.
Requirements
The requirements for an ADIB business account are,
- Valid trade license
- Original Emirates IDs and passports of shareholders and partners
- MoA
- The company’s address proof
Primary Benefits
ADIB business account offers the following benefits to businesses,
- Zero balance maintenance
- Free business debit card and checkbooks
- ADIB online platform
- Free monthly e-statements
- Shariah-compliant
- Available in different currencies
How to Open a Zero-Balance Business Account in UAE
You can easily open a Zero-Balance business account by following these steps.
Obtain a Trade License
Acquiring a trade license is the foundation of opening a business account in the UAE. This document is required by the bank along with your account opening form, so please ensure you obtain your license before applying.
Gather Required Documents
Gathering all documents required by the bank can not only increase the chances of your application approval but also streamline the application process. Generally, opening a zero-balance business account requires an Emirates ID, passport, proof of company address, and a residence visa.
Consider Visa Requirements
It is essential to note that a residency visa is not required for UAE residents when opening a zero-balance business account. However, for a joint account, your non-resident partners must have a valid residence visa.
Choose the Right Business Account
Evaluate banks that offer attractive services best suited to your business. Search online websites of different banks to compare their features, or consult our team at Al Riyady, who can help you choose the right bank for your business.
Submit Your Application
Please fill out the application form with all your business details along with the required documents and submit it. Ensure your documents are complete to avoid any delays.
Final Thoughts
Opening a zero-balance business account in the UAE can be advantageous for start-ups and small to medium businesses. These accounts come with the benefit of zero minimum balance requirement, which helps with the business’s cash flow. They have no monthly maintenance fees and offer easy access to online banking services, including debit cards and online banking.
At Al Riyady Corporate Services, our dedicated team is ready to guide you through the whole process. Contact our experienced team for services such as the UAE Golden Visa, Business Setup in the UAE Mainland and free zones, Bank account opening, and more.
