Setup Business in UAE Blog

It seems to be impossible for a small company to open a bank account here.

music school here. My partner and I have been running around in circles trying to get a bank account opened.

We call up Emirates NBD, and they tell us that we need to go to the branch to open up an account. We get to the branch, and they say "Oh sorry we can't open an account here. We'll pass on your info to our team and they'll be calling you in 24-48 hours".

2 days later the guy calls us, and after hearing that we're a small business that plans to maintain a balance of just 50,000, he says "Oh sorry, you need to go to the branch to open an account. I can't open that kind of account".

After being annoyed at being treated like a ping pong ball, we head to Rakbank, where we find a branch with no token machine and the Indian system of "queueing". We get the same response of "We've got your info. Please get the necessary papers and someone will call you in 24-48 hours." Now it's been 4 days and no call.

HSBC straight up doesn't want to deal with a company that small.

Can someone help me out and let me know which banks are the most small-business-friendly? We were hoping to go with ENBD since both of us have our personal accounts there as well, but we've been treated like crap throughout our experience with their business banking section.

| 👁 1058 | Posted April 18, 2018 | Share on Facebook | Twitter | Google+

| Modified: April 18, 2018 | Author:

28 Comments

wazaaaaaaa 1 year ago

she refused it stating that I had to print it from my office why I'm not even surprised anymore with these things :-( This is so UAE style...

verbin550 1 year ago

Try UNB. I opened up an account with them a few years ago and they were super helpful. I used the branch near South Ridge. I got my NBAD account opened by applying for a credit card POS machine there. it comes with an account - not sure if you accept CC for your business.

ArabianCoconut 1 year ago

goto... mashreq bank

danish358 1 year ago

Bank of baroda 7500 aed min bal

FraudMallu 1 year ago

True but people have issues with Indians and everything what Indians do here.

andeffect 1 year ago

isn't this place the most expensive place to run/maintain a business? I mean the fees for business registration and renewal of this license are crazy from what I heard..

samipk1234 1 year ago

Go to ADCB or Sharjah Islamic Bank those are the only 2 that will deal with that kind of balance. It used to be simpler a few years back but for the past year or so banks just don't want the headache of a corporate account for some reason.

CPAG 1 year ago

Mashreq or ADIB are pretty good for small business. That said, Mashreq's branches are always extremely busy, and there's very few ADIB branches in Dubai.

lambardar 1 year ago

reminds me of the time when I opened my business. I was excited and most of the government offices would ask you for some weird document, so I got a mobile printer to print whatever is required from the car. I went to HSBC on bank street to open an account. she said I needed a letter to authorize myself to open an account. I tried to argue that the letter wouldn't make any sense but anyway.. no problem; I got this. I go to the car, open the laptop, type up an authorization, print it on the letterhead, stamp it and head back to the bank. the lady looks at me and asks.. where did I get this from? I told her i printed it from the car. she refused it stating that I had to print it from my office. I left and went to ENBD. While ENBD is good for business due to the number of atms & smart business they will not give an atm car to business unless you had a lot of $$$ or wasta. they will charge you left and right in you're a small business. I pay AED 20 for every transaction and I paid roughly AED 100 every month for a couple of months because they didn't have my updated trade license. which they couldn't update because their system was not working.

scorpionking90 1 year ago

ADCB opens it easily for a mainland company, minimum 10K requirement. Let me know if you need sources.

camelshawarma 1 year ago

Go with UBL. 1000 minimum balance

clinthammer316 1 year ago

not to mention people breathing down your neck i.e. not giving a sh..t about personal space. (I'm Indian and I hate that we do it :P )

askdubailaw 1 year ago

NBAD(Sharjah),Noor bank and Bank of Baroda.Pretty straight forward for main land licences(You get the account opened in a week's time).Two weeks for FZ's though.And if you are in a rush,walk into CBI with 20K and you will be done with your account in an hour's time.25K with Abu Dhabi Islamic Bank;and the opening takes a week's time.

biteyourankles 1 year ago

Same here, it was the only one that actually ended up following through. Atrocious service from the rest for small businesses.

mythodeath 1 year ago

My friend had to go through the same headache. We contacted NBAD, RAKBank and ENBD. All of them refused because our turnover wasn't going to be in millions as they were expecting. We finally opened up in ADCB. We were told by the sales guy from the bank that if they call and ask what your turnover would be, just say " we are new and so our turnover in the first few years would range from 500,000 to a million, but we expect to grow." The account got approved immediately. Once opened they can't close it unless you don't maintain a minimum balance. Please note that this is not for free zone companies. In case you are facing issues, just request your local partner to visit the bank and deal with the headache.

wudntulike2no 1 year ago

Going through the exact same headache right now with EIB and then ENBD. And they asked for 7 contracts weve had for work but that couldnt be sent in one email so we had to send 7 emails. Weeks pass. Each phone call is met with, Its processing. Finally, they call us and say, We need you to send 7 contracts. !$@:!!3!

ItsBlackRedGold 1 year ago

EmiratesNBD gave me the same crap, but RAKBank was really straight forward. Don't go to a branch. I sent them an email, some guy called me, I stalled from my side for a few weeks as I wasn't sure which bank I want to go with, and once they called again they asked me to come to the branch for opening. I told them there is no way I am coming to their branch, so they send someone to my office instead. Really smooth process. Tip: Don't tell them your balance is AED 50,000 only. The only mandatory balance you need to keep is the one specified in their T&Cs, what figure you give them during opening doesn't matter at all (only if it is too high, they will upgrade you to the next "better" account) - so make it high enough for your business to be attractive.

RHAINUR 1 year ago

Yeah the minimum balance is fine and a reasonable requirement. I just want good customer service and an easy opening process. Were not applying for a loan or something, we just want to keep our money with them

RP-10 1 year ago

A friend recently went through the same thing and ended up with Mashreq. There was still a minimum required retainer (possibly 20k).

zadtheguru 1 year ago

It's ironic how there are so many banks here, yet they do not want to cater to growing businesses. These kind of banks and their execs bring a bad name to this place.

djit 1 year ago

https://en.m.wikipedia.org/wiki/Chaos_theory

RHAINUR 1 year ago

Which bank did he end up going with?

batdxb 1 year ago

I totally agree with you. My friend went through same process with ENBD and Rakbank. After couple of months he was able to open the account. Bank account opening would take 3 months wasn't in his plan.

addogaming 1 year ago

No queuing...

TenFoldMassacre 1 year ago

I always thought queuing was a globally accepted system of lining up at a given place.

fixnum 1 year ago

What's the Indian system of "queueing"?


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