Are you worried about maintaining a fixed amount of balance in your bank account? Do your business transactions exceed the minimum threshold of your bank account? To eliminate these tensions, the UAE has launched a zero-balanced banking system.
By 2024, the UAE’s banking industry has widely adopted the concept of ease of banking system by introducing zero-balance accounts designed to meet the diverse needs of residents and expatriates.
In the growing financial sector of the UAE, zero-balance accounts have gained momentum due to their easy accessibility. These accounts do not require a threshold, allowing users to maintain an account without the need to keep a certain amount of money in it.
In this article, we explain the benefits of zero-balance bank accounts for entrepreneurs and individuals. We cover all the best zero-balance bank accounts and low-balance bank account options in the UAE. You can open a zero-balance bank account according to your requirements with the help of Now Consultant banking services.
What is a Zero Balance Business Bank Account In UAE?
If you are new in the UAE and interested in starting a business, opening a business account is one of the primary prerequisites. You need a bank account to manage your business earnings and expenses.
In these scenarios, a zero-balance account is a simple banking solution that does not require maintaining a threshold amount of money. This is especially beneficial for those with irregular income or who do not want to keep a fixed balance. The accounts are perfect for anyone seeking the convenience of a bank account without the worry of maintaining a minimum balance.
Benefits of Zero Balance Bank Accounts:
The following are the benefits of a Zero-Balance Business Account in Dubai, UAE
Cost-Effective:
Traditional business accounts often come with maintenance fees and specific charges are deducted from your account balance if the minimum balance is not maintained. Zero-balance business accounts remove these charges, allowing you to save money over time.
Account Flexibility:
This type of account offers flexibility by allowing you to allocate funds as needed without tying up significant amounts to maintain the account. This way, you can prioritize business growth by using the money where it is most needed regardless of meeting the threshold amount.
Cost-Effectiveness:
Traditional business accounts often come with maintenance fees and penalty charges if you can not meet the minimum balance requirements. Zero-balance accounts remove these charges, offering a cost-effective solution that saves you money over time.
Accessibility:
This account is designed for businesses of all sizes, from small businesses to international firms. The account is helpful for both startups and established businesses in the UAE.
Convenience:
A zero-balance business account simplifies financial management, allowing you to concentrate on business operations and other important tasks without worrying about constantly checking your account balance.
Fees Relaxation:
Although zero-balance accounts eliminate balance requirements, it is important to be aware of any extra fees or charges associated with the account, such as transaction fees or annual fees. Some banks may impose a monthly fee despite offering zero balance requirements.
Best Zero Balance Business Bank Accounts In UAE:
1. Commercial Bank of Dubai (CBD) Zero Minimum Balance Business Account
The CBD Zero Balance Account is designed especially for startups and entrepreneurs, providing customized banking solutions that are both beneficial and practical. For a small monthly fee, customers can enjoy a smooth and easy banking experience.
Features
- Available currencies include AED, USD, GBP, EURO, JPY, and CNY.
- You will have dedicated relationship managers.
- You will receive a business debit card without any charges, allowing you to withdraw more cash daily.
- Enjoy standard forex rates
- Choose the right account package for new businesses or startups.
- A standard fee applies for banking transactions and digital services.
- Take advantage of standard finance rates.
- You have access to dedicated SME service desks.
- No audited financial statements are required.
Eligibility
All new startups and companies in the UAE can apply for this account without any hard conditions.
Required Documents
- National ID or a valid passport with UAE residence visa and Emirates ID for all signing authorities and shareholders, if needed.
- Details of Ultimate Beneficial Owners
- Provide required legal documents such as the Partnership Agreement, Trade License, Certificate of Commercial Registration, Memorandum of Association, and Free Zone Certificate of Incorporation if your business is running in the Free Zone.
- Proof of Address
- Power of Attorney or Board Resolution, if required
- Bank Reference Letter, if required
- Company Profile, if required
2. RAKBANK – RAK Starter SME Account:
The RAKBANK starter business account features low minimum balance requirements aimed at helping startups improve their financial efficiency. This account simplifies the business journey for entrepreneurs and businessmen, making financial management more accessible and convenient.
Features:
- Personalized relationship manager.
- 24/7 phone banking services
- Access to unlimited checks.
- Earn a competitive interest rate on fixed deposits.
- Earn appealing interest rates based on your account balance.
- You can open accounts in different currencies such as AED, Euro, USD, and GBP.
- There is no fee for having a zero balance in the account.
- Get competitive rates for trade financing
Eligibility Criteria:
- A company that has been operating for less than one year
- A company with a valid trade license to operate in the Emirates.
- Required Documents
- Share Certificate
- A valid trade license
- Articles of Association
- Passport with residence permit page for each authorized signatory (needed only for residents).
- Memorandum of Association
- Emirates ID of every authorized signatory
- Partners Agreement
3. ADCB e-Business Account:
The next zero balance account is the ADCB e-business account. It is designed for entrepreneurs; this account reduces banking complications, allowing you to focus on your business. However, there is an annual fee of AED 1,800 for opening the account. The following are the features of this account:
Features:
- Unlimited free teller transactions.
- There are no fees for receiving an e-statement during the statement cycle.
- Automatic sweep facility
- You get one free chequebook each year.
- No-cost international debit card
- Using online and mobile banking
- Unlimited free local money transfers
- Option to pay utility bills
Eligibility:
- It is only available to GCC Nationals and Emiratis
- It is available in AED only
- Required Documents
- A valid e-trader license
4. Mashreq Neobiz Lite Business Account:
Mashreq Neobiz Lite Business Account is ideal for startups. There is no average balance requirement, making it budget-friendly. For a monthly fee of AED 200, you can enjoy all the benefits and perks of this account without worrying about maintaining a minimum balance.
Features:
- Facility to open a business account online
- Mashreq NeoBiz account holders get a 15% discount on six Careem rides each month.
- You will receive a free chequebook.
- Receive a free business debit card
- There are no fees to check your balance or withdraw cash from other bank ATMs using a Mashreq debit card.
- Enjoy free international and local money transfers every month
- You can use your debit card at Mashreq Bank ATMs without any fees
- You can make 10 to 12 free fund transfers per month.
Eligibility:
- All shareholders must be individuals.
- A company based in the UAE with a valid trade license.
- At least one resident of the UAE as a signatory.
- Up to AED 30 million annual turnover.
Required Documents:
- Trade License
- Board Decisions (if any)
- Authorized Signatory’s CV
- Authorized Signatory’s Signature
- Signatory’s Emirates ID and Visa
- Address Proof for Shareholder and Company
- You have at least one invoice from each supplier and customer.
- Provide a copy of the passport for each shareholder.
- Memorandum of Association
- Bank statement of shareholder (if new company) or company (if existing)
5. Al Maryah Community Bank Business Account:
The Al Maryah Community Bank Business Account is the first fully digital business account that is free for entrepreneurs and business owners. No monthly fees or minimum balances are required.
This account uses advanced technology and special financing solutions to help small and medium-sized businesses grow. It makes managing your daily banking activities simple and convenient.
Features:
- Enhanced security features
- Supports only AED currency
- Customizable authorization levels
- Efficient transfer and payment processing
- Smooth transaction handling
- Optimized cash management
- Flexible approval workflows
- Simplified WPS salary management
Eligibility Criteria:
Companies must have a valid trade license, including free zones, and must be registered in the UAE.
Required Documents:
- Valid Trade Licence
- Bank Statements
- Memorandum of Association (MOA) and amendments, if required
- Proof of Address
- Certificate of Incorporation
- Passport Copies and Emirates IDs of the shareholders
- Board Resolution
6. ADCB SmartStart Business Account:
Abu Dhabi Commercial Bank provides the SmartStart Business Account, a zero-balance account with numerous business banking benefits. This account allows you to track all transactions, enhancing your business banking experience. It simplifies the management of your daily financial needs. The monthly service fee is AED 125 plus VAT, and it supports transactions in AED currency only (cash and cheque deposits are accepted only in AED).
Features:
- Foreign currency transactions are not permitted for incoming or outgoing payments.
- Receive free e-statements at your chosen frequency.
- The first chequebook is free each calendar year.
- Free and easy access to ADCB Corporate Internet Banking
- You can get a business debit card
- Access to ProCash transaction
Eligibility Criteria:
- UAE Nationals
- Power of attorney (if required)
- Residents with valid visa only
- Physical and online businesses
- Valid trade license
Required Documents:
- Trade License
- Original Emirates ID and valid passport for the signer/s
- Commercial Registration
- Memorandum of Association and any subsequent amendments
- Power of Attorney, if any
- Chamber of Commerce Membership Certificate
- Original valid passport and passport copies of all partners, including residence visa for signatories
- Other documents, if needed
Low Minimum Balance Business Accounts In UAE:
Low Minimum Balance Business Accounts in the UAE have low balance requirements and provide useful features and significant benefits:
1. ADCB Business Choice Current Account – Silver
The ADCB Business Choice Current Account has very low balance requirements and offers the following features:
Features:
- Available in AED currency only.
- Access to ADCB Mobile, Phone, and Personal Internet Banking services.
- Use of ProCash mobile app for easy finance management.
- The minimum average balance requirement is AED 10,000 per month.
- One free chequebook every quarter.
- Free e-statements.
- AED 150 monthly charge if the balance falls below the minimum requirement.
- Worldwide acceptance of Business Choice Debit Card.
Required Documents
- A valid trade license
- Power of attorney (if applicable)
- A valid tenancy contract
2. Emirates NBD Fixed Deposit Account
Fixed deposit accounts play an important role in all types of businesses. Emirates NBD provides one of the best options, offering a multi-currency feature for easy international transactions.
You need at least AED 10,000 (or equivalent in other currencies) to open the account. It is available in AED, USD, GBP, SAR, AUD, and CAD, with terms ranging from 7 days to 5 years.
Features:
Features of the fixed deposit include:
- Up to 3.5% interest rate
- Access to overdraft facility
- Interest paid out at maturity
- Fixed-rate guaranteed until maturity
- Option for premature withdrawals
Required Documents:
The required documents vary based on the type of customer. These categories include UAE Nationals, Expats, Non-residents, GCC Nationals, and Self-employed (non-individuals).
3. ADIB Business One Account
At the end of this list comes the ADIB Business One Account. It offers significant business banking services and greater flexibility with a low minimum monthly average balance requirement of just AED 5,000. There is also a monthly maintenance fee of AED 375 per account or equivalent in other currencies.
Features:
Here are the key features:
- Enjoy three free teller transactions per month.
- Receive free monthly e-statements.
- Receive a complimentary Business Classic Debit Card.
- Access to accounts in multiple currencies.
- Receive Business Classic Cheque Books at no additional cost.
Use the ADIB Direct online platform for convenient banking on the move.
Required Documents:
- Proof of personal address
- Share certificate, trade license, or incorporation certificate
- The signer’s original Emirates ID and passport
- Memorandum of Association
- Power of Attorney (if needed)
- Emirates ID and passport of business partners
- Proof of entity address
Additional documents may be required.
How Can We Help You?
With Now Consultant banking services in the UAE, you can open any of the above zero-balance or low-balance bank accounts according to your business requirements. All the bank accounts have special features, benefits, and required documents; we help you choose the bank that best fits your requirements.
Now Consultant banking services help you easily and smoothly open a zero-balance bank account, which provides you with financial relief. Our experts guide you through all account features, benefits, and fees and complete the application procedure on your behalf in your chosen bank.
