Business Current Account
There are several benefits of operating a current account for business owners: Any time withdrawal facility to meet the cash needs of the business. A current account holder can deposit cash or cheques at different bank branches which makes it extremely convenient to collect payments from small customers.
What is special about a business account?
It keeps everything clear-cut. Small businesses benefit most from a business bank account because it clearly separates their business transactions from their personal transactions. Probably the most obvious benefit of this is that it makes it easier to prepare your tax returns.
What is the purpose of a current account?
Current accounts are used for most everyday banking actions. This includes paying Direct Debits, mobile phone bills, utility bills, making rent payments, making cash deposits and using chip and PIN or contactless to pay for purchases. Most people will get their wages paid into their current account
Why is opening a business account so difficult?
Banks conduct thorough checks on the business, its nature, and the individuals involved, which can make the process lengthy and complex, especially for non-residents or high-risk businesses.
The country has stringent anti-money laundering and counter-terrorism financing regulations in place, which are designed to prevent financial crimes. To comply with these regulations, banks in Dubai are required to conduct a thorough due diligence process on their customers, including businesses.
Why am I not getting approved for a business account?
Application Declines Can Stem from Bad Credit, Tax Liens, Prohibited Business Types and More. Applying for a merchant account can be an intimidating process, especially if it is your first time in the marketplace.
Procedure for business account opening
Company Documents verification
Partner KYC verification
Partner or partners past activity verification
AECB verification
Criminal details verification of partners
Inernational criminal verification of partners
Money loundering details verification
Google name verification
PEP verification
Proposed industry details
Nationality verifcation
Bank statement verification
Home country bank statement verification
After all the above verifications bank's COMPLIANE & FRAUD department will take decision . If any similarity showing in verificatons , bank will ask clarifications and required proof .
Some times bank will ask resume of all partners .
These all are the safety and security of the bank , society and the country .