5 Banks In UAE That Provide Zero Balance Business Bank Account

Start-up culture is very prominent in UAE. There are so many people coming from different parts of the world to start their business here in UAE. The ease of doing business in UAE makes this country a very attractive place for new businesses. There are many established as well as new businesses in UAE that keep looking for banks that can offer them with minimum or zero balance bank accounts. Below is a list of 5 banks that provide zero or no minimum balance required business bank accounts.  

1.Wio Bank  

The bank's first major offering, Wio Business, targets SMEs, entrepreneurs, and freelancers, providing a suite of business banking and financial management solutions. This initiative reflects WIO Bank's commitment to catering to the diverse needs of its clients, particularly those in the business sector. Wio Bank PJSC is an integrated digital banking platform jointly owned by Abu Dhabi Development Company (ADQ), Alpha Dhabi Holding, e&, and First Abu Dhabi Bank (FAB) 

• Branches and ATMs in country:  1 Branch in Abu Dhabi. No ATMs. Need to use FAB Bank ATMs for cash deposit. 
• Business Bank Account Name: Essential Plan 
• Minimum balance: 0 Minimum balances 
• Maintenance charges: 99 AED / per month 
• Multi-Currency Feature:  Multi-currency accounts available in AED, USD, EUR, GBP 
• Documents required for opening account 

• Memorandum of Association (MOA)

• Power of Attorney (POA)

• Board Resolution

• Proof of address (Title Deed/UAE; VAT filing; Ejari /Tenancy Contract; Utility Bill (for the last 3 months)

• Bank statement (for the last 3 months)

• Emirates ID

• Passport copy

• Valid visa (if applicable) 

• Trade License or Certificate of Incorporation
• Shareholder Structure (Optional)
• Additional documents will be required during the compliance stage.

Pros: 

• User-friendly application design 

• Cost effective fee structure with free international transfers and no account maintenance fees 

• Emphasis on freelancer, sole traders and start-ups 

Cons: 

• As a new entity in banking, it may lack the historical trust and stability of established banks 
• Operates solely online with no physical branches 

2.Al Maryah Community Bank 

The UAE's first fully digital community-focused bank that offers a trusted, convenient experience to consumers and SMEs. Al Maryah Community Bank exists to serve the UAE community. Blockchain-powered and cloud-based, offers individuals and SMEs alike with the practical and ethical advice needed to make sound financial decisions. The bank ideology includes supporting the local community, empowering employees, and delivering a competitive shareholders’ return. 

• Branches and ATMs in country:  2 Branches in Abu Dhabi and 1 MFK in Dubai.  3 ATMs.  Also, you can use Al Ansari Exchange for money deposit. 
• Business Bank Account Name: MBank Business Account 
• Minimum balance: 0 Minimum balances 
• Maintenance charges: 0 AED / per month 
• Multi-Currency Feature:  Only AED 
• Documents required for opening account 

• Trade License 

• Memorandum of Association (MOA) 

•  Article of Association 

•  Certificate of Incorporation 

•  VAT Registration Certificate 

•  Board Resolution / POA Proof of Address (Tenancy Contract or Utility Bill) 

•  Last six month's bank statement 
•  Shareholder's Emirates ID and Passport 
• Website link for further details : https://www.mbank.ae/business-banking/ 

Pros: 

• User-friendly application design 

• No minimum balance  

• No maintenance charges 

Cons: 

• As a new entity in banking, it may lack the historical trust and stability of established banks 

• Has very few physical branches and ATMs 

• Has only AED account option 

 3.Mashreq Bank 

Mashreq Bank is the oldest privately owned bank in the UAE and one of the oldest banking institutions in the Middle East. Founded as the Bank of Oman in 1967, it now offers online banking and e-commerce. Mashreq has 16 overseas offices. Mashreq app features are like a standard banking app, which includes the latest news and updates, allows account transactions, enables paying utility bills directly from the app, tracks Salaam rewards, and more. 

• Branches and ATMs in country:  20+ Branches in UAE, approx. 250+ ATMs 
• Business Bank Account Name: Mashreq NeoBiz – Lite Account 
• Minimum balance: 0 Minimum balances 
• Maintenance charges: 200 AED / per month 
• Multi-Currency Feature:  Multi-currency account available in EUR, CAD, USD, GBP, AUD, NZD, JPY & SAR 
• Documents required for opening account 

• Trade license 

• Memorandum of association 

• Company address proof 

• Bank statements (Company / Individual) 
• Identity documents 

 Pros: 

• Long standing reputation 

• Vast network of branches and ATMs including overseas network 

• All Banking facilities available with growing business needs 

Cons: 

• Poor customer service 
• Expensive bank charges 

4.RAK Bank 

RAKBANK, also known as the National Bank of Ras Al Khaimah (P.J.S.C), was founded in 1976 and has since undergone a series of important transformations. It has won several awards, such as SME Bank of the Year and Best Internet Banking. The bank provides a diverse array of personal and business banking services, including loans, credit cards, and digital banking solutions. 

• Branches and ATMs in country:  25+ Branches in UAE , Approx. 130+ ATMs 
• Business Bank Account Name: RAK Bank Starter Account 
• Minimum balance: 0 Minimum balances 
• Maintenance charges: 103.95 + 52.5 AED / per month 
• Multi-Currency Feature:  Multi-currency account available in EUR, USD, GBP 
• Documents required for opening account 

• Trade license 

• Memorandum of association 

• Company address proof 

• Bank statements (Company / Individual) 
• Identity Documents 

 Pros: 

• Long standing reputation 

• Dedicated Relationship manager for account 

• Free accounting packages and business insurance 

• Preferential FX rates to certain countries 

Cons: 

• Companies older than 12 months are not eligible for the RAK starter account 
• Limited physical presence in certain areas in UAE 

5.ADCB Bank 

ADCB is a full-service commercial bank offering a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate and currency derivatives, Islamic products, project finance, and property management services. It is a branch of the Abu Dhabi government. The bank ranks among the top 3 largest and most reputable banks in the UAE. 

• Branches and ATMs in country:  45+ Branches in UAE , Approx. 400+ ATMs 
• Business Bank Account Name: ADCB Smart Start Business Account 
• Minimum balance: 0 Minimum balances 
• Maintenance charges: 125 AED / per month 
• Multi-Currency Feature:  Only AED account 
• Documents required for opening account 

• Trade license 

• Chamber of Commerce membership certificate 

• Memorandum of association 

• Bank statements (Company / Individual) 

• Identity Documents 
• Any further documents requested by bank 

Pros: 

• Long standing reputation 

• Big network of branches and ATMs 

• All Banking facilities available with growing business needs 

Cons: 

• Smart Start account is only available in AED 
• No Foreign currency inward and outward payments allowed. 

The above banks have very different kinds of facilities and offerings. Companies can choose as per their preference and decide what works for them best. Accountant’s Box can help you decide which bank account is suitable for your business depending on your need, stage of business and license type. They provide customers with Accounting, Book-keeping, VAT, Corporate Tax and Support Services. 

About the Author

This article was created for the Homepreneurs Club by our member Divya Bhagtani, Partner- Accountant's BOX. Accountant’s Box provides Cloud Accounting, Value Added Tax (VAT), Corporate Tax Consulting and Related Support Services to small and medium-sized business firms in Dubai.

Contact Divya Bhagtani Here for all your accounting needs.

Disclaimer: This article is for information purpose only and users need to verify with the banks for the changes and term and conditions of each bank.