The 5 Best Banks for a Business Account in Dubai
When you’re running your own business, it’s essential to have your personal funds separate from your business funds.
This provides perks and protection for your business including the ability to take advantage of tax deductions.
So, we scoured the internet to give you the best banks for a business account in Dubai. We also included the factors we considered in choosing.
Ultimately, we answered some FAQs about business accounts in Dubai.
How much does opening a business account in Dubai cost?
The cost of opening a business account varies depending on the bank fees, and minimum maintaining balance.
To give you a head start, we’ve made a table of the required maintaining balance needed with each of our entries.
The Best Banks for a Business Account in Dubai
Before we get right into our top picks for the best banks for a business account in Dubai, here are the factors we considered for our entries on this list:
1. Emirates NBD
| Criteria | Rating |
| Fees & Profits | ★★★★☆ (4/5) |
| Versatility | ★★★★☆ (4/5) |
| Account Features | ★★★★☆ (4/5) |
| Background & Experience | ★★★★★ (5/5) |
Getting the basic features of what a business account needs to provide are essential for every business owner, and Emirates NBD completely understand this.
With its Business Banking accounts, this bank covers all the routine financial needs for a few fees and a relatively low maintaining balance of only AED50k.
And if the 50 thousand maintaining balance is too much for your small business, that’s not a problem either. Emirates NBD only charges users AED250 a month
And transfer fees are relatively low for both local and global transfers, as well. On top of that, it has a 0% interest rate.
This means that it’s great for all kinds of businesses, and even more so for small to medium businesses that are quite common in Dubai.
Having a business account here means you get a free international debit card, which is also available for sole proprietorships and single signatory accounts.
On top of that, these business accounts are available in USD, EUR and AED, and GBP, which is perfect for businesses with transactions in these countries.
And one of the strongest parts about this business account is that it’s run by Emirates NBD, one of the biggest and most well-known banks in the UAE.
This means that its business accounts have the foundation and infrastructure it needs that the bank has spent years building with the company.
Pros
- Relatively low maintaining balance
- Appropriate for small to medium businesses
- Great set of basic account features
- Run by Emirates NBD
Cons
- Account features not enough for larger businesses
2. Abu Dhabi Commercial Bank
| Criteria | Rating |
| Fees & Profits | ★★★★☆ (4/5) |
| Versatility | ★★★★☆ (4/5) |
| Account Features | ★★★★★ (5/5) |
| Background & Experience | ★★★★★ (5/5) |
With six different kinds of business accounts, Abu Dhabi Commercial Bank account provides tailor-fit solutions for every kind of business owner.
And while its AED100k maintaining balance is a bit steep for some, especially ones who own small businesses, its 0% interest rate and set of amazing benefits more than make up for it.
However, this means that it is somewhat inaccessible to business owners who are just starting out, which we think is a missed opportunity.
So while it has six different types of business accounts, we’re a bit disappointed to realize that these are not friendly toward young entrepreneurs.
However, it has great benefits such as these business accounts being available in USD, EUR and AED, and GBP, making it great for businesses that are doing foreign transactions.
On top of that, Abu Dhabi Commercial Bank also provides unlimited teller transactions, internet banking, dedicated and responsible relationship manager, and the products are Shariah compliant.
We love that the bank does not spare business owners anything when it comes to its benefits. Its Islamic banking allows them access to benefits that cannot be found in other banks.
And because it’s Abu Dhabi Commercial Bank, it has been in the game since 1985, making it one of the more established and well-known banks not just in Dubai, but in the UAE.
Pros
- Has 0% interest on its business accounts
- Great set of account features
- Run by Abu Dhabi Commercial Bank
Cons
- Minimum maintaining balance is high
- Fees make it a bit inaccessible for new business owners
3. Commercial Bank of Dubai
| Criteria | Rating |
| Fees & Profits | ★★★★★ (5/5) |
| Versatility | ★★★★★ (5/5) |
| Account Features | ★★★★☆ (4/5) |
| Background & Experience | ★★★★★ (5/5) |
Combining your business banking and regular banking needs, Commercial Bank of Dubai’s business account packages is suitable for clients who prefer to maintain lower bank account balances.
On the lower side of the spectrum, this bank’s business accounts only need AED20k as it maintaining balance, making it accessible for budding entrepreneurs.
It also has a 0% interest rate, and an AED150 fee if you go below the required maintaining balance.
This also means that businesses of all kinds can take these business accounts into consideration, too.
However, when it comes to its accounts features, it’s lacking in depth despite its wide range.
While the accounts are available in multiple currency denominations such as AED, USD, GBP, EURO, JPY, and CNY, account owners can only choose one per account.
The same principle applies to relationship managers that are limited by the brand where you opened your account.
We think that this limits the business owner’s mobility, and ability to adapt to growth and challenges.
However, it also has some great features such as providing business owners their first checkbook for free and a complimentary Dubai Chamber of Commerce prepaid card.
As for the bank that runs it, the Commercial Bank of Dubai is the 7th largest bank in the UAE with $23 billion in assets, making it a solid choice for business accounts.
Pros
- Relatively lower required maintaining balance
- Great range of account benefits
- Run by the Commercial Bank of Dubai
Cons
- Account features lack depth and flexibility
4. First Abu Dhabi Bank
| Criteria | Rating |
| Fees & Profits | ★★★★★ (5/5) |
| Versatility | ★★★★★ (5/5) |
| Account Features | ★★★☆☆ (3/5) |
| Background & Experience | ★★★★☆ (4/5) |
Having the lowest minimum balance requirement, tailor-made business account packages of all types and sizes, First Abu Dhabi Bank offers a competitive choice for every business owners.
With only AED10k needed to maintain its business accounts, this bank is amazingly accessible to almost every business owner.
On top of that, it has a 0% interest rate, and free inwards local and international remittances, making it a great friendly business account, especially for budding entrepreneurs.
And with accounts that focus on foreign exchange solutions and insurance and wealth management to mortgages and loans, its bank accounts understand the needs of any kind of business and make sure these are met.
Its features, however, are on the weaker side of the spectrum compared to the other banks.
While business owners get unlimited free checkbooks and their own relationship manager, it really doesn’t have the other basic features that we look for in a business account.
First Abu Dhabi Bank’s business accounts are not available in other currency denominations, which limits business owners that have foreign transactions.
This comes as a surprise for us because First Abu Dhabi Bank is the largest bank in the UAE. So for it to skimp on the features of its business accounts is really inexcusable.
Pros
- Low and accessible rates
- Applicable for businesses of all kinds and sizes
- Run by the largest bank in the country
Cons
- Limited range of account features
5. Abu Dhabi Islamic Bank
| Criteria | Rating |
| Fees & Profits | ★★★☆☆ (3/5) |
| Versatility | ★★★☆☆ (3/5) |
| Account Features | ★★★★★ (5/5) |
| Background & Experience | ★★★★★ (5/5) |
Created by Abu Dhabi Islamic Bank (ADIB), its special Business Elite Account offers personalized business banking solutions to cater to the high-end businessman.
With a whopping AED500K maintaining balance, this business account is definitely for everyone, but that’s because of what you are getting with it.
We definitely think this account is inaccessible to smaller business owners, and more for the high-end ones.
But when it comes to its account features, it is unbeatable. It comes with a business platinum debit card with high ATM and POS limits and personalized ADIB business platinum checkbooks.
The account also comes with over 15 currency denominations, the most out of everything else, and a dedicated relationship manager assigned to meet your business needs.
We also love that you get free monthly statements and unlimited teller transactions and get access to preferred rates on FX and investment accounts.
And when it comes to the bank that runs this app, Abu Dhabi Islamic Bank is one of the top leaders in Islamic banking in the world.
Over the last two decades, ADIB has demonstrated a consistent track record of growth with assets now totaling USD 39 billion — if that doesn’t show continuous growth then we don’t know what does.
Pros
- Amazing set of exclusive account features
- Run by one of the largest Islamic banks in the UAE
Cons
- Very high maintaining balance
- Not accessible to small and medium businesses
FAQs about Business Accounts in Dubai
We hope this helped you in finding the right bank for a business account in Dubai. Also, if you’re looking for similar articles, check these out: