Bank Account Opening

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Bank Account Opening

If you are an SME and seeking to open a bank account, please remember that not every bank is looking out to open your accounts. Every bank has a target market criteria and based on your area of business, turnover and product usage, banks decide if you want to open your account or not.

International banks like HSBC, Standard Chartered and Citibank are banks where you would not fit in as all of them do not have a proposition for smaller companies (Companies with annual turnover of less than AED 50Million). Even if you have more than AED 50 Million of turnover, they would also expect you to have sufficient foreign exchange transactions, trade transactions and cash management business. As these banks go as per their global headquarter regulations, every few years they keep changing their strategy and in the UAE, we have witnessed massive account closures in this segment. That leaves the choice for you to deal with regional and local banks in UAE. Just fill out the above form and a few bankers from a choice of banks that is interested in your business will reach out to you.