Starting new business in Dubai irrespective of its size is the fastest growing segment of economy. However, all of them are dependent on commercial banks of the region as acquiring services of banks make it possible to make a business perform well and grow fast.
The flow of cash in banks come and goes in a specified manner. Consumers deposit money in their accounts, bank lend that money to individuals and business owners on a particular criteria. Some banks also hold bonds and stocks that are offered to the large scale marketplace investors.
Even from its start, one’s business needs to be in a frequent lookup of a reliable and helpful bank. Requirements for having a business banking account need a business name which must be registered with the state where it is locating and specification of in and out cash flow of the business account.
Business Setup in Dubai require commercial banks to use their services are for some reasons. These services are of the vital importance if one is willing to grow his business fast and wide.
Acquiring Loan from Banks:
Relationships of all commercial banks in Dubai with business owners stay personal and focus on their satisfaction, motivation and general well-being. However, they require a track record of the business in case of providing them business loan. Owner will have to present his company’s sale growth, all the assets in his possession and a reasonable sales estimate and forecast for future situation.
After analysing all the given data of sales and assets, the management then decide to participate in a business by offering some choices of interest rate and a length of loan they can offer. Finally they will require a range of collateral to secure their loan.
Investment Services for Growing Wide:
All the commercial banks in Dubai have a separate investment department for investing profits that result in additional profits. The main focus of this department is to guide investors in the selection criteria of stocks, accounts for money market and bonds. While having strong relationship with investment department may directly affect relationship with loan department.
Corporate Credit Card Availability:
All the commercial banks offer credit cards to business owners on the name of their business in Dubai that can help them track all of the business purchasing they will transact. Although banks do not collect any collateral in providing credit cards, so this is an unsecured loan bank is offering. When owners issue credit cards to business officers for making purchases, banks organize and track all those expenses the officers perform.
Helping With Business Bookkeeping:
All the commercial banks also help the business owners to keep their business bookkeeping initiating with all the bank statements for categorizing expenses. Additional help of creating profit and loss statements for business owners is also offered in those banks.
Commercial banks help the owners for Business Setup in Dubai with creating financial reports and related essential records for the business. Tax documents showing deductible expenses, exempt and taxable income might be those essential records for business.