Overview of Open a Bank account in Sharjah
Sharjah is one of the 7 emirates of the United Arab Emirates. It is the third most populous city in UAE. The financial needs of individuals, businesses, and the economy as a whole are supported in a very significant way by Sharjah's banking system. Sharjah has an established, regulated banking industry that complies with global standards. Businesses can make use of specialized services provided by Sharjah's banking industry, including corporate accounts, trade finance, project finance, treasury services, cash management, and customized financing options. These services help in the development and success of both small and large local enterprises. Sharjah's banking landscape also includes Islamic banks. Sharia-compliant banks are also present in Sharjah, which offer services relating to the same, following the guidelines of Islamic finance.
Types of bank accounts
- Current Account: A current account can be opened with a minimum deposit in the banks of Sharjah. Current accounts are the most used accounts for entrepreneurs. You must be over the age of eighteen to open a current account. The current account is an operational account which can be used for day-to-day transactions. There is no need to give notice for withdrawals in a current account. Current accounts are mostly opened for businesses, entrepreneurs, partnerships etc.
- Savings Account: A savings account is a vital financial tool that helps people to deposit their money and receive a moderate amount of interest. Many banks pay compound interest on the account balance, and it acts as a basic bank account where money may be deposited and withdrawn. A savings account's main function is to provide a safe place to save funds that aren't meant for regular monthly needs.
- Valid trade license
- Minimum age above 21
- The average monthly balance can vary from bank to bank
List of important documents required to open a bank account
- Application Form
- Trade License
- Passport and Emirates ID
- Certificate of company incorporation
- Board Resolution
- Memorandum of Association
- Articles of Association
- Six months' bank statements
- Other additional documents
Process of opening a bank account
- Choosing a bank account:The first and foremost is to find a suitable bank. A suitable bank is a bank which provides you with all your required services in just one place. Applicants can either visit the banks physically or check the websites of the banks.
- Filling the Application Form:After the applicant has chosen the bank in which they want to open the account, the next step is to fill out the application form for opening the bank account in that particular bank. To fill out the application form, the applicant might require some essential documents, business details etc.
- Submit the application form and the documents:After filing the application form, the form is to be submitted to the bank along with the documents mentioned in the application form. Documents can vary from bank to bank according to their specific requirements.
- Review by Bank:After successfully submitting the application form and the supporting documents, the bank will review the application form and verify all the information provided by the applicant. The total time taken to review the application varies according to their rules and regulations.
- Bank Approval:Once the bank approval is done, the application will be given all the bank account details.
How will Enterslice help you?
- For entrepreneurs wanting to open a bank account in Sharjah, Enterslice provides personalized guidance and advisory services. They understand the demands placed on businesses, and they offer expert advice catered to their specific requirements.
- Enterslice offers assistance to company owners in choosing the best bank for their requirements. This guarantees that entrepreneurs make an educated selection and select a bank that is compatible with their objectives.
- A precise set of documents must be provided in order to open a bank account. Enterslice assists business owners in compiling and preparing the required documentation to meet bank regulations. To reduce the possibility of delays or rejections, they evaluate the documents in order to confirm their accuracy and authenticity.
- Enterslice makes the application process simpler by giving entrepreneurs clear instructions and help filling out the necessary documents. They make ensure that all information is presented appropriately and guide entrepreneurs on additional papers or information that the bank might need.