Are you looking for a Zero Balance Bank Account in UAE?
Are you struggling with a business bank account for your business?
Do you find it challenging to open a bank account for your newly started business in Dubai?
Does it take weeks if not months to get your business bank account approved and/or issued by the banks in the United Arab Emirates?
All your worries have come to an end when it comes to getting a zero balance bank account in UAE. Yes, you got me right.
This is all because of the great initiative of Emirates NBD bank, one of the largest banks in the entire United Arab Emirates.
With this service called as E20. Digital Business Bank you will get your bank account with zero balance in Dubai that too in just a few clicks. No need to visit the bank and stand in the queue to wait for your turn. Instead, you can save that time and invest it in growing your business.
What is E20. Digital Business Bank?
E20. is a standalone digital business bank especially designed for entrepreneurs and SME businesses. E20. helps customers experience streamlined, modern finance by easily opening a bank account in minutes, generating invoices, tracking receivables, and more, all through a mobile app.
Requirements for Zero Balance Bank Account In UAE
Once you hit the lets get started button on the setup screen after launching the E20 digital business banking app, a new window will open up with the requirements. I have listed all the requirements below for your convenience.
Make sure you meet all the basic requirements out of the list. Everything in the list may be applicable for you to open a bank account with zero balance in Dubai.
- Department of Economic Development Trade License (DED)
- Banking powers are required if you have a multi-director company
- Original Emirates ID
- Valid Emirates ID
- Original Passport
- If you hold dual citizenship, then both passports are needed
- A Hand Drawn Signature
- Sign on a plain piece of paper with your hand and make sure it is neet and clear for scanning
- Client and vendor list
- Keep a list of your clients and vendors (current or expected) ready with you. You will need to key-in this during the account set-up process
- Memorandum of Association (MOA)
- MOA is needed if you have multiple partners and stakeholders in the company. For eTrader License, MOA is not needed because it is by nature a sole proprietary company.
- Board Resolution (BR)
- BR is also required when more than one partners are involved in the business entity.
- Copy of Partners Emirates ID
- Keep the copy of all the emirates IDs of all the partners handy while setting up, you may need it at a particular point in time.
- Selfie for Photograph
- While you are setting up your E20. bank account you will be asked to click a selfie for a photograph.
The procedure of opening a bank account with zero balance in Dubai
Well, the process is simple and easy and you can do it sitting at home with just a few simple steps, thanks to the technology.
Here is the step by step process of opening the best zero balance account in UAE.
- Download the E20 Digital Business Bank mobile app on your Android or Apple iPhone.
- Launch the E20 Digital Business Bank mobile app
- Follow through the setup process
- Make sure that you meet all the requirements as listed above
- Keep your original Emirates IDs, Passports and handwritten signature ready for scanning on the go
Restricted countries to do business with
During the zero balance bank account set up for your business, a screen will pop up with the question “Will you do any company transactions where the other party resides in any of these countries?”
These specific countries include the following:
- Crimean Peninsula (Russia/Ukraine)
- North Korea
- South Sudan
What type of business can avail the zero balance bank account in UAE
Business of all shapes and sizes can avail this opportunity of getting their own open bank account with zero balance in UAE in general and Dubai in particular.
However, your trade license will define what type of business you are. But for the sake of your convenience, I have listed the type of business that can avail E20 Digital Business Banking facilities from Emirates NBD.
- Sole Proprietorship
- One Person Company (LLC)
- Civil Company
- Limited Liability Company
- Simple Limited Partnership
- Partnership Company
- SME License
- The Department of Economic Development (DED) (Dubai) Trader
- Instant License
- Intelaq (Home-based business for UAE nationals)
Your bank account details will look like this
Once you fulfil all the requirements deemed important you will receive a success message with bank details as:
- Bank Account Number
- IBAN Number
- SWIFT Code / BIC code
What are the charges of opening a zero balance bank account in UAE
E20. Digital Business Bank by Emirates NBD is offering a free business account with no minimum balance and no subscription fee.
Get your account number in minutes and start sending local payments within 3-5 days.
E20. Digital Business Bank is part of Emirates NBD, a leading banking group in the region, which also launched Liv., the UAE’s first digital bank. Today, E20. provides a differentiated digital banking experience for SMEs, freelancers, home-based businesses etc.
Important features of opening a zero balance bank account in UAE
E20. Digital Business Bank comes with a range of purposely designed financial tools to help you start and grow your business, wherever you go.
With E20. you can open your zero balance bank account in UAE from anywhere in the UAE straight from your smartphone. Download the app and key-in some important information and you are all set.
100% Digital Banking
From setting up your E20. account to managing all the financial transactions like invoicing and payments. Now you can manage your business finances anywhere with the E20. mobile app.
You can add clients, beneficiaries and utilities to keep all your transactions digital and centralized in one bank account.
Your zero balance bank account in UAE with E20. Digital Business Bank will enable you to send payments directly to your payee’s bank account for clients, vendors and contractors.
Zero balance bank account in UAE comes with Cheque Book and Debit card
Within 2-3 days of account set up you will receive a welcome pack from the Emirates NBD bank with a visa debit card and a cheque book of 25 leaves.
This will provide you with easy access to your money.
Your debit card is free for life and you can spend on your card with a daily limit of AED 250,000 on purchases and AED 100,000 on cash withdrawal.
Via the E20. mobile app you can Freeze or Unfreeze your card, in seconds should you observe any suspicious actions or in case of losing your card.
Also with the E20. mobile app you can tag and track your business purchases on the go.
Easy fund management with E20. Digital Business Bank
You will get an amazing, easy to get through IVRS to speak with a human help much easily thank other conventional banks.
Everything can be managed via the app itself, hit the top navigation hamburger icon and then hit the first option for Help & Support. With a simple click you can make calls or send emails to communicate with the customer service agent.
Chat option is not yet enabled, however, it will be coming soon.
On your dashboard you will find the options for invoicing and payments underneath for your convenience. Just hit the invoice button and start creating your invoices all within the app itself.
All cash deposits to your bank zero balance bank account should be done using Emirates NBD and Emirates Islamic CDMs.
All cheque deposits to your bank zero balance bank account should be done using Emirates NBD and Emirates Islamic CDMs.
You can setup or edit standing instructions for repeat payments from within the E20. Digital Business Banking app itself easily by setting up the beneficiaries first.
How long does the activation take after getting your E20. zero balance bank account in UAE
After successful account creation you will receive your bank details. make sure to take a screenshot of the same and keep it with you handy for future use.
Within 2-3 days you you will receive a welcome pack with your visa debit card and cheque book. Soon after your account will be activated for local transactions.
You can also login to your account on E20. Digital Business Bank mobile app using the user credentials that you used while account creation. On your welcome screen you will see a green tick mark against all the activated services.
In a day or two, the bank will call you for a field visit to your office. Make sure to share correct office details so that your account will be activated for business use.
For people who are using eTrader License and home based business license (Emirati national only), hence, the are exempted from having a physical office; however the bank will still send it verification team to verify your physical location of your home.
In order to be able to do international transactions, you need the green tick mark against “Account Verification” and “Full Account Activation” on your E20. app dashboard.
Because this is a newly launched service and is still undergoing tests and enhancements from the bank side, therefore, you should expect a delay in getting your account marked as “Full Account Activation“.
I would highly suggest to give a call to the customer service and check with them about the verification status. Alternatively you can choose to email them from your registered email ID as well.
To check if your account is activated for local transactions, I would highly recommend adding your newly generated E20. account to any of your banks online and then make a transaction checking for funds receipt.
Alternatively, you can deposit the funds into the E20. bank account using Emirates NBD and Emirates Islamic CDM machines.
If all goes well, you are good to go using your newly created and activated account for your business transactions.
What are the terms and conditions for having E20. zero balance bank account in UAE
E20. Digital Business Bank account for zero balance bank account in UAE comes with no monthly subscription fee.
Because it is zero balance, therefore, you are not required to maintain any minimum balance in your account.
The bank will charge you AED 10 per financial transaction, which means on sending or receiving funds in or out of your E20. bank account you will be charged AED 10 only.
Now you can invest your money in growing your business and no need to worry for maintaining the minimum balance required by rest of the banks.
Read through the article published on Emirates NBD website
Emirates NBD unveils E20., UAE’s first digital business bank
- Mobile-only offering to provide banking services and more
- Supports UAE’s growing SME sector in connecting enterprise to opportunity
Dubai, 25 September 2019: Emirates NBD, a leading banking group in the region, today announced that it has created E20., the UAE’s first digital business bank for entrepreneurs and SME businesses. E20. will enable start-ups, sole proprietors, freelancers, gig economy workers, fintechs and insurtechs and small-to-medium sized companies to open a bank account and carry out their day-to-day banking requirements easily through a mobile app as well as access a variety of services to help them in managing their business.
Commenting on the announcement, Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD said, “Emirates NBD has a shared commitment to the growth and development of young businesses in the UAE and we are pleased to be launching E20., a custom-built digital business bank that will support the courage of entrepreneurs and enable start-ups as well as emerging and established small business owners to access banking services and more, seamlessly and conveniently, helping them focus more of their time on growing their business.”
According to a recent report released by Dubai Chamber in conjunction with the UAE Ministry of Economy on the banking challenges faced by new and emerging businesses, nearly 65% of UAE entrepreneurs surveyed believe that banking is the first challenge they face, with opening a bank account taking up to three months in some cases. E20. will enable business customers to promptly open a bank account, carry out local and international transfers as well as make bill payments, all on their smartphones. Customers will also be able to obtain a cheque book and debit card, and have access to Emirates NBD’s extensive ATM & CDM (cash and cheque deposit machines) network to help manage their day-to-day banking needs.
Shayne Nelson, Group CEO of Emirates NBD said, “The E20. digital business bank has been developed by a dedicated team of business banking professionals and digital technologists who engaged with potential customers to understand their needs and cater to their specific banking and financial management requirements as UAE business owners. The new bank will have seamless digital account opening which leverages new local advancements such as e-KYC modules as well as the UAE Pass for digital biometric-based identification along with easy, intuitive tools. E20. will help business owners manage their finances and cash flows efficiently and in an affordable manner while also powering their decision-making and growth plans.”
In addition to providing banking services, E20. will provide business owners the digital tools to conveniently generate invoices, track receivables, view P&L statements as well as make and reconcile payments to vendors and suppliers. E20. will also deliver information on VAT returns and provide insights on expenses and cash flows which will help customers run their businesses more efficiently, along with features to help them get paid quicker. Furthermore, customers will have 24/7 access to a Relationship Manager through an in-app live chat capability to help them with any requests they may have.
E20.’s beta launch will be initially available by invitation-only to a select group of entrepreneurs, allowing them to test key features such as the digital onboarding journey and provide feedback. The co-created digital business bank will open to UAE business customers following the successful completion of the beta phase by Q1 2020.
E20. is Emirates NBD’s second digital bank, following the success of Liv., the UAE’s first lifestyle-based digital bank for millennials and Gen-Z launched in 2017.
E20. Digital Business Bank is the best and only option available in the entire United Arab Emirates for getting a zero balance bank account in UAE.
It gives you peace of mind for opening an account in just minutes and not visiting any bank, waiting in queues or living the fear of Covid-19.
E20. bank account can be availed at no monthly subscription.
You don’t need to maintain any balance in your account at any point in time.
Reach the human help in customer service within minutes.
If you are owning a small business or freelancing some services online or running home based business (Emirati nationals only) then E20. Digital Business Bank is the only best option for you.
E20 is the best option for those who have a business idea in mind but are fearing taking the first step of registering it because they need to maintain a minimum bank balance, then getting a zero balance bank account in UAE with E20. is the best option for you.
Prepare you mind and take your first step.
Along the way if you have any questions, please feel free to contact at firstname.lastname@example.org
If you are looking for an eTrader License in Dubai then check out my blog article and YouTube channel for more information.
Also read how to register for e Trader License in Dubai at low cost