Dubai is one of the most business-friendly cities in the world. From services to manufacturing, hospitality, and entertainment, a lot of businesses thrive in this dynamic city. One of the key factors that helps businesses thrive in this city is having healthy finances. Most business setup consultants in Dubai suggest that you must maintain a healthy business bank account to have financial stability and stay ahead of your competition. In this blog, Infolinks Business Consultants will share a few useful tips that will help you open a business bank account in Dubai and maintain healthy finances. So read till the end without skipping anything.
Also, read our blog titled “How to Start Your Dream Business in the Emirates”.
Choose the Right Bank
The first step that you take in managing a healthy bank account is choosing the right bank account. Many international as well as local banks in the city offer different banking products. Some types of bank accounts benefit you more if you are in the import and export business, whereas some bank accounts benefit you more if your transactions are local. As someone who has recently entered the Dubai market for business setup, you can get confused or overwhelmed with all the information and may get in a position of not knowing what is best for you. That is why it is highly recommended that you hire business setup consultants in Dubai. Experienced consulting firms such as Infolinks Business Consultants will conduct research for you and suggest the option that will be beneficial for your business.
Also, read “5 Key Benefits of Using Business Setup & Formation Services in the UAE”.
Separate Personal and Business Accounts
Many people have a habit of using one common account to manage their personal as well as business finances, especially entrepreneurs who have just begun their businesses. Being one of the oldest business setup consultants in Dubai, at Infolinks we always suggest our clients have two different bank accounts for their personal as well as business accounts. Having two separate bank accounts makes it easier to track your financial transactions, simplifies reporting, and provides a clear distinction between personal and business assets as well as liabilities. Also, in the future, if you want to avail of a business loan or funding from an investor, then it looks more professional when you have your transactions done from a separate account. When you transact from two different accounts, your business setup in the UAE will become easier and simpler. Having different accounts also helps you control your spending and eventually leads to savings.
If you are new to Dubai, then our blog titled “How to Get an E-Version of Your Emirates ID in the UAE”, will help you get an Emirates ID easily.
Monitor Your Bank Account Regularly
Some people leave it to their CA or accounts team for account reviews. However, as reputable business setup consultants in Dubai, Team Infolinks always suggests that you review your bank statements regularly. At least once a month, you should closely review each transaction in your statement and see if there are any unauthorized transactions or any fees levied by your bank. By regularly reviewing, you can track your finances and expenditures, and you can spot errors or unauthorized transactions promptly. This vigilance also enables you to detect any unusual or suspicious activity that may indicate fraud or security breaches.
Maintain Accurate Records
Any business needs record-keeping, and when it comes to finances, it is a must. Maintaining healthy records not only helps you with your business setup in Dubai but also helps you get investors and loans from different financial institutes. Even when you have to audit for tax purposes, records will be of great help to you. If you have not been maintaining records, then we highly recommend that you start documenting every financial transaction related to your business. This includes invoices, receipts, bank statements, and other financial documents. You can also consider using accounting software that can help you track and manage your finances efficiently to maintain accurate records.
Also, read our blog titled “11 Things You Should Know Before Setting up a Company in Dubai”.
Opt For online or Digital Banking
Gone are the days when you had to stand in long lines just to transfer an amount to your vendor or any other person. In the digital age, online banking is a valuable tool for managing your business finances. Most banks in Dubai offer online banking services that provide 24/7 access to your account. With online banking, you can make transfers, pay bills, and monitor your account’s activity remotely. This convenience not only saves time but also enhances the security of your business transactions. Choosing digital banking over the traditional method helps you save on charges like cash management charges and also saves on travel time. You can also take a look at your transactions and check account statements easily at any hour of the day with the help of digital banking.
Budget Your Expenses and Projects
Not only in business but also in life, budgeting is important. When it comes to managing a healthy business account, some of the top business setup companies in Dubai suggest that you budget your business expenses as well as transactions. A well-structured budget helps you allocate funds to various business activities and manage your finances more effectively. Consider your monthly expenses, revenue projections, and savings goals when creating a budget. Sticking to this budget will prevent overspending and ensure that your business bank account remains healthy.
Concluding Lines
Business setup in Dubai becomes easy when you partner with reputed companies like Infolinks Business Consultants. Our experts not only guide and assist you with your initial business setup, but we also assist you throughout your business journey. We extend our support beyond the initial stage of setup; we help you with Ejari, bank account opening, and bank account management. The above tips for maintaining a healthy business account will be useful to you.
For more details, get in touch with us.
