Being an international business hub, Dubai is a bustling city where a lot of financial activities take place. In order to facilitate these financial activities, many financial institutions operate in Dubai and UAE. The banking sector in the UAE has a unique relevance of being the largest in the middle-east. You can open a bank account in Dubai, UAE for your personal purposes as well as business purpose.
Opening a bank account in Dubai for non-residents is also not a difficult task. If you are not a resident of UAE, you can open a personal bank account in UAE with specific limitations on the choice of banks and the features they offer. However, this limitation is not a major concern as many prominent banks in UAE offer non-resident bank accounts. Most banks in the UAE permit non-residents to open savings bank accounts only.
Finex consultants provide bank account opening services in UAE making it easier for people to open bank accounts in Dubai and other Emirates.
The commercial banking sector in the UAE can be generally classified into two types. And they are locally incorporated banks and branches of overseas/foreign banks.
22 locally incorporated banks or national banks operate in the UAE. The number of overseas or international banks that operate in the UAE is 27 based on the latest available statistics (as of 2019) published by the Central Bank of UAE. The Central Bank of UAE is in charge of all banking related regulations. All financial institutions and their operations come under the Central Bank of UAE; a KYC (Know Your Policy) has been set by the Central Bank to meet international standards.
It is a general system that UAE banks will enquire you about your account transactions while opening your personal or corporate bank account in Dubai, UAE. Finex can guide you on KYC requirements to open a bank account in Dubai and it makes the documentation process easier for the applicants.
Be it a personal or corporate account, bank account opening in UAE requires certain basic requirements. No worries! Finex financial consultants help you get through the entire process involved with opening bank account in Dubai. We at Finex offer complete bank account opening services in UAE to our clients.
BUSINESS LOANS AND FACILITIES.
Business loans can be a great way to finance your small business or startup in Dubai, UAE, whether you are just starting out or looking to expand. It is important to understand the different types of loans available, the requirements for eligibility, and the application process to ensure you make an informed decision. With the right loan and a solid business plan, you can take your business to the next level and achieve your goals in Dubai,
There are various types of business loans available in Dubai, UAE, each with its own set of terms and conditions. Some of the most common types of business loans in Dubai, UAE include small business loans, startup loans, commercial loans, revolving credit facilities, overdrafts, trade finance, working capital loans, and equipment financing.
Small business loans in Dubai, UAE are specifically designed for small businesses and can provide them with the funds they need to cover expenses such as rent, inventory, and payroll. Startup loans in Dubai, UAE are intended for entrepreneurs who are just starting out and need financing to get their business off the ground. Commercial loans in Dubai, UAE are suitable for established businesses that require a larger loan amount to finance their expansion plans.
REQUIREMENTS FOR BUSINESS LOANS IN DUBAI, UAE
To be eligible for a business loan in Dubai, UAE, you will need to meet certain requirements. These requirements may vary depending on the lender (banks/ financial institution/ investment firms) , but some of the common ones a well-established business with a good credit history and a track record of profitability, a business plan outlining your goals, financial projections, and how you intend to use the loan funds, proof of income and financial statements, including balance sheets and income statements, and collateral, such as property or equipment, to secure the loan. Thought collateral & financials are not mandatory.
Business loan interest rates in Dubai, UAE can vary depending on the type of loan, the lender, and the borrower’s creditworthiness. Generally, small business loans and startup loans in Dubai, UAE have higher interest rates compared to commercial loans. Collateral-free business loans in Dubai, UAE may also come with higher interest rates as the lender is taking on more risk.
BUSINESS LOAN APPLICATION PROCESS IN DUBAI, UAE
The process of applying for a business loan in Dubai, UAE can vary depending on the lender, but the following steps are generally involved:
Gather all the necessary documents required for the loan application.
Submit your loan application to the lender of your choice (banks/ financial institution/ investment firms), along with all the required documents.
Wait for the lender to review your application and make a decision.
If approved, sign the loan agreement and agree to the terms and conditions of the loan.
There are many business loan providers in Dubai, UAE, including local banks, international banks, and private lenders. Some of the best business loan providers in Dubai, UAE include Emirates NBD,Rak Bank , Mashreq Bank, First Abu Dhabi Bank, Commercial Bank of Dubai, and Dubai Islamic Bank, other investment firms & financial institutions.
USE OF FUNDS
• Your business growth
• Settle your existing high interest debts
• Working capital requirement.
CONTACT US FOR YOUR REQUIREMENT OF:
• SME loans
• Working capital loans
• Business financing
• Business expansion loans
• Bank Term Loan
• Collateral-free business loans
• Trade finance
• Startup loan
MORTGAGE LOANS
Our Mortgage product Offerings..
If you are a first time property buyer or an experienced investor, choosing a right bank for a mortgage is not a straightforward process and most times it can be stressful not knowing if you are getting the best deal possible. We at Finex as your partner can help you find the best solution for your unique situation. Here is an overview of the products we offer our clients to realize their real-estate dreams with ease.
NEW PURCHASE
When it comes to new purchases it is important to explore many options to choose the most suited offer for you. When directly dealing with a bank you will only have access to a few options, however, with Finex you will be able to access a range of mortgage products from multiple lenders to choose the best fit for you.
BUY OUT
We help you navigate the BUYOUT market to assess the best refinancing options that help you save more. Starting in 2008 mortgage rates have been falling steadily. Compared to the peak mortgage rates, current re-mortgage option may save you even 50% in interest costs. Every penny you save is a penny earned. get a free review from FINEX now to check if you are overpaying for your mortgage
EQUITY RELEASE
Are you a savvy investor looking for the next opportunity? Whether, it be a home improvement project or funding another purchase, we will help you to finance your equity to accelerate your financial growth by making your capital work harder for you.
BUILDING FINANCE
Passive income streams are healthy investments in any portfolio. If you are a local or an expat investor looking to create a passive income stream through a “Building Mortgage” we will negotiate the best rates to optimize ROI.
COMMERCIAL
If you are eyeing to acquire a completed or close to hand-over property to start or expand your business, we offer exclusive rates and terms on financing for offices, warehouses, shops and other commercial units up to 70% loan to value in the UAE
NON RESIDENT
For individuals residing overseas that are looking to purchase property for investment or as holiday homes in the UAE we offer competitive rates up to 75% loan to value.
UNDER CONSTRUCTION/ OFF PLAN
Financing a project under construction may not be straightforward. At FINEX we can help you secure financing at competitive rates up to 50% on approved developments off plan or under construction