The UAE ranks as the 25th freest economy in the world with and economic freedom score of 72.4 and business freedom score of 74.7. It is also ranked the second in the regional ranking, according to the 2015 Index of economic Freedom by the Heritage Foundation. It is booming with business opportunities and is considered fairly business friendly when compared to its neighbours.
You need money to make money is an adage that perfectly fits when we talk of business houses. Business firms need a smooth and uninterrupted flow of money to initiate activities, continue them, and for expansion of growth. What is a must for this smooth flow of money is an equally smooth functioning banks account.
A Hassle free Banking Solution for Businesses
When a business firms opens a bank account, they have a host of options with different features looking at them. Most of the banks offer customized banking solutions for businesses to cater to their high liquidity needs. Current account is considered to be the most suitable for businesses because of its highly liquid features. Here are some benefits/features offered by such an account.
1. No Minimum Balance Requirements – No minimum balance is one feature that can help you reap great benefits. In the wake of grave emergency, you can withdraw the entire amount from your account without having to worry about paying a penalty for doing so. Also, if you prefer to maintain a higher balance, then your bank may as well offer you attractive waivers or discounts.
2. Sweep In – If you have ever faced the embarrassment of your cheque bouncing due to insufficient funds then rest assured that this will happen no more. Some account offers this facility where the bank pulls money from other accounts and the cheque is cleared. This called the auto sweep in facility.
3. Interest Bearing Account – Although the primary account inherently offers no interest, but your bank may open an interest bearing account along with your primary account. The interest rate is subject to sole discretion of the bank.
4. Sweep Out – In case of presence a surplus amount of fund from your daily limit, the banks transfers the surplus amount to an interest bearing account. This lets you reap the benefits of earning higher returns from your benefits.
5. Linked Debit Card – Not only banks offer an International Debit/ATM card but you can get a few number of supplementary debit card issued which are linked to the primary debit card.
6. Insurance – Some banks may offer business insurance for their high-end customers. The insurance may provide cover against fire and theft, subject to certain terms and conditions.
7. Free Services – Free services such as cheque pick-up facility, limited teller transactions, phone banking, mobile banking, internet banking may be available. You may be eligible for free e-statement and chequebook.
It is noteworthy to point out that the benefits offered by a business current account may differ from bank to bank.