SME Accounts in Dubai,
UAE
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SME Accounts Interest Rates in UAE
Minimum Salary
Interest Rate
Loan Amount
Reducing Rate
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Interest/Profit Rate
Monthly Fee
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CLEAR
0%
AED 100K
AED 200
Yes
Yes
International Transfer Cost
Benefits
- Free Cheque book
- You can access United Arab Bank’s personal internet banking and mobile banking
- Free Debit Card
Benefits
- Free Cheque book
- You can access United Arab Bank’s personal internet banking and mobile banking
- Free Debit Card
- Free E-statements
Benefits
- No account maintenance fees is needed provided minimum monthly balance of AED 25,000 is maintained
- Free Cheque Book
- Free Business Debit Card
Benefits
- No account maintenance fees is needed provided minimum monthly balance of AED 25,000 is maintained
- Free Cheque Book
- Free Business Debit Card
- Free 10 branch teller transactions per month
- You can access to Business Banking Zones and Business Banking tellers
- Free mobile banking service
- Free SMS transaction alerts
- Dedicated Business Banking call centre
- Dedicated self-service phone banking
0.36%
AED 10K
AED 10K
AED 0
No
Benefits
- Free Cheque book
- You can access ADIB personal internet banking and mobile banking
- Free Business Classic Debit Card with minimum balance of AED 10,000
Benefits
- Free Cheque book
- You can access ADIB personal internet banking and mobile banking
- Free Business Classic Debit Card with minimum balance of AED 10,000
- Free teller transactions for 10 months
- Profits are calculated on a daily basis and credited to your account every month end
0%
AED 300K
AED 300
Yes
Yes
Benefits
- Free Cheque book
- You can access United Arab Bank’s personal internet banking and mobile banking
- Free Debit Card
Benefits
- Free Cheque book
- You can access United Arab Bank’s personal internet banking and mobile banking
- Free Debit Card
- Free E-statements
Benefits
- Free Business Classic Cheque book
- You can access ADIB personal internet banking and mobile banking
- Free Classic Debit Card
Benefits
- Free Business Classic Cheque book
- You can access ADIB personal internet banking and mobile banking
- Free Classic Debit Card
- Free teller transactions for 10 months
- Free Internet Banking
0%
AED 10K
AED 100
Yes
Yes
Benefits
- Free Cheque book
- You can access United Arab Bank’s personal internet banking and mobile banking
- Free Debit Card
Benefits
- Free Cheque book
- You can access United Arab Bank’s personal internet banking and mobile banking
- Free Debit Card
- Free E-statements
Benefits
- Free teller transactions for 30 months
- You can access ADIB personal internet banking and mobile banking
- Free Business Gold Debit Card with high ATM and POS limits
Benefits
- Free teller transactions for 30 months
- You can access ADIB personal internet banking and mobile banking
- Free Business Gold Debit Card with high ATM and POS limits
- Free ADIB Business Gold Cheque books
- Free telex transfer with ADIB business internet banking
0%
AED 50K
AED 500
Yes
Yes
Benefits
- First Cheque Book is free of charge
- Free international Debit Card
- Overdraft facility available subject to eligibility
Benefits
- First Cheque Book is free of charge
- Free international Debit Card
- Overdraft facility available subject to eligibility
- Free online banking and mobile banking
- Free monthly account statements
4.6%
AED 500K
AED 0
Yes
No
Benefits
- Higher returns than regular bank deposits
- Flexible tenures from six months onwards
- Option to automatically roll-over on maturity
Benefits
- Higher returns than regular bank deposits
- Flexible tenures from six months onwards
- Option to automatically roll-over on maturity
Benefits
- Flexibility to choose the account where you want to transfer the generated profit
- Profit share expected is high
- Investment period is also flexible
Benefits
- Flexibility to choose the account where you want to transfer the generated profit
- Profit share expected is high
- Investment period is also flexible
SME Definition for Dubai
Based on employee headcount and annual turnover, enterprises are defined as follows:
| Types of SME | Trading | Manufacturing | Services | |||
|---|---|---|---|---|---|---|
| Employee | Turnover | Employee | Turnover | Employee | Turnover | |
| Micro | <=9 | <=9 mn | <=20 | <=10 mn | <=20 | <=10 mn |
| Small | <=35 | <=50 mn | <=100 | <=100 mn | <=100 | <=100 mn |
| Medium | <=75 | <=250 mn | <=250 | <=250 mn | <=250 | <=250 mn |
This can vary according to the sector in which you do business. Banks in UAE, realise this potential and endeavour to bring together a set of products and services tailor-made for your business requirements. Whether it is a loan, cash management or business banking, banks in the UAE have a plethora of services to offer.
SME Account
Dubai SME, an agency of the Department of Economic Development – Government of Dubai, describes Small and Medium sized Enterprises (SMEs) as the bedrock of any economy. SMEs are responsible for driving job creation, innovation, exports and new business models.
Why choose SME Banking Solutions?
While each bank has a different solution for your banking needs, with SME banking you can
- Avail finance for your operational needs, imports and other business requirements.
- Use a range of products and services to improve your business.
- Bank from the comfort of your office.
- Avail trade finance services like letter of guarantee, letter of credit and remittance solutions.
Depending on the size and turnover of your organization, banks can offer various solutions to suit your needs.
Types of SME Accounts
As an SME owner, a gamut of accounts to cater to all your financial needs is offered by most banks in UAE.
Transactional accounts and deposits
SMEs need a robust banking system to support their specific commercial banking needs.
Current Accounts
Current accounts specifically designed for SMEs can suit your daily transaction needs. Types of current accounts offered by banks are:
- Standard current account
- Premium / Priority current account
- Free-zone current account
- Elite current account
Term Deposit
Business term deposits with flexible tenures and attractive interest rates ensures that your money earns for you too.
Commercial Banking Call account
This is a unique banking product which amalgamates the flexibility of a current account with the earning potential of a term deposit. You can withdraw money from this account usually by informing the bank a day prior.
Financing and business loans
Banks in UAE offer loans and financing options designed to meet the small business needs of SME customers including business expansion and working capital requirements.
Working Capital
Most banks in UAE offer a range of option for your medium to long term working capital needs. Some of them are :
- Overdrafts
- Invoice discounting
- Enterprise credit
- Secured trade finance
- Special financing for SMEs that support the government
Business Loans
A simple unsecured finance for SMEs to help them focus on the business and make it a success. There is no collateral needed and usually these loans get approved within 48-72 hours of the receipt of application.
Vehicle / Equipment Finance
As your business expands, you might have to purchase equipment or vehicles. This is a secured loan with the vehicle / equipment working as a collateral for the loan. Some options available are:
- Commercial vehicle loan
- Medical equipment loan
- Construction equipment loan
- Office equipment loan
Real Estate
Buying commercial real estate is costly in UAE. Commercial real estate finance helps SMEs achieve their goals by offering loans for purchasing or constructing commercial property.
- Finance for purchase of commercial property
- Finance for construction of the property
- Finance for lease rental discounting
- Property mortgage solutions (Overdraft)
Trade Finance Solutions
If you are into imports, exports or re-exports or need short term financing, most banks in UAE offer comprehensive trade finance solutions. You may avail from a list of services like:
Letters of Guarantee : Most banking offering SME services issue letters of guarantee for your participation in bids. Research well before you finalize the bank from which you wish to avail this service.
Shipment Finance : For business into exports, the requirement of cash pre and post shipment can be managed with this service without affecting the regular cash flow of the business.
Tailored Trade finance : Depending on the nature of your business and your requirements, banks might offer tailored trade finance options to you. Make sure to talk to your bank about such services.
Islamic SME Banking
Shariah-compliant SME banking solutions are also available with most banks in UAE. The products and services mentioned above are available under various laws of Islamic banking.
Eligibility for SME Accounts in UAE
Every bank has its own eligibility criteria which needs to be checked individually. However, some basic requirements are as follows:
- Registration as a proprietorship, partnership, limited liability company or Free Zone Entity.
- To have been in operation for at least 3 years.
Documents required for SME Account in UAE
As is the case with eligibility, every bank can have its own requirement of documents to process your application. Apart from the application form, some basic documents needed are:
- Copies of the latest Trade License, commercial registration certificate and passport or I.D. copies of owner(s)/partners.
- A brief description of the company and its activities.
- Audited financial statements of the business for the last 3 years (if available).
- One year's account statements from all banks with which you do business.
- Request letter on business letterhead for the SME services you require.
Banks offering SME Account
- First Abu Dhabi Bank
- RAK Bank
- Abu Dhabi Islamic Bank (ADIB)
- Commercial Bank International (CBI)
- First Gulf Bank (FGB)
- Doha Bank
- Emirates NBD
- Commercial Bank of Dubai (CBD)
- Mashreq Bank
- Dubai Islamic Bank (DIB)
Frequently Asked Questions
⭐ What are the fees associated with SME Accounts?
A. SME Current Accounts can come with fees like monthly management charges or fees for issuing new cheque books, making transfers or paying wages. Similarly, trade accounts come with a host of fees from document handling charges, to administrative fees and issuance commission so find the account that works best for your need.