Generally for all kind of businesses in UAE, you need to get permission from the local trading authorities which is bit complicated. In case you have a bank account in UAE then things will become bit easy to handle your financial matters because your respective bank will help you to get of the trouble. In the cases of small businesses, startups and freelance initiatives, people require sudden funds which can only be provided by banks, and this is the only solution to handle such big amounts. You need to get funds to pay off product acquiring fees or to pay for the installment of commercial renting which is necessary in both cases.
Keep one thing in your mind that apart from these requirements, many people would agree with the profit rate of the business which moves in two different directions. Or some risk takers, often fluctuating business trends are more favorable and interesting, and sometimes business makes enough money to pay for annual or holiday bonuses. While on the other hand for some a reasonable amount of profit with zero risk factor is more favorable.
You can take the option of a profit rates agency deposits using your savings account from best personal loan bank. Hence the benefits of a saving account will give you some fixed profit margin at the end of every month. While on the other hand using your credit card for your small business can provide you a quick access to the revolving line of credit to small business owners. You can also make payments using your card for your small businesses. To qualify for credit cards quickly than to qualify for loan, you need to provide a strong credit history to your bank for your score evaluation. Most of the banks often provide similar rewards and incentives as given to the large businesses but for sure these trends vary with great differences as well. So it is up to you which bank you want to choose for such activities.
In case you really want to start a business in UAE then you have to do two things at the moment:
- First use you respective bank for a saving account so that to get some back up for making investments in future. This is the only way in which you will get profit with sure short although the profit scale is low. While on other hand using an Islamic bank your profit margin will increase more instead using priority banking account.
- The second most important thing is the emirates Islamic credit card which must be taken for making payments on time for your business payments. Although credit cards came with the added benefits for the cardholder, but you have to think about the delayed consequences as well.
For all kinds of business activities these two things are really important and the third is the choice of a bank which can give you bets rates for these two options.
mashreqbank 