Digital banking is the digitalization of all the stages and processes of banking which includes both the back-end and front end procedures. The back end procedures are dependent on artificial intelligence to ease the pressure on the employees. Digital banking gives you your bank and funds deposited on your phone screen, just a touch away. It helps you get rid of the queues and lets you operate right from your home.

Digital banks provide an easier opportunity to apply for loans and personalized services to manage money. It allows you to invest in gold, cryptocurrency, stocks and other modes in an easier way. You can also invest in mutual funds.

The rise in digital banking is due to the increasing digitalisation. It may be expected that only the youth is adapting to digital banking however even the older generations that were initially skeptical are now comfortable to a larger extent when it comes to banking. 

The opening of a bank account in Dubai is a simple process that provides easy transactions, better privacy and the convenience of accessing your funds at any time of the day. The lower costs of opening the bank account are a cherry on top. These factors are hugely attracting new customers in the United Arab Emirates leading to a rise in digital bank accounts in the UAE.

Digital banking has been widely attractive to the users due to its wide range of benefits-

• It has been a revolutionary step in the banking industry
• It is a faster solution to banking 
• It is a cost effective solution to banking 
• It provides a better privacy
• Instant account opening procedures avoids hassle
• Transactions, payments and other procedures can be done at banks, ATM machines and on mobile phones and computers as well
• 24/7 customer support is available to help you get instant solutions to your problems 
• You can access your account on multiple devices and also track your account with just a couple of clicks 
• The 24/7 access accounts for improved usability
• You get a personalized experience and your issues are given more attention due to no time constraint 
• You can easily change your pins,transaction limits and even cater to other urgent needs
• It is a bank for masses

Digital banking sector is becoming increasingly popular in the UAE. The Emirates ranks 6th in the list of the countries with digital penetration. The estimation of the same in 2027 according to a study is said to be around 41 percent which is an increase by 22 points. The increase is a result of the dedication on the part of the UAE Banks Federation and the recognition of the fact that digitalisation is one of the most important pillars on which the economy of the country rests.It has been considered as one of the ways to exchange knowledge and expertise. The increasing popularity is due to the customer centric approach behind digital banking. The improved customer experience, greater customer satisfaction and 24/7 customer service makes it a better preference for the UAE nationals.

The top 9 digital banks in UAE are- 

1. YAP- It is one of the leading digital banks in the Emirates.The registration of account is paperwork free and provides multiple cards which makes this bank instant and extra convenient.

2. Liv Bank by Emirates NBD- It is a lifestyle banking app which provides 2% interest on deposits of AED 5000 or more.

3. E20 by Emirates NBD- It gives safety to your business finances but needs a minimum balance and it is chargeable.

4. Mashreq Neo- It is one of the finest options you can go for. This bank needs identity authentication and is one of the first digital banks to take the pioneer step of introducing verification.

5. ADIB SmartBanking-This bank is winning hearts with free ATM withdrawals, managing bank accounts and getting your card conveniently delivered at your door steps.

6. Xpence- You will be able to track your financial transactions and do your invoicing and bookkeeping.

7. ADIB Amwali- It is a paperless and signature-less account through which parents can have complete control over the account.

8. Zand- It is UAE’s first independent digital bank and it offers an interest rate of 2%

9. OG Pay-  It is a versatile, affordable and secure options offering an interest rate of 2%

Online banking and digital banking are different even though they are used interchangeably.

Online banking- These are services provided by the traditional banks.They continue on their core system of banking and provide the same services online.The services are however limited. These may include transactions, management, account access and in some cases even application of loans.

Digital banking- Digital banks are convenient and easy to access. They allow the banks to provide their customers with a wide range of services that are dependent on new technology, APIs by automating some services. These provide better privacy, access to funds, flexibility and cost effective options. Their totally automated services and digital processing provide a better experience to the customers.

 Digital banks are the best options for everyone to get their banking services at convenience. From opening an account to tracking your transactions, you can do everything at your fingertips.You can join your desired digital banks after comparing and contrasting all your needs and preferences. If you need help to make your choices regarding your digital bank account, book an appointment with our experts at Projectfrpjsc  today.

A commercial bank is a financial entity that accepts deposits, grants various loans, and provides individuals and small businesses with basic financial products and savings accounts.

Investment banks are not the same as commercial banks, which offer their customers financial services such as deposits and loans. It’s a company that provides investment banking services. It retrieves or arranges investment for other businesses registered with it.

Industrial banks in Dubai focus on providing loans for industrial development to individuals or businesses. Both large and small businesses can borrow from industrial banks.

UAE has many top Islamic banks like DIB, ADIB, and EIB. Apart from that, all commercial banks also have their own Islamic division to fulfill their business needs.  All Islamic banks follow sharia law and many businesses across the world prefer to opt for Islamic banking because of its mechanism and non-interest concept.

Yes, expats are eligible to open a business bank account in Dubai, considering that they must be physically present in the country. Furthermore, you will be required to have a residence visa to apply for a bank account in UAE. The visa might take a few days, unless you have a reliable business setup consultant such as Projectfrpjsc working with you. In that case, you will receive the residence visa in no time.

Until then, you will be able to open only a savings account, and get an ATM card along with it so that you can withdraw money.

Setting up a banking account in the Emirates is simple and quick, depending on the type of account, the process can take anywhere from a day or two.

Here’s how you can a corporate open a bank account in the UAE-

Every business has unique requirements, including choice of business jurisdictions, banking services for business corporate accounts, etc. That’s why Projectfrpjsc is here to help you with opening a bank account in the UAE for your business. We are a team of professionals who know exactly what you need when it comes to banking. and assist you throughout the process.

Projectfrpjsc management team have more than 15 years of corporate and commercial banking experience. We understand your business and assist you with strategized guidance. We will be there for you in the entire banking process and help you eliminate risks, and challenges that come with banking.

We take everything into account so that we can help you choose the right bank for you according to your needs. We assist you in opening corporate bank accounts with the leading UAE local and multinational banks, allowing your business to operate smoothly.

As local government is encouraging investments and startups in a variety of ways, this seems like an excellent time to jump on board. Because of UAE government policy, foreigners will find doing business in Dubai to be relatively simple. It is quick and easy to establish a business in Dubai, and the businesses are booming thanks to the government’s recent announcements for long-term visas, 100% ownership for foreigners, easy business laws, quick approvals and many more.

Here are over 2100 business activities supported by UAE corporate law. Investors are taking advantage of the emerging market’s growth potential by establishing businesses in the desired location. However, many aspects must be considered before a business setup in Dubai.

The top 3 advantages of establishing a business in Dubai are listed below.

1. Ease of doing business

Thanks to quickly advancing technology and a helpful government, starting a business in Dubai is simpler than ever. You can register your business in Dubai in a matter of taps and days. When you have a reputable business setup adviser at your side, the procedure of forming a company in Dubai is simple and involves little paperwork.

2. Low tax policies

One of the most appealing aspects of establishing a business in Dubai is the lack of taxation. Dubai provides complete tax exemption, including income, corporate, and personal taxes. However, some businesses maybe required to pay a 5% VAT on certain business activities.

3. Robust economy

The reason Dubai is the ideal location for starting a business is because of its robust economy. The city provides foreign firms with top-notch amenities, legal protection, and financial stability. It continues to amend the rules and regulations that govern how businesses are conducted in the city in order to ensure quality, advancements, and expanded business opportunities. And an expert business setup consultant can help you keep up with all the latest regulations.

A business license is a document that specifies what activities a company can engage in the United Arab Emirates. The Department of Economic Development (DED), Dubai issues each trade license.

The different license categories that can be obtained in Dubai are listed below-

• Professional License: This type of license is issued to individuals who provide specific services.
• Commercial or trade license: Any person who deals with commercial activities needs to obtain this license.
• Industrial license: Enterprises that work in the manufacturing and industrial sectors are required to have an industrial license.

Before applying for any of these trade licenses, make sure you have all of the necessary paperwork in order. Moreover, you get all the license approvals in 24 hours. Failure to do so may result in a delay in the issuance of your license.

Visa is a major step when establishing a business in the country. For Dubai free zones, you are allowed a visa permit for three years (both for the employee and employer).

The steps are as follows:

• Entry Permit
• Status Adjustment
• Medical Fitness Assessment
• Registration of Emirates IDs and Visa Stamping

Having a business bank account in Dubai is essential for every business. In order to begin a business in the UAE, you must first open a bank account for better financial transactions for your business. To do this, you need to have some documents handy to start the process of account opening in the top banks of the country. Before you can start trading in the UAE, you’ll need a bank account.

The documents required to open a bank account are as follows:

• Copies of all shareholders’ passports.
• Comprehensive CVs.
• Address proof for all shareholders.
• Your business plan.
• Personal and corporate bank account statements from the previous six months.
• A list of at least five suppliers and five customers.
• A complete set of certified documents for forming a business.
• Incorporation certificate.

Projectfrpjsc aims to keep your initial tasks to a minimum in order to create a stress-free business environment. Our business setup services in Dubai are well-executed under the supervision of our experts for mainland, offshore, and free zones.

Get your business started with the leading business setup consultant in Dubai. Projectfrpjsc assists you during every step of the setup process.

• Our PRO staff will help you with banking services and quickly set up an account for you.  We know how valuable and time-consuming opening a corporate bank account in Dubai can be, as well as the risk of the bank refusing to open an account for you.
• We also assist you with all the paperwork, license approval, and visa requirements. We make it easy for you and get you streamline the whole process in just 24 hours.

The team will guide you right from deciding on a trading name to legally registering it, we can help you with all aspects of company formation, licensing, visa services, banking services, and location selection.Our team will take care of all of your permissions, paperwork, documents, licenses, and other procedures. Additionally, we offer all the resources you’ll require to receive your license approvals on schedule. While we help you set up your business in Dubai, you may sit back and relax.

Dubai is widely recognized as one of the most financially appealing locations in the world, with a well-developed and diverse economy, excellent infrastructure and transportation links, and a one-of-a-kind low tax regime. Businesses will have access to the same professional services, a strong banking system, transportation, and cutting-edge technology as any other international business hub.

When forming a company, however, it is easy to make a mistake, so it is advised to seek expert advice and guidance from a professional consultancy. Projectfrpjsc keeps your preliminary tasks to a bare minimum in order to help you experience a hassle-free business setup in Dubai.