ESR Compliance in the UAE: What Every Business Needs to Know

Dubai, with its vibrant food scene and cosmopolitan culture, offers fertile ground for culinary entrepreneurs. From bustling food trucks to elegant restaurants, the city’s food and beverage (F&B) sector thrives on diversity and innovation. If you’ve ever dreamed of opening a café or restaurant in Dubai, understanding the landscape is your first step to success.

Dubai’s food and beverage sector offers entrepreneurs a wealth of opportunities. The city’s global palate and vibrant dining scene offer a promising canvas for culinary innovators. Here’s a deeper dive into setting up your F&B business, from conceptualising your venture to opening your doors.

The Many Flavours of F&B Businesses in Dubai

The F&B industry encompasses a broad range of businesses, each with its unique charm and challenges. Whether sourcing the finest raw materials for your dishes or serving them in your cosy eatery, Dubai’s market is ripe with opportunities. 

For businesses with international operations, Emirates NBD’s global network and foreign exchange services are invaluable assets. The bank’s trade finance solutions can also support your international trade activities, providing services like letters of credit, documentary collections and export finance. Emirates NBD is also committed to corporate social responsibility, aligning its business practices with sustainable and ethical principles. By choosing Emirates NBD, you can contribute to a more sustainable future and support local communities through the bank’s various CSR initiatives.

In addition to these key benefits, Emirates NBD offers personalized service, competitive rates, innovative solutions and expert financial advice. The bank’s strong financial stability and reputation as a leading financial institution provide businesses with confidence and security.

Steps to Open an Emirates NBD Account

Setting up a bank account with Emirates NBD is straightforward, offering multiple avenues, including an intuitive mobile app designed for ease and convenience. Suitable for individuals who are 18 years and older, the bank caters to a varied client base ranging from salaried and non-salaried to self-employed individuals. For self-employed persons, the mobile app is particularly recommended for initiating the account opening process.

Using the Emirates NBD Mobile App

1. Initiate Account Opening: Download the Emirates NBD Mobile App and opt for the instant account opening feature.

2. Document Submission and Verification: You will need to provide a valid Emirates ID, passport, proof of income showing a minimum salary of USD 1,631 (AED 5,000), and an active UAE mobile number.

3. Account Activation: Upon successful verification, the account is activated instantly and you receive your account number immediately, enabling immediate transaction capabilities.

Banking Features and Benefits

• Initial Transaction Limit: Receive and manage funds up to USD 1,631 (AED 5,000) from the get-go.

• Comprehensive Banking Solutions: The account includes a chequebook, 24/7 customer service and access to physical bank branches.

• Additional Services: Expand your banking functionalities with additional services such as credit cards, personal loans, investment options and insurance plans.

Required Documentation

• For Individual Accounts: Provide original and copies of your Emirates ID, passport, labor card, employee ID and a recent salary letter if setting up salary transfers.

• For Joint Accounts: Each account holder must provide all the individual documents listed.

• For Business Accounts: Necessary documents include passport and Emirates ID Copies of all directors or signatories, a trade license, a Memorandum of Association (MOA), and a board resolution.

Compliance and Account Maintenance

• KYC and AML Adherence: Strict compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations is maintained to secure your identity and prevent fraud. Updates to personal information may be required periodically.

• Account Requirements: Non-salary transfer accounts need to maintain a minimum monthly balance of USD 817 (AED 3,000). Accounts with salary transfers enjoy a waived minimum balance requirement.

• Account Perks: Benefits include a chequebook, a complimentary debit card and options for foreign currency accounts.

Post-Account Opening

• Welcome Communication: Following account setup, receive an SMS and email with your account details.

• Delivery of Banking Instruments: A courier will deliver your Welcome Pack, including a debit card and chequebook, within one to two working days.

• Referral Program: Utilize the mobile app’s ‘invite code’ feature to refer friends, enhancing both your and their banking experience with Emirates NBD.

How Vista Helps with Corporate Bank Account Opening

Vista Business Setup is a leading business consultancy firm in the UAE, dedicated to helping clients establish and operate successful businesses. When it comes to opening a corporate bank account with Emirates NBD account, Vista offers comprehensive support and guidance. Our experienced team of consultants will provide expert advice on choosing the right bank account based on your specific business needs and objectives. 

We’ll assist you in gathering and preparing all the necessary documents for your bank account application, ensuring a smooth and efficient process. Even after your account is opened, Vista will continue to support you, offering guidance on managing your finances and exploring additional banking products. By partnering with Vista Business Setup, you can streamline the process of opening a corporate bank account and focus on growing your business.