Business bank account

After you establish your business in the UAE and apply for a resident visa, the next logical step is opening a business bank account in the UAE. Over the years, opening a business bank account in UAE has gained an infamous reputation for being complex, bureaucratic and frustrating for applicants. It can be quite challenging as the process takes a lot of effort and time because each bank has its unique set of internal rules and regulations.

All banks in the UAE are regulated by the Central Bank of the United Arab Emirates; however, each has its own compliance department and specific policies for opening accounts. Most banks follow the same procedure for opening an account. The first step in any UAE bank is to provide a UAE trade license. Your business will only be recognised as a legal entity in UAE with a trade license.

The banks in the UAE can be either local or incorporated into foreign banks. We recommend choosing your bank carefully, considering its reputation and your business purposes.

These are the documents usually required for opening a corporate bank account in UAE:

  • Trade license
  • Memorandum of association
  • Office lease agreement
  • Company share certificate
  • Shareholders’ and managing director’s valid Emirates IDs
  • Shareholders’ and managing director’s residence visa copies
  • Shareholders’ and managing director’s valid passport copies

In some cases, banks may ask for additional documents and certificates, such as:

  • Utility Bill or proof of residential address
  • Comprehensive CV
  • Previous personal bank statements
  • Business plan
  • List of clients
  • List of suppliers or partners

Once you submit all the documents, you will be invited to a face-to-face meeting with the bank representative to start the application process.

FAQ

We have prepared the answers to some of the most common questions we receive from our clients regarding the Business bank account opening.

Am I eligible to open a business bank account in the UAE if I am a non-resident business owner?

Non-resident business owners can open business bank accounts in the UAE. You may need additional checks to get a credit or debit card with your account.

How long does it usually take to open a business bank account in the UAE?

The timing varies for each bank based on their specific policies and procedures. In most cases, the business bank account opening process can take from two weeks to three months, with the longest time usually being for offshore corporate entities.

How much does opening a business bank account in the UAE cost?

We can assist you with all the stages of the bank account opening process. Our solicitors will advise you on presenting your business to the bank and can accompany you on your visit.

This will shorten the time it takes to open your business bank account, and you will enter the process prepared for everything to go smoothly.

Can you guarantee opening a business bank account in the UAE?

Your business license set-up and activities will significantly impact your success in gaining a corporate bank account. This is why receiving the right support from the outset is critical.

All advice provided by us is developed in the context of what you want to achieve commercially and with the aim of maximising your success in opening the account.

Is there a minimum balance requirement for a business bank account in UAE?

Different banks have different conditions, ranging from zero balance accounts to the requirement to have an average minimum monthly balance.

Most UAE banks usually have support programs that may open accounts for newly set-up businesses with zero balances faster. Please note that these accounts may have limited facilities and may require ongoing validation of all transactions.

Is it necessary for the business owner to be physically present while applying for a corporate bank account?

You will only have to be physically present for the face-to-face meeting and signatures; the rest can be provided remotely.

Is it obligatory for a limited company to have a business bank account in the UAE?

Since it is not legal to use personal bank accounts for business purposes, any company should have a business bank account in the UAE.

There are no restrictions in opening a bank account for a UAE trade entity in a different country outside the UAE, although most banks in other countries are very likely to decline to provide services.

Can I open a UAE business bank account with a minimum balance?

Yes. Most banks in UAE have minimum balance accounts available. These are less attractive to banks, so they often take longer to open.

What about an online bank account opening?

Many banks in UAE provide the option of opening a corporate bank account online on their website or through their app. However, it usually takes a lot more time than promised. The lack of direct contact can also complicate the process/application status.

Can I open multi-currency bank accounts in the UAE?

Yes – most banks will provide multi-currency accounts.