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Open Business Bank Account in UAE

Many companies have achieved remarkable success by choosing the UAE as their base of operations. With its rapidly growing economy, Dubai stands out as one of the best destinations to start a business. However, one of the most crucial steps in setting up a company is opening a business bank account.

While essential, opening a corporate bank account in the UAE is not always a straightforward process. There are specific regulations and requirements that must be followed carefully. To simplify the journey and ensure a smooth experience, you can rely on our expert banking team to guide you through every step with ease.

How to Open a Business Bank Account in UAE?

Before opening a business account, nearly all local and international banks in the UAE require proof of identity and address. In addition, companies looking to open a corporate bank account may also be required to have a physical presence in the country.

Eligibility Criteria to open a Business Bank Account in UAE.

Minimum average balance

Organizations are required to maintain a minimum monthly average balance, with each bank setting its own specific limit.

Savings or Current Account

Some banks require business organizations to maintain a savings or current account as a prerequisite for opening a business account.

Initial Deposit Requirement

To open a business bank account in Dubai, your company must make a minimum initial deposit. The required amount varies by bank and should be confirmed in advance.

Know Your Customer (KYC)

It is essential to have a clear understanding of your customers, including both potential buyers and existing clients. Using this information, your banker or Relationship Manager can prepare your profile and present it to the compliance team, helping to speed up the approval process.

Banking History and Credit Profile

Banks may request a detailed banking history and credit profile of the business or its owners. This information helps them evaluate the financial stability and credibility of the business, which plays a key role in the approval of a business bank account.

Documents Required to Open a Business Bank Account in UAE

Mainland Bank Account

Supporting Documents

  • 6 months bank statement (personal/company from UAE/home country)
  • Utility bills as address proof (for certain nationalities)
  • VAT certificate (if applicable)
  • Business model/company profile/website/plan
  • Applicant profile (CV) of signatory
  • Name of existing or prospective clients (suppliers/buyers)
  • Debit & credit invoices

Basic Documents

  • Trade licence
  • Memorandum of Association (MoA)
  • Passport, Visa & Emirates ID of all partners (if applicable)
  • Office tenancy or Ejari contract (physical office)

Free Zone Bank Account

Supporting Documents

  • 6 months bank statement
  • Utility bills as address proof
  • Business model/company profile/website
  • Applicant profile (CV)
  • Name of existing or prospective clients (suppliers/buyers)
  • Invoices/bill of shipment/shipping documents/agreements/custom clearance, etc.

Basic Documents

  • Trade licence
  • Share certificate
  • Memorandum of Association (MoA)/Article of Association (AoA)
  • Passport, Visa & Emirates ID of all partners (if applicable)
  • Office tenancy (physical office)

Offshore Bank Account

Supporting Documents

  • Parent company’s legal documents
  • Office tenancy of parent company as address proof
  • Last 6 months company bank statement from home country
  • Certificate of Good Standing (if applicable)
  • Certificate of Incumbency (if applicable)
  • Visa & Emirates ID (if available)
  • Applicant profile (CV)
  • Business model/company profile

Basic Documents

  • Trade licence/Certificate of Incorporation
  • Share certificate
  • Passport

Foreign Entity Bank Account

  • Memorandum of Association (MoA)/Article of Association (AoA) with legal attestation
  • Trade licence
  • Share certificate
  • Passport with UAE entry page of shareholders
  • Emirates ID & visa pages of shareholders (in case shareholders have UAE residency)
  • Name of existing or prospective clients (suppliers/buyers)
  • 6 months bank statement (personal/company from home country)
  • Utility bill of shareholders showing address proof
  • Corporate legal documents and bank statements (in case of a shareholder having a company outside UAE)

Benefits of Opening a Business Bank Account in the UAE

Protection

The business-related financial transactions offer a limited protection on personal liability of the business owner by separating the personal and business funds. The merchant services provide the customers with protection to ensure that their personal data is safe.

Purchasing Power

The credit card helps the business in production of huge start-up purchases or helping in establishing a credit score.

Minimum Account Balance

Many banks in the Dubai offer low or zero balance business bank accounts in Dubai to the business organisations making it easier for them to manage the cash flow.

Cheque Book Facility

The banks also provide the facility of free cheque books to the business organisations.

Online Access

The business owners can supervise the business bank accounts online through the available online banking portal.

International Remittance

The banks also offer the capability of making international payment on the business bank account, making it easier for the businesses to transfer funds.

Multiple Currency

This type of bank account can be opened in various other major currencies, apart from the UAE dirhams.

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