Business Bank Account in the UAE

Business bank account is one of the most sought-after categories of accounts opened in the UAE. The following types of companies are eligible to open a bank account in Dubai:

• Offshore companies in the UAE
• Companies in free economic zones (FEZs)
• Mainland companies

Documents needed to open a business bank account

Shareholders of companies are usually appointed as signatories for the accounts. Signatories can be all shareholders, one of them, or another person appointed by a Board Resolution.

Recommendation from Emirabiz expert: We recommend selecting a shareholder with the strongest history and the most stable financial position as a signatory, who can provide the maximum amount of supporting documents.

Banks will require the following documents to process an account opening application:

1. Company registration documents
2. Passports of shareholders
3. Utility bills to confirm residential address
4. CVs of shareholders with relevant work experience
5. Personal bank statements of shareholders as proof of funds
6. Documents for any existing businesses (if applicable)
7. Bank statement from another existing business (if applicable)
8. The sphere of business activity
9. Forecasts for annual turnover and initial deposit for the account being opened.

The timelines for opening a company account in the UAE vary depending on the type of company and can range from 1 to 3 months.

For mainland companies and companies in Dubai's free zones, accounts are usually opened more quickly. Offshore companies in the UAE typically wait longer for account approval.

Maintenance of business bank accounts

Business accounts in UAE banks must maintain a minimum average monthly balance from 50,000 to 500,000 dirhams. The size of the average monthly balance depends on the tariff of bank service regarding the business account - retail or with a personal manager.

• The retail tariff implies a balance of 50,000 dirhams in the account
• The tariff with a personal manager requires an average monthly balance of at least 250,000 dirhams
• It is also possible to open a business account online with WIO Bank, but there are restrictions on types of activities.

If the average monthly balance in the account is below the minimum set, the bank charges a maintenance fee.

We recommend opting for the tariff with a personal manager because in this case, the chances of opening a business account are significantly increased. Our business consultants will plan your meeting with a banker and help you prepare thoroughly for the compliance procedure.

Critical factors for opening a business account in the UAE

Based on years of experience working with Dubai banking institutions, we can highlight two main factors for successfully opening a business account:

1. Compliance clearance. For the highest success in obtaining a positive decision on opening a business account, the applicant must undergo compliance procedure with the bank. It is extremely important to provide complete set of reliable information about your business, transactions, sources of funds, business sector, and previous business history in another country.
2. Building trust relationships with a personal manager. Whether your company's account will be opened in the bank depends on his interest in your business. There should be an obvious mutual benefit in such interaction. In some cases, the banker may ask the client to increase the average monthly balance above 500,000 dirhams.

Business accounts for foreign companies

Companies registered outside the UAE can also apply to open a bank account in the UAE. This is the most challenging category of applicants, and the approval rate for such accounts is quite low.

As a foreign company, you need to prepare all the founding documents of your foreign legal entity, legalized by the UAE embassy in the country of business registration. After that, they must be approved by the Ministry of Foreign Affairs in Dubai. This process is quite costly: you will spend about $1,000 per document. The following corporate documents are required:

• Certificate of Incumbency
• Certificate of Good Standing
• Articles of Association
• Memorandum 
• Certificate of Incorporation
• License (if applicable)
• Board Resolution appointing a signatory for the business account
• Bank statements and supporting documents (contracts, invoices, bills, etc.) for transactions.

Getting approval for foreign companies to open accounts in the UAE always takes a lot of time. This is due to the compliance procedure. Such companies fall into the "high-risk" category, and banks typically do not seek to approve their applications.

If you need the account to be opened faster, we recommend setting up a legal entity in the UAE (in an offshore or free zone) and applying to open a bank account from this company rather than from a foreign one.

Benefits of a business account in a UAE bank

1. Fast money transfers. Funds can be swiftly transferred through the SWIFT system. Transfers are made mainly from one account to another.
2. Reliable banking system. Major banks in the UAE are owned by members of the royal family, meaning that the bank will be as reliable as the country itself.

3. No maintenance fee if the minimum balance requirement is met. Some banks may charge a fee for online banking (150-300 dirhams per month).
4. Stable currency exchange rate. The dirham is pegged firmly to the US dollar. 1 USD = 3.6725 AED.
5. No currency controls in the country. With supporting documents, you can transfer funds anywhere in the world and receive any payments. You can also transfer money from a business account to a personal account, which is not subject to taxation.

In February 2024, the FATF removed the UAE from the gray list!

How to open a business in Dubai

1. Register a company

2. Obtain residence visas for owners or signatories

3. Apply to the bank to open a business account

4. Answer all bank questions as part of the compliance process

5. Receive account details

6. Deposit the minimum balance

7. Start conducting business, making transactions through the business account, and enjoying all the benefits of doing business in the UAE.

As consultants, we will ask many questions about you and your business to find the best solution that will guarantee you the opening of a business bank account.

We will help you avoid many mistakes made by companies trying to open an account in a Dubai bank on their own. The most common mistakes are choosing the wrong type of business activity, registering authority, or location. Having worked in the UAE market for over 10 years, we know all the nuances of interacting with banks and their requirements.

Compliance Procedure

All companies opening a bank account in the UAE are required to undergo initial compliance. The bank will request a wide range of documents about your business to create a portrait of your company. This information includes:

• forecasted number of transactions per month
• transaction amounts
• names of suppliers and customers
• information about the business you conducted in another country.

It is important for your business to have a relatively long and successful history that you can confirm with proper documents (contracts, invoices, bank statements, shipping documents, etc.). If it's a business you're starting from scratch in the UAE, it will be considered high risk by the bank, and the chances of opening a business account for it are low.

If any transactions on your business account exceed your profile in the bank, such as receiving money from unknown sources or significantly exceeding the specified amount, the bank will suspend the operation until the circumstances are clarified. If you know that you are expecting an amount that exceeds the established limits, you must notify the bank in advance and update the account parameters.

IMPORTANT! Currently, all payments from Russia are considered high-risk and undergo mandatory compliance procedures. The bank pauses the transaction and asks clarifying questions to your banker, who forwards them to you. If the bank does not receive a satisfactory response within 14 days, the funds are returned. Therefore, we emphasize the importance of maintaining good relations with your personal manager.

How we can help with opening a business account in Dubai and the UAE

With extensive experience in the financial and business spheres, we assist with opening accounts in Dubai and maintain good relationships with the best banking institutions in the Emirates as intermediaries, providing individual solutions for our clients.

After contacting our company, you are guaranteed to receive full support in matters of company registration and opening a business bank account.

We will find the best solution for you

During the initial consultation, we will ask you many questions about yourself and your business. Based on your goals, capabilities, and previous experience, we will tailor a personalized solution for you regarding company registration and structure your business in a way that guarantees the opening of a business account in a UAE bank.

We will schedule meetings with your personal manager at the bank

We will assign you a personal assistant and schedule your meeting with a bank representative, present your case to them, and accompany you to the meeting where documents will be signed.

We will monitor the status update of your application

We keep track of the status update of your application, ensure that the banker submits the documents for compliance, and ensure that all necessary procedures are completed, answering the bank's questions.

We will guide you every step of the way until the account is opened

Our business consultants will handle all the questions related to opening a company and a business account in a UAE bank for you. All the complexities of these procedures will be on our shoulders.

Opening an account in a UAE bank: the most suitable local banks

In the list below, you will see packages for "Opening an Account in a Bank" with a minimum account balance, with and without a provided relationship manager (RM).

Emirates Islamic Bank

One of the 4 Islamic banks in the UAE, where account holders can manage their finances through an online bank available in multiple languages, including English.

AED 35,000 (no RM). AED 100,000 (with RM). AED 250,000 (with RM).

Emirates NBD

Dubai's government bank, one of the largest banking groups in the Middle East in terms of assets.

AED 50,000 (no RM). AED 200,000 (with RM). AED 500,000 (with RM).

Mashreq Bank

A reliable semi-government bank, one of the oldest in the UAE. It operates in both traditional and Islamic banking and is suitable for personal, investment, and asset management purposes.

AED 25,000 (no RM). AED 150,000 (with RM). AED 350,000 (with RM).

First Abu Dhabi Bank

First Abu Dhabi Bank is a large bank in the UAE, formed in April 2017 through the merger of First Gulf Bank and National Bank of Abu Dhabi. It ranks among the top 100 most reliable banks in the world according to Global Finance and ranks 1st in the top 10 most reliable banks in the Middle East.

AED 50,000 (no RM). AED 250,000 (with RM). AED 500,000 (with RM).

When opening a business account in a UAE bank, you will have to go through several challenging stages and procedures that are very important for financial institutions. We offer professional services for opening a business account in the Emirates, which will help save your nerves and money.