Open Business Bank Account Online in UAE

In many UAE banks, you can apply and upload documents for opening a corporate account online. However, final approval and/or account activation often require video verification or at least one personal visit by a company representative, depending on the bank's internal policy.

In this guide, we will discuss this process in detail.

Opening Bank Accounts with Emirabiz

Emirabiz offers a wide spectrum of business support services ranging from consultancy to assistance in many aspects of company operations. This includes company setup and registration, taxes and accounting, legal compliance, corporate management, and more.

With over 13 years of experience, our team can help you build and support your business in the Emirates and provide you with all the information and insights you may need.

When it comes to bank accounts, we offer:

• Information on the UAE banks and their services
• Assistance in picking the bank most suited for your business
• Advisory on bank account types and their requirements
• Guidance in opening a business account for a local company
• Guidance in opening a business account for an offshore company
• Assistance in collecting and preparing the necessary paperwork
• References of trusted bankers in certain banks

Our specialists can consult you on all the associated issues and answer such questions as:

• What is the best UAE bank for my company to open a business account in and why?
• What advantages does a corporate bank account offer?
• What are the eligibility and document requirements for different bank account types?
• How long does the process take?
• What are the associated costs?
• And many others.

Whatever question you have or business aspect you need help with, our team will gladly provide you with the required services and information. Contact our experts now and get a free consultation!

Advantages of Opening a Bank Account Online

Thanks to the current technological advancements, opening a business account in a UAE bank is now becoming more convenient and less time-consuming. These may be the most obvious benefits of the online method of opening a bank account, but it also comes with others that can often be overlooked. The list of advantages includes:

Convenience

Opening a corporate bank account online in the Emirates allows for a convenient and almost effortless process. Customers can complete the application and verification process from the comfort of their own homes, without having to make an obligatory visit to a physical branch.

In a number of banks, the first stage (application form, document upload, preliminary approval) takes place entirely online, which allows reducing the number of visits to the branch to a minimum. Nevertheless, the bank may request personal presence or a video call with beneficiaries/signatories before the final activation of the account.

Time-saving

Online account opening eliminates the need to wait in long queues at the bank, saving business owners time and effort. The process can be completed quickly, allowing customers to access their new business account sooner.

Access to a variety of banking services

Many online accounts in the UAE offer a broad range of banking services, such as online and mobile banking, bill payments, fund transfers, and more. Customers can easily manage their corporate account and conduct transactions through these digital channels.

Flexibility

Opening a bank account online provides flexibility in terms of time and location. Customers can apply for an account at any time, 24/7, and from anywhere with an internet connection.

Lower fees

The UAE market offers digital and "starter" products without a minimum balance requirement (e.g., specific packages from digital banks), but these usually involve a fixed monthly fee and/or separate maintenance commissions. Classic business packages from major banks generally require maintaining a minimum average balance. Otherwise, a monthly penalty is charged. While some digital solutions provide a lower entry threshold (no minimum balance, simplified turnover requirements), fee structures vary significantly: it is essential to check the current Schedule of Charges and Key Facts Statement for a specific product to understand the actual monthly costs.

Enhanced security

Online banking platforms in the UAE often come with advanced security measures and systems for the protection of customer information and transactions, which is especially relevant for businesses. These measures can include multi-factor authentication, encryption, and monitoring for suspicious activities.

Better interest rates

Some banks may offer better interest rates and promotions for accounts opened online, providing potential financial benefits to customers.

Eco-friendly

Opening a bank account online reduces the need for paper-based documentation, contributing to a more sustainable and environmentally friendly banking process.

Eligibility Criteria for a Bank Account for a Local UAE Company

No matter how you choose to open your business bank account or which bank you pick for it, your company has to meet the following eligibility criteria:

The company must be registered and operating in the UAE with a certified and active trade license.

The company should have a valid Emirates ID and passport for the authorized signatories and beneficial owners.

Tax registration (TRN/VAT certificate) is required if your company falls under mandatory VAT registration in the UAE based on transaction volume and type of activity. For small companies not required to register for VAT, this document is usually not needed.

A confirmed legal address for the company in the UAE (office lease, flexi-desk, or other permitted placement from the free zone/landlord). For most banks, the office format provided by your licensing authority is sufficient.

The company must provide an array of documents, such as the memorandum and articles of association, board resolution authorizing the opening of the account, and proof of shareholding for corporate entities.

Banks evaluate the financial position of the company and its beneficiaries, checking the source of funds and the absence of negative compliance information (sanctions, suspicious transactions, unreliable jurisdictions, etc.), rather than just a formal "credit history".

The company must comply with any other specific requirements set by the bank.

Eligibility Criteria for a Bank Account for an Offshore Company

Unfortunately, when it comes to offshore companies, opening an offshore corporate bank account in the Emirates requires the personal presence of the company’s owner, as UAE regulations do not allow for doing it online.

In practice, for companies with an offshore structure, banks in the UAE impose increased compliance requirements and almost always require personal identification of beneficiaries/signatories. A fully remote process for such structures is extremely rare and is considered by banks on an individual basis. In most cases, banks request a personal visit of at least one beneficiary or authorized signatory to the UAE to undergo KYC procedures; exceptions are possible but are decided by the bank case-by-case.

However, it must be noted that the said regulations may change over time, so it’s advisable to keep track of the policy changes in this field. If you plan to open an account for an offshore or complex holding structure, it makes sense to clarify the specific bank's policy and compliance conditions in advance, or work through consultants who have proven experience with such cases.

Step-by-Step Guide to Opening a Bank Account Online in the UAE

The online method of establishing a business bank account for a company in the Emirates is a fairly straightforward process provided that you follow all the necessary steps.

1. Pick a bank

Explore, study, and compare different banks in the Emirates to find one that meets your financial needs and offers online account opening services or use the help of local consultants for the assessment process.

When choosing a bank, it is useful to distinguish between classic banks with traditional business packages and digital solutions targeted at SMEs and startups. The former usually offer a wider range of services and higher turnover limits but require a significant minimum balance and more thorough compliance. Conversely, digital banks and online platforms lower the entry threshold and simplify the application process, but they may have restrictions on types of activities and client geography.

2. Visit the bank's website or download the respective mobile app

Once you have chosen a bank, visit their official website or download the bank’s application to learn about their account opening requirements and procedures.

3. Pick the type of account

Select the type of account you want to open. Business owners typically choose a regular business account.

4. Gather necessary documents

Collect and prepare the set of documents necessary for account opening, such as your Emirates ID, passport, visa, proof of address, and other relevant documents.

5. Fill out the online application

Completing the online application form given by the bank, providing thorough information, and uploading the required documents.

6. Verify your identity

Some banks may require you to verify your identity through video call verification or by visiting a branch with your documents.

7. Review and submit the application

Review all the information you have provided and file the application.

8. Wait for approval

Once you have submitted your application, the bank will review it and notify you of the status of your application. The time required for the approval is based on several factors, such as your business type, jurisdiction, or the shareholders’ background. Generally, the corporate accounts of mainland-based companies get approved faster. Depending on these factors, the approval timeframe can vary from 2 weeks to 2 months.

The time required for opening an account depends on the bank, the company structure, the citizenship and residency of the beneficiaries, the industry, and the completeness of the documents provided. For simple structures in digital banks, this can take from a few working days to 2–3 weeks, whereas for complex international structures with offshore elements, the process can stretch over several months.

9. Set up online banking

Once your account is approved, you will receive login credentials to access your online banking portal. You can set up your account, manage your transactions, and access other banking services online.

10.  Activate your account

Keep in mind that certain banks may require you to visit a branch to activate your account with a signature.

It's essential to ensure that you meet all the requirements and provide accurate and authentic information to avoid any delays in the account opening process.

Before making a final choice of a bank, be sure to study the Key Facts Statement and Schedule of Charges for the business account you are interested in on the official website. These documents specify the minimum balance requirements, all major fees, product restrictions, and terms for changing tariffs.

Document Requirements for Opening a Business Bank Account Online

Although some requirements may vary from one bank to another, here is the list of typically required documents for the successful setup of a business bank account:

Trade License

You will need to provide a copy of your trade license or commercial registration certificate issued by the corresponding authority in the UAE.

Identification Documents.

You will need to provide identification documents for the business owner and shareholders, such as passports or Emirates ID, as well as confirmation of the residential address of beneficiaries and authorized signatories. This can be an address in the UAE (for residents) or an address in the country of residence (for non-residents) — specific requirements are set by the bank, and shareholders’ CVs.

Memorandum and Articles of Association.

Establishing a corporate bank account requires providing the company’s MoA and AoA.

Business Plan.

A brief description of activities or a business plan is often requested by banks, especially if the company is new, or if atypical transactions or international operations are planned. The format and depth of this document depend on the business profile and the bank.

Proof of Address.

You will need to provide proof of address for the business, such as utility bills or a tenancy contract.

Board Resolution.

If you are opening an account on behalf of a company, you may need to provide a board resolution authorizing specific individuals to open and operate the account.

Additional Documentation.

Depending on the nature of your business, the bank may demand additional documentation, such as financial statements, tax registration and reporting documents (if available and applicable to your business). The specific set of documents depends on the bank, the size of the company, and its VAT status, or any other relevant permits or licenses.

As the exact list may vary between banks, it is recommended to check with the specific bank you intend to open an account with for their full documentation requirements. Additionally, some banks may also ask the business owner to be present in person for identity verification as part of the account opening process.

Open Business Account Online UAE With Expert Support

As convenient as the online opening of a business bank account is compared to doing it in person, there are still procedures to follow and a number of requirements to meet, some of which may be different depending on the particular bank. If you want to avoid spending time researching the banks, their specific requirements, procedures, and associated costs, consider seeking consultancy or assistance at Emirabiz. Contact our team now and get a free consultation!