Open a Business Bank Account in Dubai
Opening a corporate bank account in the UAE requires robust due diligence and knowledge. At Emirates Advisory, we leverage our strong relationships with both local and international banks to manage the entire process for clients. We work with globally recognized banks such as HSBC, Barclays, Standard Chartered, Citibank, and leading UAE banks such as Emirates NBD, Emirates Islamic, Mashreq Bank, ADCB, and DIB. We specialise in assisting both individuals and companies in seamlessly setting up their business bank accounts. Our services include scheduling an appointment with the bank’s representatives, obtaining and submitting relevant documents to banks, providing assistance in creating an online platform for banking, and following up on the company bank account opening process. Discover how we assist you throughout the process. With us, you will get:
- A thorough analysis of individual and corporate profiles, including strategic organization and preliminary checks.
- Identify suitable banks, schedule meetings, and help with applications and interviews.
- Preparation of documents and compliance approval.
- Ongoing support even after your account is successfully opened.
Explore the Benefits of Opening a Corporate Bank Account in Dubai
Privacy
The UAE provides total privacy to foreign investors, making sure that financial and personal information is kept private. This is crucial to ensure your company's financial security when you open a business bank account within the UAE.
Multi-Currency Accounts
UAE corporate bank accounts can be opened in multiple currencies, which makes currency exchange effortless. Investors can easily manage multiple currencies in their corporate bank accounts.
Cash Flow Management
With a company bank account, companies can more effectively keep track of their cash flow, which makes it easier to monitor the flow of money and efficiently manage their finances.
Tax Liabilities
By opening a business bank account, business owners collect more access to tools for tax filing that help them keep a clear record of taxes, specifically for those that operate internationally.
Business Loans and Credit Cards
Having a corporate bank account in Dubai simplifies access to business loans, credit cards, and other financial instruments. This makes it easier for entrepreneurs to manage business expenses and finances.
Online Security
Dubai’s banking sector provides robust protection against cyber threats. Your online business bank account will be secure, ensuring the safety of your financial data.
Global Banking Services
UAE banks offer comprehensive corporate banking services that cater to global business needs, enabling entrepreneurs to handle international transactions with ease.
Economic and Financial Stability
With a stable exchange rate of 1 USD = 3.6725 AED since 1997, the UAE offers a predictable and secure environment for your corporate finances.
Top-Ranked Safety
UAE is the world’s 2nd safest country that ensures your business funds are managed in a secure and stable environment.
Our Banking Partners, From Strategy to Execution, Where We Can Assist You
What Considerations Should I Take Before Opening a Business Bank Account in the UAE?
- The UAE government requires strict KYC procedures; clients must provide company activity details, proof of business in Dubai (e.g., contracts, invoices), client and supplier information, shareholder and director backgrounds, and financial projections. Our corporate banking team will assist in preparing documents to meet bank requirements for corporate bank account opening in Dubai.
- In addition to UAE dirham accounts, local banks provide accounts in various currencies, including USD, EUROS, Japanese Yen, STERLINGS, Swiss Franc, Chinese Yuan and other international currencies.
- UAE banks typically require a minimum deposit and a monthly maintenance balance of US$130,000. If the account balance falls below this amount, a fall-below fee is charged.
- In the UAE, banks mandate a face-to-face meeting with the Shareholders and/or authorised signatories of a company before approving a business bank account application. As a result, travel to the UAE is necessary.
- Foreign companies are not required to have a local entity to open a bank account in the UAE. However, opening an offshore company bank account can be challenging and costly due to increasingly stringent bank requirements.
- Banks may require clients to secure a physical office in the UAE or a UAE residency visa for the signatory; Emirates Advisory can assist with identifying suitable office space and UAE visa applications.
- Typically, UAE banks’ legal and compliance teams do not review the initial due diligence documents until the client arrives in the UAE. Instead, this task is initially handled by the front desk officer. As a result, banks often request further documentation at various points throughout the account opening process.
- All UAE banks require clients to submit legalised and attested foreign company documents before a corporate account can be opened. For a local company, the estimated cost for attestation fees is around US$1,000 per docs.Some free zones mandate the deposit of paid-up share capital, which must be made into a local UAE bank account in AED. After the primary AED account is opened, it is possible to open additional accounts outside the UAE.
- UAE banks typically require around 4-8 weeks to open a corporate bank account after receiving a complete application and KYC documentation.
What are Common UAE Corporate Banking Problems, and How does Emirates Advisory Assist with Solutions?
| UAE Corporate Banking Problems | Emirates Advisory Solutions |
|---|---|
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UAE banks typically require the physical presence of the signatory for opening a corporate bank account. However, meeting with the bank in person does not ensure that the account will be approved. |
Emirates Advisory identifies banks with branches accessible to non-UAE residents, this allows the beneficiary to visit a branch closer to the client’s location.
If travel to the UAE is necessary. we will secure in-principle approvals. As backups we will also schedule meetings with other multiple banks. |
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Opening corporate bank accounts for UAE offshore companies has become increasingly difficult since 2019 due to stricter requirements and lack of local presence. |
We have leveraged a vast relationship with local and international banks, Emirates Advisory assists clients with tailored solutions and ensures compliance with UAE Economic Substance Regulations to meet bank requirements. |
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Like many international banks, UAE banks often close corporate accounts without providing clear or transparent reasons to their customers. Closing an account without giving the signatory the chance to address any concerns about ‘unusual transaction activity’ is an unfair practice that can cause undue stress on the businesses of our multinational clients. |
We advise clients to open multiple backup and multi-currency corporate bank accounts with different banks and avoid over-reliance on one institution. It is not advisable to be dependent on one bank. |
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UAE banking regulations are becoming increasingly strict, with a focus on comprehensive due diligence, stringent compliance measures, and rigorous Know Your Customer (KYC) requirements. |
Our team provides seamless support for setting up a business bank account by ensuring timely preparation, legalisation, and submission of KYC documentation, adhering to UAE bank’s compliance standards and regulatory authorities. |
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Dubai banks are often selective about onboarding non-UAE registered entities, preferring clients with a local presence and functional existence. |
Emirates Advisory has established strong connections with UAE banks, which are highly receptive to our multinational clients, especially when presented with a well-prepared business plan. |
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Banks in Dubai often require foreign-registered companies to submit their corporate KYC documents legalised by the UAE embassy in their home country. This process can be expensive, with embassy fees reaching up to $1,000 per document. |
Emirates Advisory proactively reaches out to multiple banks simultaneously to expedite the completion process. |
Open a Corporate Bank Account in the United Arab Emirates With the Help of Our Legal Experts.
How to Open a UAE Corporate Bank Account?
Here is an overview of the process for setting up a company bank account in the UAE:
- Emirates Advisory assists clients in setting up a company bank account in the UAE by engaging multiple banks to confirm their interest and organising branch meetings.
- Our Banking Team completes the application process, including preparing multi-currency account forms, collating KYC documents, and drafting a quality business plan to enhance the chances of success.
- We accompany clients to in-person meetings with local banks to facilitate corporate bank account opening in Dubai.
- Once the application is submitted, the bank’s compliance department may request additional information about the company, businesses, and stakeholders before approving the account.
- If a bank declines, we immediately notify our clients and provide alternative banking solutions for corporate clients.
- Within three weeks of starting the process, we provide a summary of interested banks. Clients are provided with their online business bank account details within about one month after the clients visit Dubai.
- Internet banking access typically follows one to two weeks after receiving account numbers, and we assist in activating these facilities for clients.
- Post-approval, we can support adding shareholders or directors to the account. However, their inclusion as signatories requires a face-to-face meeting with the bank and compliance review.
Frequently Asked Questions
Yes, non-residents can open a company bank account in the UAE, but there are usually some limitations. Banks often restrict the facilities available, typically allowing only internet banking for online transfers. Credit and debit cards are usually not provided to non-residents.
The time required to open a business or company bank account in the UAE can vary as each bank has its own procedures. Typically, it takes around 2 to 4 weeks for an LLC or Free Zone company account. However, the timeline may be longer, particularly for offshore companies, as each application is subject to the bank’s internal compliance and management approval processes.