Business bank Account Opening

Opening a UAE bank account could be an extremely complex process. With adoption of stringent AML/CTF , KYC Requirements, it could take an average 30 to 60 working days to open up a UAE bank account. Our Expert Consultants can fast track this process and can assist you to choose the right type of bank account for your business purposes based on your requirements and business activity.

All the necessary documentation and attestation required will be taken care of by our expert consultants. Our consultants are seasoned bankers have 100 years of collective experience in the financial services industry & worked with global banks such as ABN AMRO, American Express, Citigroup, Credit Suisse, Emirates NBD, FGB, HSBC, Standard Chartered, UBS.

Few Key Facts:

  • UAE Company (LLC, Free Zone or Offshore), can always apply for local banks and international banks for corporate account opening.
  • Bank Accounts are available in AED, USD, EUR & GBP
  • In terms of documentation, you are to consider the business activities, number of shareholders, the business background of the management and business plan for the new entity in the UAE.
  • Your physical presence as the bank signatory is required for submitting the application and verifying the passport at the presence of the banker.

Few Local banks which helps to open the business bank account are mentioned below.

  • RAK Bank
  • Mashreq Bank
  • Emirates NBD
  • Abu Dhabi Commercial Bank
  • First Abu Dhabi Bank

International banks which help to open the business bank account in UAE are mentioned below

  • Standard Chartered Bank
  • HSBC
  • Citibank

Additional Documents that will be required for UAE Bank Account Opening

  • Legal documents of the company - Memorandum of Association, Articles of Association, Share Certificate, Partners Agreement or Service Agreement, whichever is applicable to your company
  • Passport copy, UAE residence visa copy, Emirates ID copy of the shareholder(s)
  • UAE Address proof of company
  • Address proof of shareholder - At least one UAE resident as a signatory
  • Last six months personal bank account statement of the shareholder
  • List of at least five names of the suppliers and five names of the customers
  • Company profile or website or CV / Resume of the Shareholders
  • Any confirmed contracts
  • Regulatory declarations FATCA, CRS declarations

How much does it cost to maintain UAE corporate bank account

It depends on the below factors.

  • Monthly Maintenance fees
  • To maintain an Monthly Average Credit Balance

Every bank has a detailed Service & Price Guide to refer to understand the full costs and operating a UAE business bank account. Further, UAE has seen a rise in digital bank platform and adoption in neo-banks like Zand , NeoBiz, E20.which which will enable account opening in few minutes.

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