Opening a corporate bank account in the UAE is an essential step for businesses aiming to operate successfully in the region. The UAE's banking system is known for its security, international accessibility, and modern digital infrastructure. Whether you're forming a mainland company, a free zone entity, or an offshore setup, having a corporate bank account ensures smooth financial transactions and compliance with local regulations.
In this guide, we’ll walk you through the step-by-step process, requirements, types of accounts, challenges, and tips to successfully open a corporate bank account in the UAE.
Why Open a Corporate Bank Account in the UAE?
- Professional credibility for clients and suppliers
- Legal requirement for company formation
- Easy access to international transactions
- Accept and manage multiple currencies
- Access to business loans, credit cards, and overdraft facilities
Documents Required to Open a Corporate Bank Account in the UAE
Different banks may ask for slightly different documents, but here are the standard requirements:
Company Documents:
- Trade license copy
- Certificate of incorporation
- Memorandum and Articles of Association (MOA/AOA)
- Share Certificate
- Company profile and business plan
- Office tenancy contract (Ejari for mainland)
Personal Documents of Shareholders/Directors:
- Passport copies
- UAE residence visa (if applicable)
- Emirates ID (for residents)
- Utility bill or address proof
- Bank reference letter or 6-month personal bank statement
Types of Corporate Bank Accounts in the UAE
| Type | Bank Account Eligibility |
|---|---|
| Mainland Company | Can open accounts in most local & international banks |
| Free Zone Company | Limited banks; subject to approval and business type |
| Offshore Company | Mostly international transactions; limited local access |
Step-by-Step Process to Open a Corporate Bank Account in the UAE
- Register Your Business in the UAE
Before approaching any bank, your business must be officially registered in the UAE. This can be:- Mainland Company – Registered with the Department of Economic Development (DED)
- Free Zone Company – Registered within a specific free zone (e.g., DMCC, IFZA, RAKEZ)
- Offshore Company – For international operations, limited access to UAE banking
- Choose the Right Bank for Your Business
Different banks in the UAE serve different business categories. When choosing a bank, consider:- Your business activity (some are deemed high-risk)
- Nationality of shareholders
- Required minimum balance (ranges from AED 25,000 to AED 500,000)
- Preferred banking features (online banking, currency types, chequebook)
- Emirates NBD
- First Abu Dhabi Bank (FAB)
- Mashreq
- RAKBANK
- HSBC UAE
- Standard Chartered
- Gather and Organise All Required Documents
Banks perform strict due diligence. Providing a complete, well-organised document set increases your chances of approval.Company Documents:
- Trade license
- Certificate of incorporation
- MOA & AOA
- Shareholders’ register
- Lease agreement or Ejari certificate
- Business plan with financial projections
- Company profile detailing services and clients
Shareholder/Director Documents:
- Passport copies
- Emirates ID and residency visa (if applicable)
- Utility bill (as address proof)
- Personal bank statements (last 6 months)
- CV or work history for key personnel
- Reference letter from your personal bank
Translations and attestations may be required depending on the nationality or issuing country.
- Meet with a Bank Relationship Manager
Once documentation is ready, schedule a meeting with a bank’s relationship officer. This step involves:- Discussing your business model
- Presenting your documents
- Answering KYC (Know Your Customer) questions
- Clarifying the source of funds and expected monthly volume
- Submit the Application for Review
After the initial consultation, the bank forwards your application to its compliance and risk management departments:- AML (Anti-Money Laundering) compliance check
- Sanctions check
- Due diligence on shareholders and company activities
- Verification of ultimate beneficial owner (UBO)
- Receive Bank Account Approval & Details
Upon approval, you will receive:- Corporate account number
- Online banking access
- Debit card/chequebook (if applicable)
- IBAN (International Bank Account Number)
- Activate and Fund Your Account
Once the account is active:- Deposit the required minimum balance
- Link your account to company billing systems
- Start transactions via online portals or mobile apps
Tips to Get Corporate Bank Account Approved Faster
- Maintain a physical office (especially for mainland companies)
- Choose a low-risk business activity
- Prepare a clear business plan
- Provide personal bank statements and proof of income
- Have a good credit history (especially for residents)
Common Challenges in Corporate Bank Account Opening
| Challenge | Solution |
|---|---|
| High-risk business activity | Choose a bank that supports your niche |
| Offshore setup with no UAE presence | Work with international banks or payment gateways |
| Non-resident shareholders | Partner with a local sponsor or free zone with leniency |
| Missing documents | Ensure complete document set before applying |
Cost of Opening a Corporate Bank Account in UAE
Most UAE banks do not charge account opening fees but require:
- Minimum balance: AED 25,000 – AED 500,000 (varies by bank)
- Monthly maintenance charges: AED 100 – AED 500 (if balance not maintained)
- Chequebook and debit card issuance fees (optional)
Final Thoughts
Opening a corporate bank account in the UAE is a crucial part of your business journey. While the process may seem complex due to banking regulations and compliance checks, it becomes smooth when handled professionally. Always choose a bank that aligns with your business goals, whether you prioritise international access, digital banking, or low fees.
If you're unsure where to start or need assistance with paperwork and bank coordination, UBIXO can help. With 3,250+ active clients and over 13 years of experience, we offer seamless solutions for bank account setup in the UAE.
Frequently Asked Questions (FAQ)
Can I open a corporate bank account in the UAE without being a resident?
Yes, but it's challenging. Most UAE banks prefer at least one UAE resident shareholder. Non-residents may face higher scrutiny and must provide detailed documentation.
What is the minimum balance for a corporate bank account in the UAE?
Minimum balances range from AED 25,000 to AED 500,000, depending on the bank and the account type. Failure to maintain this may incur monthly fees.
How long does it take to open a corporate bank account in the UAE?
It usually takes 7 to 20 business days from the date of application submission, depending on the bank’s internal compliance process.
Which banks are best for small businesses in the UAE?
Mashreq, RAKBANK, and Emirates NBD are considered startup-friendly due to their lower balance requirements and fast onboarding.
Can free zone companies open corporate accounts in UAE banks?
Yes, most free zone companies can open corporate bank accounts, but banks evaluate them based on office space, business activity, and shareholder background.
Can I open a UAE corporate bank account online?
Initial applications can be started online, but banks will still require in-person verification or video KYC interviews before account activation.