How to open a business account in the UAE?
UAE is one of the best destinations to do business in the world. With the presence of national and international banks, the country boasts of a great banking infrastructure; smooth processes, digital solutions, mobile banking, etc. Anyone with LLC in the mainland or free zone can easily open a bank account in the UAE, however, it is to be noted that in some cases your presence will be needed along with relevant documents (more about that below) to open the bank account & finish all the formalities.
Benefits of opening a corporate banking account in the UAE
- Confidentiality & privacy to all foreign investors
- Multiple currencies
- Easy get business loans or credit cards
- Safe & modern banking systems
Things to be aware of before opening a bank account in the UAE
- UAE is committed to fighting crimes like money laundering, therefore, there are strict regulatory requirements and compliance measures to take care of while opening a bank account in the UAE.
- You will need to have a physical office space and may be subject to inspection in some cases.
- All necessary information about the business should be provided at the time of opening the bank account.
- You will need to maintain a minimum balance of AED 25,000 to AED 50,000 (depending on the bank)
Documents required to open a corporate bank account in UAE
Download the list of documents needed to open a corporate bank account in the UAE by clicking here.
How to open a business bank account in the UAE?
Before opening the bank account, you need to obtain your business license & have other legal documents like the business plan, memorandum and articles, shareholder representatives’ residency visa, Emirates ID, etc.
There are plenty of national and international banks to choose from. You should look at the criteria of each bank & other benefits to select the ideal bank that meets your business needs
Usually, banks can take you through the entire application process. You would need to fill in the bank application form and submit it with the above-listed documents. Once that is done, banks will verify all information
If the information provided is verified & application approved, most banks will start gathering information about the company like shareholders, team, directors, etc.
The last step for most banks is an interview. If all goes smoothly your bank account will be opened.