CORPORATE BANK ACCOUNT OPENING FOR BUSINESS SET UP IN UAE

After the company setup and residency visa processes, there comes the crucial step of opening a business bank account in the UAE. After all, a company without a corporate bank account is basically pointless!

Opening a corporate bank account in UAE is a tedious task! It is not an easy task as it takes a lot of time and effort due to the internal rules and regulations of each bank.

Here’s all you need to know about opening a corporate bank account in UAE.

How to open a corporate bank account in UAE

Although all banks are regulated by the Central Bank of United Arab Emirates, they each have their own compliance department and their own specific policies. However, most banks follow the same procedure for starting the account opening procedure.

Here are the steps to opening your business bank account in Dubai and any other UAE emirate:

Obtain your trade license

The first step to opening a business bank account in any UAE bank is to get a UAE trade license. In fact, you won’t be recognized as a legal entity in UAE without a trade license.

Choose your bank

There are many banks in UAE and they are either local or incorporations of foreign banks. One is famous for having rather fast procedures, one is more credible, and one is pickier on transactions! Therefore it would be best to choose your bank carefully, given its reputation, pros, and cons.

Collect required documents

These are the documents required for opening a corporate bank account in UAE:

• Trade license
• Memorandum of association
• Office lease agreement
• Shareholders’ and managing director’s valid passport copy
• Shareholders’ and managing director’s valid Emirates ID
• Shareholders’ and managing director’s residence visa copy
• Company share certificate

Banks may ask for other documents and certificates as well on a case by case basis, such as:

• Comprehensive CV
• Utility Bill or proof of address
• Previous personal bank statements
• Business plan
• List of clients
• List of suppliers or partners

Start the application

Once your documents are in order, you will have a one-on-one meeting with the bank representative and begin the application process.

After all the paperwork, there comes the hardest part which is waiting! Although opening a corporate bank account is a relatively fast process in many countries, it takes more than usual in the UAE.