Corporate Bank Account Opening in the UAE

About the Author

Mariben Christine Eustaquio

Mariben is the Founder and Managing Director of EZONE. Being an entrepreneur herself, she understands the challenges of starting and maintaining a business and is an advocate of entrepreneurship for all. She encourages new entrepreneurs and supports existing entrepreneurs throughout their business journey.

Now that your business is registered, what’s next after the company trade license is issued?

Just as important as it is to conduct business legally in the UAE with a valid trade license, having a UAE corporate bank account is equally critical. 

The UAE’s modern and reliable banking system, stable local currency, absence of currency controls, and convenient account management from any part of the world makes it one of the most attractive countries in which to operate your company’s banking service. The bank account opening procedure varies depending on the bank and in recent years, the application process in banks within the United Arab Emirates has become quite stringent. 

Physical presence is necessary as it is a legal protocol for the financial institutions of the United Arab Emirates that the shareholders & managers be physically present in the UAE for the corporate bank account opening. In their absence, a Power of Attorney and/or Board Resolution must be in place. The reason behind the required physical presence is that original/wet signature on the application documents and personal identity confirmation is mandatory as part of the compliance requirements of the UAE banks. 

The common documents required to open a corporate account with individual owners are: 

  • Passport, Residence Visa, and Emirates ID Copy of Shareholders/Managers
  • Trade License, MOA (Memorandum of Association)/AOA (Articles of Association), Share Certificate of the applicant company
  • Power of Attorney/Board Resolution if applicable 
  • Ejari or tenancy contract with Utility bills (For UAE Residents)
  • CV or Profile  of the Shareholders/Managers
  • Bank Statement for last 6 months of shareholder or associate company owned by shareholder anywhere globally
  • Business Invoices, Trade Agreements or Contract Copy for new or associate company of shareholder (If Any)
  • Company Profile and Business model
  • Online or Digital Presence of the Applicant or Shareholder and Company Website, if any

 

Where a UAE company is owned by a foreign entity, all the foreign company’s corporate documents along with the Board Resolution must be notarised by the UAE embassy in the country of issuance and the Ministry of Foreign Affairs in the UAE. Furthermore, any corporate document issued in a foreign language must be translated to english.

At EZONE, we provide your business with banking assistance upon the incorporation of your company. The choice of bank depends on your business requirements – whether it is a regular corporate account or private banking – as well as the size and frequency of the transactions the business will generate, among others.

After our banking team profiles the business and its shareholders, we will make an introduction to our network of trusted bankers and provide administrative support as well as follow ups to ensure that your corporate bank account will be active in no time. 

If corporate bank account opening is a priority for you, our team at EZONE is fully equipped to assist. At EZONE, Your Business Matters – so our services will not stop at the issuance of your trade license. We will support you along every step of your business journey. Contact our team now to know more about your banking options. 

 
Top Bank In The UAE

 

Minimum Maintaining Balances

Emirates NBD

AED50,000

First Abu Dhabi (FAB)

AED50,000

Emirates Islamic Bank

AED10,000

Abu Dhabi Islamic Bank

AED5,000

Mashreq Bank 

AED50,000

Mashreq NeoBiz 

0 minimum (AED 200/month maintenance fee)

RAK Bank

AED25,000

RAK Starter Bank 

0 minimum (AED 49/month maintenance fee)

National Bank of Fujairah

AED25,000

Dubai Islamic Bank

AED50,000

 

Information current as of 19 June 2021. Requirements & maintaining balances may change depending on the bank regulations. 

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