Opening a bank account is a crucial step in establishing your business in the United Arab Emirates. This guide outlines the requirements and procedures for different types of companies seeking toopen corporate bank accounts in the UAE as of April 2025.
Types of Companies Eligible for UAE Bank Accounts
Three main types of companies can open bank accounts in the UAE:
Mainland companies
Free zone companies
UAE offshore companies
Each type follows different procedures and faces varying approval timeframes.
Required Documentation
Banks in the UAE typically require the following documents to process a corporate account application:
Valid trade license and company registration documents
Passports of all shareholders and directors
Proof of residential address (utility bills issued within the last 3 months)
Professional resumes of shareholders showing relevant experience
Personal bank statements of shareholders (proof of available funds)
Documentation of any existing businesses (if applicable)
Bank statements of existing businesses (if applicable)
Detailed scope of business
Projected annual turnover and initial deposit amount
Board resolution authorizing the account opening
Timeframes for Account Opening
The time required to open a corporate bank account varies significantly:
Mainland companies: Generally faster, approximately 2-4 weeks
Free zone companies: Typically 2-6 weeks
Offshore companies: Longer waiting periods, up to 2 months
According to official sources, the standard processing time after submitting all required documentation is 7-15 business days. However, preparing authenticated documents, especially for companies with complex shareholding structures, may take 30-60 days.
International Companies Seeking UAE Bank Accounts
Foreign companies incorporated outside the UAE face significant challenges when applying for UAE bank accounts:
Approval rates are notably low
Companies are categorized as "high risk" by UAE banks
The process requires extensive documentation
Required documents for foreign entities must be legalized by the UAE embassy in the country of business registration and subsequently approved by the Ministry of Foreign Affairs in Dubai. This process costs approximately $800 per document, with about five documents typically needed:
Certificate of Proper Legal Status
Certificate of Authority of Officers/Authorized Representatives
Corporation Agreement
Certificate of Incorporation
Business License (if applicable)
For faster results, establishing a local UAE entity (free zone or offshore) is recommended ratherthan applying as a foreign company.
Personal Presence Requirement
Most UAE banks require the physical presence of company shareholders or authorized signatories during the account opening process. Remote account opening options are limited.
Major Banks in the UAE
While there is no "best" bank for all businesses, the following are well-established institutions in the UAE:
Emirates NBD
First Abu Dhabi Bank (FAB)
Emirates Islamic Bank
Mashreq
RAK Bank
Dubai Islamic Bank
The optimal choice depends on your specific business requirements, transaction volumes, and international banking needs.
Additional Considerations
Minimum balance requirements vary between banks
Failure to maintain minimum balances may result in penalties
The UAE's Wage Protection System (WPS) requires employee salaries to be paid through UAEbank accounts
Digital banking options are increasingly available, particularly for SMEs
Opening a corporate bank account is an essential step in your UAE business journey. While the process requires thorough preparation and patience, proper documentation and understanding of requirements will help ensure a successful application.