Having a functioning corporate bank account is an essential part of conducting business legally in the UAE. Once your business has been set up, opening your company’s corporate bank should be your next priority. As expected, there are several steps and a few requirements that you will have to carry out and meet to get your account up and running. This blog seeks to outline these steps in an effort to make this process a little easier for any new business owner to understand.
Choose your Bank and Account Type
When it comes to choosing your bank, you must ensure that your choice tallies with your business structure and activities. The UAE is home to many banks, all of which may offer unique solutions to address your business needs. Some popular choices include:
- Emirates NBD
- First Abu Dhabi Bank
- Dubai Islamic Bank
- Mashreq Bank
Feel free to do some research to understand each of their corporate banking product offerings. This will help you narrow down the type of account that you’d want to open for your business.
Prepare your Paperwork
In order to process your bank account opening application, UAE Banks will require the following:
- Trade license
- Certificate of incorporation
- Memorandum and Articles of Association
- Passport copies of shareholders and directors
- Emirates ID of shareholders and directors
- Proof of address
- Board Resolution
- A detailed business plan or feasibility study (for new businesses)
Meeting the Compliance Requirements
Given that the UAE is hub for global trade, commerce and finance, banks in the region have strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. Due to these policies, you may be requested to provide extra documentation outside of what is required to open an account.
Submit an Application
The next step would be to submit your application, ideally in person to the Bank branch as this helps with the KYC procedures in place. Certain banks also offer the choice to submit an application online so pick what works best for you.
Approval and Account Opening
In an ideal situation, the bank will process your application within one to four weeks. It is possible that this window may be longer, so prepare and plan accordingly.
What to do to ensure a smoother process
Your business must be registered and all documents must be in order. If your company is set up on Dubai mainland/onshore, it would help to have your local sponsor advised about this process so that he or she would be available for any formalities.
A business setup consultant like SetHub can help you speed up the documentation process. SetHub has assisted hundreds of clients to get their businesses off the ground in the UAE, corporate accounts set up included.
Challenged to be prepared for
Your entity may be the subject of your bank’s compliance checks. This is a normal process for new businesses, especially those that are foreign owned.
Do note that your bank will have a minimum balance requirement in place and fees may be levied in case your account does not meet the balance requirement.
Even though we mentioned this earlier, it cannot be stressed enough that you should expect some delays due to the regulatory checks associated with opening a corporate bank account in the UAE.
Got Questions? Reach out to SetHub!
While we’ve covered everything you need to know about opening a corporate bank account in the UAE, we are always on hand in case you need some tailored advice. Working with us ensures that this process will be smooth and hassle free!
Why Choose SetHub?
Our team of legal and business experts is well-versed in UAE regulations and procedures.
- Schedule a call with us and hear back within one business hour.
- Our tailored solutions are guaranteed to meet your specific needs.
- Reach out now and let us help you through every step of the process of starting a Free Zone company in Dubai.
