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Open a business bank account in Dubai, UAE

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The entrepreneur’s to do list is long and ever growing. From choosing and registering your company name to obtaining a license and visa.

Then there are the additional tasks to consider such as opening a corporate bank account. As UAE financial institutions are so heavily regulated, the process of corporate bank account opening in Dubai is not an easy process for overseas entrepreneurs.

However, there are a number of steps you can take to increase your chances of a successful application. For one, you should familiarise yourself with the financial institutions available in the UAE, along with their account opening requirements.

There are almost 50 licensed banks to choose from, including Emirates NBD, National Bank of Abu Dhabi, and First Gulf Bank, as well as international players such as HSBC and Barclays.

Next, you should partner with an expert in the UAE and its business processes. Set Hub will take the time to understand your requirements before advising on the bank best suited to your needs. We can even arrange an appointment for you in branch. Get in touch to book a free consultation.

In the meantime, keep reading to find out everything you need to know about corporate banking in the UAE.

What are the benefits of opening a corporate bank account in Dubai, UAE?




UAE banks take due diligence incredibly seriously, so you can be confident that your corporate funds are always in safe hands. That’s why a UAE corporate bank account is the easiest and most secure way to send and receive money in Dubai.

Many UAE banks also offer multicurrency accounts, allowing you to send and accept payments around the world without restrictions. A UAE bank account is also often a prerequisite to accessing other forms of credit.

What is the cost of opening a corporate bank account in Dubai, UAE?

On the whole, the UAE’s banks do not charge a fee for account opening, though many will charge an annual or transaction fee for their services.

It is also worth keeping in mind that most accounts require a minimum balance of anywhere between AED 5,000 and AED 150,000.

That said, as the account opening process can be difficult to navigate, many entrepreneurs opt to make use of business bank account opening services. This takes the headache out of corporate bank account opening in Dubai and can significantly increase your chances of a successful application.

Which bank is best for business account in the UAE?

The best bank account for your business will depend on your circumstances. Some banks offer more traditional services such as chequebooks while others are app-based.

Minimum deposits can range significantly too. From AED 5,000 at Abu Dhabi Islamic Bank to AED 50,000 at Mashreq Bank for example.

When you use our business bank account opening service, we will match you with the financial institution most suited to your company.

What are the requirements to open a business bank account in Dubai?

One of the most common reasons for account rejection is incorrect or incomplete documentation. Other common reasons include an inconsistent business plan and a lack of presence – such as a residence or office address/phone number – in the UAE.

Exact requirements will differ among banks. But to increase your chances of success when applying for a corporate bank account, you should aim to provide the following, at the minimum:

  • A complete account application form
  • A signed directors resolution sanctioning the opening of the account
  • A copy of your passport and Emirates ID
  • Proof of a residency visa (not required by all banks)
  • Proof of residence address, from home country if not a resident of the UAE
  • Certified company documents – including share certificates, certificate of incorporation and articles of association
  • A business plan and company profile
  • Bank statements for the past 3-6 months

If your company is owned by another company, you will also need to provide certified company documents for the parent. If the parent company is outside of the UAE, these documents will need to be attested by the UAE embassy in the country of origin as well as the UAE Ministry of Foreign Affairs.

How to open a corporate bank account in the UAE

1. Work with Set Hub

We can go over the details of your application, advising on areas that may require expansion. As we have many close relationships with UAE banks, we are best placed to advise on the institution most likely to open an account for your business.

2. Meet with bank representatives

The next step is to meet with account opening staff at your chosen bank. We can arrange this meeting for you.

3. Submit your application

Bank staff will once again run through the details of your application before formally submitting it to the relevant department.

4. Receive your account documents

If your application is successful, you can expect to receive your account documents, including any requested cards and cheque books, within two to four weeks.

Open your corporate bank account with Set Hub

If you’re armed with the right expertise, opening a corporate bank account in Dubai doesn’t have to be overly complicated.

That being said, it does require a level of prior knowledge of the process. And it requires a level of focus that most entrepreneurs simply do not have the time to give.

What’s more, it is important to note that the process is only straightforward if your account application is complete at the time of submission and free from errors.

To help you ensure that this is the case, it’s a good idea to work with a specialist such as Business Incorporation Zone

We are a team of  professionals who are passionate about company formation in the UAE and in bringing the dreams of aspiring entrepreneurs and SMEs to life.

As well as handling your bank account application, we also offer visa and immigration services and can handle all government formalities, permissions, work permits, and visa applications required to trade in the UAE.

In short, our experts can establish your company on your behalf, make your license, visa, and bank account applications, and take care of all the necessary admin – leaving you free to get on with running your business.