How to open Business Bank Account in Dubai?
A Business Bank Account in Dubai is a professional account that is associated with a company. This means that if you have any type of company, you may open a business bank account under the name of your company. This company account is an official bank account that allows you to transact smoothly with customers/clients, trading activities such as LC and SBLC, receive/send funds, manage payroll, or link your company with an online payment services provider in order to start collecting online payments from your clients.
What are the requirements to open a business bank account in Dubai?
Opening a business bank account in Dubai is easy, but it requires a lot of documentation. Which means that you should understand the required documents by that specific bank where you are going to open your account. So, the most required documents are
Document | Meaning |
Valid Trade License | Commercial Legal Document which proves that your company is legally incorporated |
MOA (Memorandum of Association) | Legal Document that proves the authorized signatories who are authorized to open, operate, close bank accounts, or deposit cheques and process payments |
Share Certificate | Certificate that demonstrates that share percentage of the company |
Partner List | A document that clarifies the actual partners in the company |
Certificate of Incorporation | A certificate that proves the legal incorporation and the jurisdiction that issued the trade license |
Shareholder/Authorized Signatories’ Passport Copies | Valid Passport Copy |
Valid Residence Visa & EID | Valid documents which illustrate that authorized signatories are legal residents in Dubai |
3-6 Month Bank Statement | Personal/Business bank account statement from home country or from Dubai if you are a resident of Dubai |
Office Ejari / Lease Agreement | Legal document that proves the address of the company |
Note: Many banks in Dubai ask for extra KYC documents and clarifications in order to understand who you are and know your business activity.
What are the best banks to open a Business Bank Account in Dubai?
In Dubai there are many National banks (UAE Banks that are licensed by the UAE Central Bank) as well as international banks such as HSBC, CITIBANK, BNP, etc. Every bank has different processes or requirements. Speaking in terms of the opening bank account process, some banks have online applications where you can fill out the application and submit it online. Other banks require physical presence, where your physical signature is required to start the process.
Besides, there are other procedures that should be taken into consideration, amongst which is the bank inspection. Where banks will ask you to schedule an appointment for a physical inspection of your office. So, you need to prepare your office in order to complete the inspection and activate your business bank account.
What are the best banks to open a Corporate Bank Account in Dubai?
There are many banks in Dubai & UAE, including
Local Banks:
- Emirates NBD
- Emirates Islamic Bank
- FAB
- Mashreq Bank
- ADCB Bank
- Mashreq Bank
- DIB Bank
- FAB Bank
- WIO Business
International Banks:
- CITI Bank
- HSBC Bank
- Standard Chartered
- BNP
- Bank of Baroda
As mentioned above, every bank has its own requirements, process, and timelines.
Tips to open your business bank account smoothly:
- Make sure that your business activity is not high risk
- Ensure that your legal documents are valid
- Reply to the bank fast to avoid delays in your opening business bank account
- Seek help from a license business setup consultancy (recommended to help you choose the right bank)
Simply, opening a business bank account in Dubai is easy, but it requires careful research, documentation, preparation, and understanding of banks’ compliance. To get expert support in opening your UAE corporate account quickly, explore our Business Bank Account Opening Services for hassle-free documentation and compliance.
Do you require assistance in opening your Corporate Bank Account in Dubai?
Our team at Assertive Zone is ready to help you with full consultation and all the account opening process and activation.
Contact us: inquire@assertivezone.ae / +971506129267.