Open Business Bank Account in UAE

Business Bank
Account in Dubai, UAE

Need a Corporate bank account for your company in Dubai? Our Corporate Bank Account in Dubai services makes it simple. We guide you through the process, ensuring your business finances are in order smoothly.

Book a Free Consultation
business bank account in dubai

Our Role as a Corporate Banking Consultant

upload_image

360-degree assistance

We consider all factors for your business to assist you in a 360-degree manner in selecting the best bank.

upload_image

Documentation Preparation

With 15 years of experience in corporate banking, our in-house team will assist you in compiling all the documents required.

upload_image

Virtual Corporate Banking

We will help you plan everything while you are sitting in your home country. Our team will submit all the required documents to the banks on your behalf.

Corporate Bank Account in Dubai

Dubai dynamic economy and diverse expatriate community have long been a magnet for entrepreneurs worldwide. The city growing business environment attracts a considerable number of investors looking to establish their ventures. Following the establishment of a business, the next crucial step is securing a corporate bank account in Dubai.

Dubai stands out with its excellent transportation infrastructure and a robust law and order system, contributing to a conducive business environment. Notably, the city tax-free status (T.C) further enhances its appeal for those looking to start a new business. Given these advantages, Dubai emerges as the optimal choice for launching a business venture.

For those planning to establish their business in Dubai, obtaining a corporate bank account is a necessity for seamless business operations. This essential step ensures that your business transactions and financial activities are conducted efficiently within the Dubai business landscape.

Advantages of having a Business Bank Account in Dubai?

Having a Business Bank Account in Dubai offers numerous advantages. It provides a secure, professional way to manage your corporate finances, ensuring transparency and credibility.

Business bank account Confidentiality

Confidentiality

The banking system in the UAE is one of the safest in the world. You don’t need to worry about the privacy of your data when you open a business bank account in Dubai, UAE.

corporate bank account Secure transactions

Secure transactions

Banks in the UAE offer the utmost secure transactions for your business. You are always notified about your account updates and there is no possibility of any fraudulent activity taking place within the account.

business bank account Easy capital transfers

Easy capital transfers

If you are a foreigner doing business in the UAE, capital transfers and currency exchanges are a major part of your business. This becomes easy with a corporate bank account for your business.

corporate bank account Advanced services

Advanced banking services

Banks in the UAE are technically sound and provide you with a variety of services, including instant money transfers, credit cards, and online banking.

Steps For Opening a Business Bank Account in Dubai

When establishing a business, one often overlooks the crucial step of choosing the right bank to meet their specific needs. It's imperative to explore the eligibility criteria set by different banks to find one that aligns with your circumstances. In Dubai, most banks typically require a residence visa and a local address in the UAE. Additionally, it's essential to consider the ongoing minimum balance requirements imposed by the chosen bank.

  • Acquiring a Business License: The initial phase of company registration in Dubai involves obtaining a valid business license. Without this crucial document, no bank will recognize your company or permit you to open a business bank account in Dubai. To streamline this process, it is advisable to engage reputable business setup consultants such as RadiantBiz.
  • Ensuring Documentation Compliance To initiate the opening of a business bank account in Dubai, you must submit specific documents. These documents serve as evidence of your business, including contracts, invoices, and details about your company's clients and suppliers. While the exact list of required documents may vary among banks, commonly requested items for opening a corporate bank account include:
    Copy of the Emirates ID card
    Company Trade License
    Certificate of Registration
    Lease Agreement
    Passport copies for shareholders and authorized signatories
    Company Memorandum & Articles of Association
  • Additional Documents: Additionally, you'll need to provide the buyer's name, suppliers' name, and shareholders' bank statements from their home country or the UAE (if applicable). Adhering to these documentation requirements ensures a smooth and efficient process for opening a business bank account in Dubai.
  • Submit your application: Fill the application form provided by the bank and submit the same to proceed with the process.
  • Initial Deposit: Make the required initial deposit, if applicable.
  • Account Activation: Once approved, your Business or Corporate Bank Account in Dubai will be activated.

Documents Required for Opening a Business Bank Account in Dubai

To Open a Business bank account in Dubai, first, you fill out a form to open an account. This form needs to be backed up by good records about your company. These records show evidence of your business, like contracts and invoices. They also include details about the people and companies you work with.

Different banks might ask for different things, but usually, you'll need these documents:

  1. Valid Trade License: Make sure your trade license is up-to-date.
  2. Memorandum of Association (MOA): If your company has an MOA, bring it along, and any changes made to it.
  3. Certificate of Incorporation: Have the certificate that proves your company is officially incorporated.
  4. Board Resolution: If there's a board resolution, include that too.
  5. Shareholders' Emirates IDs and Passport Copies: Provide the Emirates IDs and passport copies of all the shareholders.
  6. Proof of Address: Show documents that confirm your business address.
  7. Bank Statements, etc.: Bring along other important papers like bank statements.

Challenges in Opening a Corporate Bank Account in Dubai

Opening a business bank account in Dubai is one of the most challenging tasks in the UAE. It is essential to adhere to the strict laws and follow the regulations set by the authorities.

  • Business history of the account holder– It is essential to have a good knowledge of the industry in which your business is being established before opening a bank account in Dubai.
  • Strict regulatory requirements – Many regulations have been put in place to ensure that there are no frauds and no money laundering takes place. It is essential to ensure strict compliance with the laws and regulations.
  • Residence visa – It is essential to have a residence visa to set up a company bank account in Dubai, UAE. The majority of banks require a local address as well.
  • Lack of physical office space – It is one of the primary requirements of the bank for the business to have an office space  for opening a business bank account in Dubai
  • Minimum bank balance requirements – There is a requirement for a minimum bank balance to get an account opened. This minimum fund differs for different banks.
  • High risk individuals – Individuals from high risk countries may find it difficult to open a bank account in the UAE.

What to Keep in Mind Before Opening a Corporate Bank Account in the UAE?

If you are planning to open a corporate bank account in the UAE, you should take certain points under consideration. These are

  • Reputation– Go for a bank that has a good reputation in the local market and the industry. Same is true for foreign branches as well.
  • Compliance – The UAE has strict policies and it is therefore necessary to ensure that all the processes you do are legally complying.
  • Banking fees – Banks charge fees for their services. Choose the bank that provides you with the best options for the fee you pay
  • Documentation – Documents should be submitted correctly to ensure that your application is approved without any issues.
  • Minimum Balance Requirements – Every bank in the UAE requires a minimum balance. Make sure that you check the minimum balance requirement before choosing your bank.
  • Type of account – There are various types of accounts that are offered by various banks. Choose the account type after checking your requirements
  • Company registration –  Register your company so that you can apply for a corporate bank account since you are required to present your business licenseas a proo

Our Top Recommendation for Your Corporate Bank Account Formation in UAE

First Abu Dhabi Bank

This bank was established by the merger of two banks. These banks were The National Bank of Abu Dhabi and First Gulf Bank. The First Abu Dhabi Bank is regarded as the largest bank in the UAE.

Abu Dhabi Commercial Bank

With its headquarters in Abu Dhabi, this bank has the government of Abu Dhabi as a 65% stakeholder of the bank. This bank was formed by the merger of three banks. This merger took place in 1985.

Dubai Islamic Bank

It was founded in 1975. This bank’s practices are based on the principles of Islam. It is also regarded as the first-of-its-kind bank and the largest Islamic bank in the UAE. It has its headquarters in Dubai.

Emirates NBD

This bank was also made after a merger that took place in October 2007. This merger took place between the Emirates Bank International (EBI) and the National Bank of Dubai (NBD). This created one of the largest groups in the UAE.

Commercial Bank of Dubai

This bank is headquartered in Deira, which is situated in Dubai. It was established in 1969 and provides a range of services. It is the 7th largest bank in the UAE, based on total assets. CBD is the 7th largest bank in the UAE, based on total assets.

Abu Dhabi Islamic Bank

It is a public Joint Stock Company established on 20 May 1997. It is headquartered in Abu Dhabi and is a Shariah-compliant lender. It provides personal, business, corporate and private banking services.

Citi Bank 

Citibank UAE is known for its global expertise, extensive network, and commitment to excellence, making it a preferred choice for individuals and businesses seeking reliable financial services in the UAE.

Mashreq Bank 

Mashreq Bank is one of the oldest and largest privately-owned banks in the United Arab Emirates (UAE), with a rich history spanning over five decades. Established in 1967. Mashreq is renowned for its commitment to innovation and customer-centric approach.

Rak Bank 

RAK Bank, officially known as the National Bank of Ras Al Khaimah, is a leading retail and business bank based in the United Arab Emirates (UAE). Established in 1976, serving a diverse customer base comprising individuals, SMEs, and large corporations.

Contact us now for a free consultation to learn more about opening a bank account in Dubai, UAE. Our dedicated team of company formation specialists is ready to assist you.

 

    Get Business Setup Cost in Dubai

    "*" indicates required fields

    Top Banks for Your Corporate Account Formation in UAE

    There are plenty of banks to choose from in the UAE. Some of the top banks that you can prefer

    First Abu Dhabi Bank

    This bank was established by the merger of two banks. These banks were The National Bank of Abu Dhabi and First Gulf Bank. The First Abu Dhabi Bank is regarded as the largest bank in the UAE.

    Abu Dhabi Commercial Bank

    With its headquarters in Abu Dhabi, this bank has the government of Abu Dhabi as a 65% stakeholder of the bank. This bank was formed by the merger of three banks. This merger took place in 1985.

    Dubai Islamic Bank

    It was founded in 1975. This bank’s practices are based on the principles of Islam. It is also regarded as the first of its kind bank and the largest islamic bank in the UAE. It has its headquarters in Dubai.

    Emirates NBD

    This bank was also made after a merger that took place in October 2007. This merger took place between the Emirates Bank International (EBI) and the National Bank of Dubai (NBD). This created one of the largest groups in the UAE.

    Commercial Bank of Dubai

    This bank is headquartered in Deira, which is situated in Dubai. It was established in 1969 and provides a range of services. It is the 7th largest bank in the UAE, based on total assets. CBD is the 7th largest bank in the UAE, based on total assets.

    Abu Dhabi Islamic Bank

    It is a public Joint Stock Company established on 20 May 1997. It is headquartered in Abu Dhabi and is the Shariah compliant lender. It provides personal, business, corporate and private banking services.

    Choosing The Right Bank For Your Corporate Account

    Choosing the right bank for your Business account is important for any business. There are certain factors that decide if you should go for one bank or the other.

    reputation of the bank
    Reputation of the Bank

    The reputation of the bank has a great impact. Go for a bank with a good reputation when it comes to supporting the businesses that have opened their account there.

    Additional Services
    Additional Services

    Keep an eye out for the services the bank offers. This can help you compare and know the best offers available.

    Customer Service
    Customer Service

    It is essential that you choose the bank that helps you get the answer to all your queries and guides you through the process with their knowledge and expertise.

    Fees and Charges
    Fees and Charges

    The banks charge fees that differ from one another. Make sure that you compare these charges when choosing your bank.

    Our Role as a Corporate Banking Consultant



    Additionally, all banks in the UAE would require you to give them a pile of paperwork. Why don’t you let us take care of it? We provide completely transparent and easy processes for your corporate bank account and guarantee to provide the best guidance for choosing the best bank to meet your company’s demands.

    • We handle all your documentation and paperwork formalities as required by the bank.
    • With us, you get a hassle-free process while opening a business bank account in Dubai
    • Get the best assistance in making the right bank choice that caters to your business needs.
    business bank account 360-degree assistance
    360-degree assistance

    We consider all factors for your business to assist you in a 360-degree manner in selecting the best bank.

    corporate bank account Documentation preparation
    Documentation preparation

    With 15 years of experience in corporate banking, our in-house team will assist you in compiling all the documents required.

    corporate bank account Compliance checks
    Compliance checks

    Overcome the challenges of compliance checks with our dedicated in-house compliance management team.

    Virtual corporate banking in Dubai
    Virtual corporate banking

    We will help you plan everything while you are sitting in your home country. Our team will submit all the required documents to the banks on your behalf.

    Frequently Asked Questions (FAQ) About Opening a Business Bank Account in Dubai:

    Request A Call Back

    Drop your details to request a call back from our experts.
    Get in touch with us now.

      Hotline
      -->