What do you need to open a bank account in the UAE?
Aprilyn Manalili
Sr. Client Relations Executive
17 May 2023
The United Arab Emirates (UAE) is becoming one of the most preferred and top destinations for business due to its pro-business regulation, cutting-edge financial system, stable domestic currency, diverse perspective in the market, freedom from exchange controls, and flexible banking access.
Whether you are from abroad or within the region, one of the first things you will need to know are the kinds, requirements and, the process of opening a Corporate Bank Account to keep your business at pace and running to get ahead in today’s world of online transactions.
As an essential aspect, a corporate bank account secures your money, tracks your spending, and manages your finances – all while helping you improve your credit standing with greater ease. To understand the process of opening a Corporate Bank Account in the UAE, let’s look at the eligibility criteria, type of corporate bank accounts available, and requirements.
What are the different kinds of Corporate Bank Accounts?
- Onshore Bank Account is in your country of residence where you are subject to all applicable laws, taxes, and foreign exchange rules within that country, so you don’t have to stress about overseas regulations.
- Offshore Account is for those who reside somewhere other than the UAE – meaning they can take advantage of financial services from their home country or anywhere around the globe.
- Merchant Bank Account enables businesses to simplify their transactions by processing electronic payments through credit, debit cards, and other types of electronic modes of payment systems making it easier for customers to purchase goods or services.
Who is eligible to open a Corporate Bank Account?
Opening a Corporate Bank Account in the UAE requires due diligence as banks have established qualifications that must be met in accordance with the Central Bank of UAE laws. Depending on the business owner’s requirements, banks take time to review each one’s eligibility criteria, keeping in mind that these standards can vary from bank to bank.
No matter the size, setup, or nature of your business, you can open a corporate bank account in the UAE. All you need to do is show proof that your company legally exists via its license – an easy step towards a better financial organization.
What documents are required?
Mainland Bank Account
*All the primary documents are required while the additional documents are dependent on the business and bank’s criteria:
Main Documents:
- Trade License of all shareholders
- Certified company incorporation documents
- Residence visa copy of the primary signatory
- Emirates ID
- Office tenancy or Ejari contract (physical office)
- Valid passport copies of all shareholders
- Memorandum of Association (MoA)
Additional Documents:
- 6-month personal bank statements of all shareholders
- Company Profile/Business Plan
- Utility bills as address proof (for certain nationalities)
- Personal profiles (CVs) of the signatory
- Debit/credit invoices and contract agreements
- Name of prospective clients/suppliers
Free Zone Bank Account
Primary Documents:
- Trade License
- Shareholder certificate
- Memorandum of Association (MoA)/Article of Association (AoA)
- Valid passport copies of all shareholders
- Residence visa copy of the primary signatory
- Emirates ID (if applicable)
- Office tenancy contract (physical office)
Additional Documents:
- 6-month personal bank statements of all shareholders
- Company Profile/Business Plan
- Utility bills as address proof (for certain nationalities)
- VAT certificate
- Personal profiles (CVs) of the signatory
- Invoices, bills, and contract agreements
- Name of prospective clients/suppliers
Offshore Bank Account
Main Documents
- Trade License
- Shareholders certificate
- Valid passport copy
Additional Documents
- 6-month bank statement
- Certificate of Incumbency (if applicable)
- Certificate of Good Standing (if applicable)
- Parent company legal documents
- Office tenancy as proof of address
- Residence visa copy
- Emirates ID (if applicable)
- Utility bill of shareholders showing proof of address
- Corporate legal documents
- Company Profile/Business Plan
- Website (if applicable)
- Name of potential clients/suppliers
- Tax identification number/card (applies to certain nationalities)
Foreign Entity Bank Account
- Trade license
- Shareholder certificate
- Memorandum of Association (MoA)
- Article of Association (AoA) with legal attestation
- Valid passport copy
- Residence visa copy
- Emirates ID (if applicable)
- Utility bills with the address of proof
- Corporate legal documents
- 6-month bank statement
- Name of potential clients
Non-Resident Bank Account
- Personal documents
- Passport copy – front and back
- Incorporation documents
- Tenancy contract or proof of address from the home country under your name
- Latest utility bill from the home country
- Tax Registration Number
- Bank Statement
- Curriculum Vitae (CV)
What are the steps?
Assessment: To choose the most suitable bank account, you need to consider the chief purpose or goal of your business and evaluate the operations, including the financials of your company. Additionally, what best fits your requirements and what you hope to accomplish – be it saving for the future, investing in the current market, or going by your daily transactions, needs to be considered. Certain documents may need to be provided during the assessment stage of proceedings in order to move forward effectively.
Application: Upon applying for a UAE corporate bank account, your application can be processed in person or online. However, to ensure legal authenticity and authorization, which is at the bank’s discretion, documents must be physically signed at the respective bank’s premises for approval.
How to Start a Law Firm in DIFC?
