The banking sector in the UAE is recognized for its financial stability and confidentiality. With stringent security measures and excellent customer service, UAE banks are attracting foreign entrepreneurs. It’s important to note that each bank has its own procedures for opening corporate accounts.

Benefits to Opening a Corporate Bank Account in UAE
The banking landscape in the United Arab Emirates offers a mix of domestic and foreign institutions. For corporate banking needs, consider these renowned local banks:
- Emirates NBD
- Abu Dhabi Commercial Bank
- RAK Bank
- Mashreq Bank
- First Abu Dhabi Bank (FAB)
- United Arab Bank
- First Gulf Bank
- Commercial Bank of Dubai
Major overseas banks that make it easier to create accounts for companies registered in the UAE also include:
- Standard Chartered Bank
- HSBC (Hongkong and Shanghai Banking Corporation)
- Citibank
- Barclays
Benefits of Opening a Corporate Bank Account in UAE
Banking in the UAE offers a safe and dependable environment, thanks to the government’s dedication to safeguarding the interests of residents and businesses. Here are the key benefits of opening a corporate bank account in the UAE.
Enhanced Secrecy for Foreign Investors and Entrepreneurs
Foreign investors and entrepreneurs can benefit from high levels of financial confidentiality, ensuring their financial data remains secure from unauthorized access.
Multi-Currency Banking
Businesses can open accounts in various currencies, facilitating smoother currency exchange processes and streamlining international trade operations.
Effective Cash Flow Management
Corporate accounts allow for easy tracking of transactions and cash flows, simplifying financial management and enhancing operational efficiency.
Transparency in Taxation
Corporate business accounts in the UAE promote tax transparency, aiding investors in accurately assessing their tax liabilities and ensuring timely payments.
Cost Management
Business owners can efficiently monitor and manage expenses through corporate accounts, supporting effective cost control and financial planning.
Access to Financial Support
Entrepreneurs can leverage credit facilities and corporate credit cards to meet their business needs, providing financial flexibility and support.
Online Banking Security
Corporate banking in the UAE offers advanced security features, protecting businesses from potential risks associated with online and telephone banking.
Global Banking Support
UAE banks provide expert support and services for international financial transactions, ensuring seamless global operations and management.
These advantages make the UAE an attractive destination for businesses looking to establish a robust and secure banking presence.
Things to Remember Before Setting Up A Bank in Dubai
Consider the following points before opening a business bank account in Dubai, United Arab Emirates:
Company Type:
Your business structure, whether it’s a Limited Liability Company (LLC) in the Mainland, a Freezone entity, a branch, or a subsidiary, will determine your eligibility for a corporate bank account with local banks.
Bank Signatory:
In some cases, the bank may require your presence as a signatory during the application process. This typically involves a brief meeting to verify your passport and other identification documents.
Documentation:
Be prepared to provide a comprehensive set of documents, including:
- Details of your company’s operations
- Information about shareholders
- Qualifications of the management team
- A business plan for your new entity in the UAE
Privacy Considerations:
While the UAE places a high value on privacy, it’s important to note that it has entered into international agreements to combat tax evasion. This means certain financial information may be shared with other countries under specific circumstances.
By keeping these points in mind, you can streamline the process of opening a business bank account in Dubai and ensure compliance with local regulations.
Steps to Open a Corporate Bank Account in the UAE
Opening a corporate bank account in the UAE involves specific steps and requirements. Here’s a comprehensive guide to help you navigate the process:
- Obtain a Business License: A valid business license is crucial for opening a corporate bank account in the UAE. Without this license, banks will not recognize your business as legitimate, making it impossible to open an account.
- Gather the Required Documents: Collect all necessary corporate and legal documents. These include the complete application form, copies of the shareholder representatives’ Emirates IDs, a detailed business plan, Memorandum of Association (MoA), and Articles of Association (AoA). Ensure you have all documentation ready to streamline the process.
- Check Visa Requirements: Verify the visa requirements for your shareholders. Some banks may require at least one shareholder to have a UAE residency permit, while others may not. This requirement can influence your choice of banks.
- Select the Right Bank: Research and choose a bank that fits your business needs. Consider factors such as the bank’s eligibility criteria, services offered, and whether they align with your business operations. Popular banks in the UAE include Emirates NBD, Abu Dhabi Commercial Bank, and HSBC.
- Start the Application Process: Begin the official account opening process once you have all the required documents and have chosen a bank. Visit a branch and speak with a representative to guide you through the application process. They can provide detailed information and answer any questions you may have.
Required Documents for Opening a Business Bank Account in the UAE
When opening a business bank account in Dubai, UAE, the specific documents required may vary slightly depending on the bank. However, the following common documents are generally needed to open a corporate bank account in the UAE:
Complete the application form provided by the chosen bank.
A resolution from the board of directors approving the account opening, including the names of the authorized signatories.
A copy of the current business license to prove your organization is registered and authorized to operate in Dubai.
Copies of share certificates detailing the company’s ownership structure.
Copies of the current passports of each business partner and company director.
Copies of these documents outlining your organization’s structure, objectives, and governing principles.
Copies of all shareholders’ current passports.
Additional Documentation Requirements:
Depending on the bank, additional documents may be required, such as:
– Invoices
– Letters of recommendation from business partners
– A detailed business plan
– Information about proposed business activities
Unlocking the Benefits of Offshore Bank Accounts for Your UAE Business
If opening a corporate bank account in the UAE proves challenging due to factors such as the nature of your business or nationality restrictions, an offshore bank account offers a simpler alternative. Offshore accounts, located in other countries, provide accessibility and numerous benefits. Unicorn Global Solutions provides a straightforward solution with the following advantages:
- Low Opening Balance: Only 5,000 USD or equivalent required.
- Multi-Currency Accounts: Flexibility to manage funds in various currencies.
- E-Banking: Convenient online banking services.
- No Statement or Ledger Fees: Cost-effective account management.
- Free Internet Banking: Easy access for viewing and transactions.
Additionally, you won’t need to re-attest your documents for the offshore account. This streamlined process ensures fast account opening, making it ideal for the UAE business environment.
Corporate Bank Account Fee Structures in Dubai
In most local UAE banks, opening a business bank account is free of charge. However, each national bank sets distinct minimum average balance requirements per month, typically ranging from AED 50,000 to AED 500,000. For example, to avoid a monthly fee of AED 250, Emirates NBD requires maintaining an average monthly balance of at least AED 50,000 in your business account.
Here is a breakdown of the standard fees associated with managing a bank account in the UAE as of the latest update in 2018:
- Account Opening Fee: None
- Minimum Balance Requirement: AED 5,000
- Monthly Penalty for Not Maintaining the Minimum Balance: AED 50
- Charges for Using a Third-Party (Local) Bank’s ATM in the UAE: AED 2
- New Cheque Book Issuance Fee: AED 25 (first one is complimentary)
- Manager’s Cheque Issuance Fee: AED 30
- Charges for Providing an Account Balance Letter: AED 50
- Service Fee for Furnishing a No Liability Certificate: AED 60
- Release Letter Charges: AED 50
- Bounced Cheque Charges: AED 100 (no charge if written to yourself)
- Account Closure Fee: AED 100
Corporate bank Account Opening Assistance in Dubai
Navigating the complexities of starting a business, from formation to opening a bank account, can be daunting. That’s where experienced business setup consultants like Unicorn Global Solutions in Dubai, UAE, come in.
Partnering with a company formation expert not only frees up your time and resources but also increases the chances of a successful bank account application. With the guidance of a trusted business setup advisor familiar with the process, you’ll be able to chart the best course forward.
If you need help launching a business or setting up a corporate bank account in Dubai, United Arab Emirates, reach out to us today. Text us on WhatsApp or call us today
Understanding the De Minimis Rule
The De Minimis Rule outlines conditions for Qualifying Free Zone Persons (QFZPs) regarding their Non-Qualifying Revenue. To achieve QFZP status:
– Non-Qualifying Revenue: Includes income from Excluded Activities and non-Qualifying Activities with Non-Free Zone Persons.
– Total Revenue: Encompasses all income generated by a QFZP in a tax period.
QFZPs must ensure that their Non-Qualifying Revenue is less than the lower of:
– 5% of their Total Revenue, or
– AED 5 million.
Exclusions from Non-Qualifying & Total Revenue
Several types of revenue are excluded from calculations for both Non-Qualifying and Total Revenue:
– Revenue from immovable property in a Free Zone from certain transactions.
– Revenue from a Domestic Permanent Establishment or a Foreign Permanent Establishment of the Qualifying Free Zone Person.
Simplify your path with Uncorn Global Solutions
Simplify your journey through the dynamic landscape of UAE’s Corporate Tax with Unicorn Global Solutions. As your reliable companion, we streamline every step, from corporate tax registration to compliance, ensuring a seamless experience. Leveraging our expertise in the latest Corporate Tax Law and the intuitive EmaraTax platform, we make navigating the process effortless.
Count on Unicorn Global Solutions for a streamlined approach, enabling informed decisions and fostering enduring financial prosperity. Our dedication to compliance ensures your peace of mind, while our mission revolves around your success. Opt for Unicorn Global Solutions, where complexities vanish, and tailored success awaits you. Text us on WhatsApp or call us today.