Opening a Business Bank Account in the UAE

Business bank accounts are among the most sought-after financial services in the UAE, especially in Dubai. These accounts enable seamless local and international transactions while offering access to a highly reliable banking system.

Who Can Open a Business Bank Account in Dubai?

The following types of companies are eligible:

• Offshore companies registered in the UAE

• Free Zone companies operating in UAE’s Free Economic Zones

• Mainland companies licensed by the Department of Economic Development (DED)

Required Documents for Opening a Business Account

Authorized signatories—typically shareholders—can be one or more individuals appointed via Board Resolution. To process an account opening application, banks generally require:

• Company registration documents

• Passports of all shareholders

• Proof of residential address (e.g., utility bills)

• Shareholders’ CVs with relevant experience

• Personal bank statements (to verify source of funds)

• Documentation for existing businesses (if applicable)

• Bank statements of any operational businesses

• Detailed business activity description

• Forecasts for initial deposit and projected annual turnover

Timelines:

• Mainland & Free Zone Companies: 1–4 weeks

• Offshore Companies: 1–3 months

Account Maintenance Requirements

Business accounts in UAE banks have specific minimum balance requirements based on service tiers:

• Falling below the minimum incurs monthly maintenance fees

• WIO Bank offers online business accounts (activity-restricted)

Tip: Choosing a personal manager package significantly increases account approval success.

Key Success Factors for Account Approval

1. Compliance Clearance:
You must provide a comprehensive profile of your business including:

• Nature of business activities

• Transaction volumes and sources of funds

• Business history in other countries

2. Relationship with a Personal Banker:
Bankers play a key role in account approval. Establishing mutual trust can lead to increased flexibility—sometimes even a higher required balance for guaranteed service.

Opening Business Accounts for Foreign Companies

Foreign entities face stricter scrutiny and a lower approval rate. The process involves:

• Legalizing all corporate documents through the UAE embassy

• Attestation by the Ministry of Foreign Affairs in Dubai

• Each document costs approximately $1,000 to legalize

Required Documents:

• Certificate of Incumbency

• Certificate of Good Standing

• Articles & Memorandum of Association

• Certificate of Incorporation

• Business license (if any)

• Board Resolution for account signatory

• Bank statements, contracts, invoices

Due to their “high-risk” categorization, foreign businesses may experience longer processing times. Alternative: Establish a Free Zone or Offshore entity within the UAE for quicker results.

Benefits of a UAE Business Bank Account

• Fast international transfers via SWIFT

• Stable and reliable banking system (often owned by royal family members)

• No maintenance fees if minimum balance is maintained

• Stable currency (AED pegged to USD: 1 USD = 3.6725 AED)

• No currency controls; funds can be sent/received globally with documentation

• Tax-free personal transfers from business to personal accounts

Steps to Open a Business Bank Account in Dubai

1. Register your company (Mainland, Free Zone, or Offshore)

2. Obtain residence visas for shareholders/signatories

3. Apply to the bank and initiate account opening process

4. Complete compliance procedure with full transparency

5. Receive account approval and details

6. Deposit the required minimum balance

7. Begin operations and benefit from UAE’s business environment

Compliance Process

Each business must pass an initial compliance review, where banks collect:

• Expected number and volume of transactions

• Customer and supplier details

• International business history (with supporting docs)

Important:

• New companies with no operational history are treated as high-risk

• Large or irregular transactions will be paused unless pre-notified and justified

• Payments from Russia are currently considered high-risk and will be delayed for verification

How We Help

With over 10 years of experience, we provide full support in:

• Company setup and structuring

• Matching you with the right bank and manager

• Preparing your compliance profile

• Coordinating meetings and document submission

• Monitoring application progress and resolving issues

We ensure that all aspects of your case are professionally handled—from strategy to execution—so your business account is opened efficiently and smoothly.

Top Banks for Business Accounts in the UAE

Each offers modern digital platforms, multilingual interfaces, and varying account features based on your business needs.