One of the final tasks on the checklist after having set up your new business in the UAE is to get your corporate bank account.
Once you a valid license in the UAE (included Free Zones: but some banks – especially in Abu Dhabi) may not accept license coming from some Free Zones. Just few banks allow you to open a corporate bank account without visa.
UAE is home to a large number of highly reputable national and international banking institutions: for example, Emirates NBD and Abu Dhabi Commercial Bank are the largest two in the region and have a network of branches throughout the UAE. They, along with Mashreq Bank, Noor Bank, Abu Dhabi Islamic Bank, United Arab Bank, First Gulf Bank, and Commercial Bank of Dubai, offer all the services that you would expect from an international bank. Some international brands are also here, such as Standard Chartered, HSBC, Citibank and Barclays – all of which offer corporate bank account services for locally registered companies.
Some banks require at least one shareholder who has a residency visa, while other (few) banks do not have this requirement. Most corporate account applications will require information on your company activities, including in some cases proof of business such as examples of contracts, invoices, information about your clients and suppliers, etc. You will also be required to provide details such as your financial projections as well as information about the management team.
Many bank accounts require a continuous minimum balance, anywhere from AED 10,000 all the way up to AED 1 million. You can ask for multiple currencies and sub-accounts; you will need to have that minimum balance on each account.
The application process usually takes between one and two weeks, depending on your chosen bank.
Contact us for more information.