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.
For opening the corporate bank accounts in Dubai, UAE, the requirements are:
- Passport copy of director and from the shareholder/s – if different
- VISA Resident copy of director and from the shareholder/s – if different
- The full set of the company incorporation documents. Normally these documents are:
· Memorandum and articles.
· Certificate of incorporation.
· Information on company shareholders – shareholders registry, company extract from the official companies registry, share certificate.
· Information on company directors – directors registry, company extract from the official companies registry.
· Certificate of good standing (confirmation that the company is in good state)
Moreover the banks require the information within its KYC policies (Know Your Customer Policy) means it would require the information on the type of the activities on the account and the source of funds.
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.