Open a Business Bank Account in Dubai
The banks offer multiple efficient solutions for corporate banking to businesses in Dubai. There’s a range of options between banks and banking systems. Businesses can explore the services from each bank, decide whether they want Islamic or conventional banking system, and make a decision accordingly. All the banks are dedicated to modernizing their services to suit the emerging market standards.
Key perks with corporate banking services in Dubai, United Arab Emirates:
- Easy account opening for mainland, free zone, and offshore companies
- Access to multi-currency accounts for global transactions
- Dedicated relationship managers for personalized support
- Quick international fund transfers with competitive exchange rates
- Secure online and mobile banking platforms
A caproate account is a necessity for all companies. Banks understand that. They make the business dealings and transactions easier for companies. Businesses also enjoy facilitations like fund management, investment avenues and financial consultation.
This guide talks about everything a company should be aware about in regards to opening a corporate bank account in Dubai. It helps them to understand the options to make the best decision and access the services with no complications.
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Popular Banks for Corporate Bank Account in Dubai
- FAB
- RAKBANK
- Emirates Islamic Bank
- Emirates NBD
- ADCB
First Abu Dhabi Bank is the UAE’s largest bank. They offer comprehensive corporate banking solutions. They offer a series of useful solutions like Global Transaction Banking for efficient domestic and international transactions. They have Shariah-compliant banking through FAB Islamic. FAB suits commercial banking services for SMEs. FAB has extensive presence across five continents. It ensures global connectivity for businesses and investment opportunities.
RAKBANK is a popular choice in the corporate sector. RAKBANK provides a suite of services for SMEs and mid-sized businesses. It features customized financing solutions, trade finance, and treasury services. They offer Islamic banking options and a dedicated service for trade finance support.
Emirates Islamic offers Shariah-compliant business solutions. It includes business banking, working capital finance, and trade services. Their online platform provides integrated digital banking for businesses of all sizes. They offer various business packages suitable to diverse financial requirements.
Emirates NBD is one of the GCC’s largest financial institutions. They provide a comprehensive range of banking services for businesses. They provide digital banking, facilitate multi-currency transactions, VAT payments, and international transfers. The bank features packages with benefits such as tourism perks, dedicated relationship management and preferential rates.
Abu Dhabi Commercial Bank offers a wide range of corporate banking services. They are known for various business account packages, Shariah-compliant products, and cash management solutions. Their ADIB Direct platform provides state-of-the-art cash management solutions. It covers all working capital needs.
Steps to Open a Business Bank Account in Dubai
Dubai features many state of the art banks. Each offers unique perks. Explore the options and make a choice based on business goals and services required.
Prepare the documents required for your account type. Residents, expats, and businesses all require a different set of documents. Ensure your paperwork is complete and valid.
Visit the nearest branch or apply online through the bank’s app or website. Fill the new account application form and provide the required information. Submit the paper work and ensure compliance with the eligibility criteria.
After the submission of your application, your information and documents will be reviewed. New bank account opening process starts if all regulatory requirements are met.
After the due processing, you will receive the banking cards, checkbook and other facilities. Ensure to deposit the minimum balance right after approval and activate your account.
Understanding General Trading License in Dubai
Buying and selling goods
Importing and exporting products
Wholesale and retail trading
Selling items online (e-commerce)
Trading tools, equipment, and materials
Storing and delivering goods (logistics)
In simple terms, if your business involves handling different products, this license is required. It is one of the most useful and flexible licenses in Dubai.
Difference Between Mainland & Free Zone Online Business
- Mainland
- Free Zone
The mainland licenses are regulated by the Department of Economic Development (DED). It provides several benefits to online businesses. Here are some of the highlights:
- You can trade freely within the UAE market
- UAE residents and foreign investors can get government support
- Mainland partnerships may be better for the long term
Free zones are regulated by their own authority, offering many benefits to new e-commerce businesses in Dubai. Some of the highlights about free zone setup include:
- Free zones in Dubai offers 100% foreign ownership and tax benefits
- Limited to operating within the Free Zone
- License issued by Free Zone authority with simplified setup
Your Best Banking Options in the UAE
Emirates NBD
This bank started in 1963. Its one of Dubai’s oldest and largest banks. It leading in digital banking. Its strong local trust and wide service network give it a solid edge in both personal and business services.
RAKBANK
RAKBANK was founded in 1976 and focuses on helping individuals and small businesses. It offers both regular and system compliant to Islam. The bank’s strength is in simple services, e.g. fast opening, and easy loan access for startups and freelancers.
First Abu Dhabi Bank
FAB was founded in 2017 from a merger and is now the largest bank in the UAE. It offers strong financial support and global reach. FAB’s edge is in high-value services and safe, large-scale banking for professionals and growing businesses.
ADCB
Abu Dhabi Commercial Bank began in 1985. It is known for smart digital services. It focuses on saving time for users through applications and online tools. It has strong customer service and tech-based growth. Among the best for personal and corporate banking.
Emirates Islamic Bank
This bank started in 2004. It is known for blending laws of Islam with modern tools. It was the first shariah bank to launch WhatsApp banking. Its main strength is offering Shariah-compliant products with easy access and user-friendly digital support.
Benefits of Opening a Business Account in Dubai
Tax-free banking
Global accessibility
Multi-currency support
Fast account setup
Secure transactions
Online banking ease
Strong privacy laws
Business-friendly rules
High capital safety
International transfers
Eligibility Requirements to Open a Bank Account in the UAE
- Valid trade license from a UAE mainland, free zone, or offshore authority
- UAE residency visa or Emirates ID for account signatory
- Passport copies of all shareholders and authorized signatories
- Company’s Memorandum and Articles of Association (MOA/AOA)
- Proof of business address, such as tenancy contract or utility bill
- Business plan or nature of business clearly defined
- Minimum deposit amount as required by the chosen bank
- Clean personal and company financial history
- Board resolution authorizing account opening (for corporate accounts)
- Corporate structure chart for parent or group companies
- No involvement in restricted or high-risk activities
Documents Required to Open a Business Account
- Trade license copy
- Emirates ID copy
- Passport copies
- MOA/AOA documents
- Utility bill or lease
- Business plan
- Bank reference letter
- Board resolution
- Company stamp
- VAT certificate (if available)
- Shareholder registry
- License application form
Required Documents for Businesses
- Valid trade license
- Commercial registration certificate
- Memorandum of Association (MOA)
- Emirates ID of all signatories
- Passports of all shareholders
- Proof of operating address
- Board resolution (if applicable)
Financial and Banking Solutions
Digital Services
Manage funds, trade, and transactions online on the EI+ Mobile App with foolproof security.
Loan Options
Get loans for personal, business, automobile, housing, and other purposes with easy access.
Customer Care
24/7 customer care to solve your regulatory and practical challenges and provide assistance.
Foreign Currencies
Access all major foreign currencies and quick remittance to multiple countries with ease.
Financial Support &
Banking Services
Loan Options
FAB provides multiple loan options for private, business, automobile, and housing purposes. The requirements and range differ for each type. Overall, the loans are provided at lower interest rates and on easier terms.
Digital Banking
FAB provides mobile and online account access, transactions, and alerts. It features digital integration of international standards with complete security using OTPs, biometrics, and other securitization tools.
Wealth Management
FAB provides wealth management facilitation to businessmen and companies. They provide an exceptional advisory panel with informed opportunities to trade globally. Bank’s Integration of high-end research and technology helps pick the best products.
Additional Banking Services for Businesses Setups
Trade Finance Services
Banks help with international trade of goods by giving letters of credit, bank guarantees, and early payments on invoices. Trade financing services is a norm under global business standards. It gives security and ease of trade for both sides.
Cash & Fund Management
This service helps businesses keep track of their money, pay in bulk, and manage cash flow better. The Bank’s investment managers are responsible for keeping track of the business funds and invest in profitable avenues.
Corporate Investment Options
Banks provide professional assistance and advice on investment opportunities. They guide businesses on where to invest extra money safely to earn profit. It gives the owners more security and ease to invest in the emerging sectors.
Business Credit Cards
Many banks offer corporate credit cards for businesses and companies. Unlike personal credit cards, these cards suit business requirements They give companies funds to spend, track expenses, and earn rewards or discounts.
Business Loans & Financing
Low on funds for a great business idea? Apply for a business loan from the top banks of Dubai. They provide loans to help with buying equipment, daily costs, or growing the business. Banks offer competitive interest rates, so you can explore your options.
Merchant & POS Services
Taking cards as a payment method is a market requirement nowadays for small or large businesses. Merchant & POS Services let businesses accept card payments and track sales through online systems. It gives a professional touch to your setup.
Banking Made Easy with IBG Consultancy in Dubai
Book a Free Consultation
Contact our experts to choose the right account for your business or personal needs.
We Prepare Your Documents
Our team gathers, reviews, and organizes all required paperwork for a smooth process.
Direct Bank Coordination
We connect directly with leading banks in the country to fast-track your application.
Account Opened
Get your account activated and ready to use, without any delays or confusion.
Why IBG Consultancy is Trusted for Financial Services in Dubai
In short? IBG Consultancy makes your banking journey easy. We provide you with a new account suitable for your corporate requirements. All you have to do is get in touch with us, provide the details, and wait for the due processing time. Contact us today to open your company bank account successfully.
Frequently Asked Questions
How long does it usually take to open an account in Dubai in 2024?
It can take anywhere from a few days up to 4 weeks to open, depending on the bank’s process and submitted paperwork.
What documents are required to open a corporate account for an LLC or Sole proprietorship company?
Can I open a company account if I already have a personal one in the UAE?
Is a bank statement from a previous bank necessary for applying in the UAE?
Does the process differ for offshore companies versus local ones?
What should I know before choosing the right bank for my new company in the UAE?
Can a non-UAE resident open a company account for a Dubai business?
Does the central bank of the UAE oversee business-related banking rules?
Can I apply to open an account online if I’m setting up a new business in the UAE?
What’s the difference between a company account and a personal one when starting a business in Dubai, UAE?
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