Having a business license registered doesn’t mean the company is fully ready to operate if there is no bank account. After all, where shall invoices be paid and how shall suppliers be paid? Every company would require a functional business bank account in order to make and receive payments.

Our wealth of knowledge in the local market and experience from assisting hundreds of companies to facilitate bank account opening in the UAE will benefit any investor with the need to open an account. To us, your business setup is not complete if your bank account is not operational. Our deep connections with banks allow us to make important introductions, organize bank meetings and do follow up on your behalf to ensure you are fully assisted. While we do not guarantee the opening of the account since that is hugely depended on the independent inquiry by the bank’s compliance department, we ensure we follow up and keep you updated where the case is in our hands.

The UAE’s Central Bank regulates banking affairs and as such stipulates compliance requirements for all banks to follow. Therefore, banks require a setup of requirements from companies and account signatories to successfully onboard a new account. Since each client case is unique, we provide a list of options to ensure that there are possible options to choose from.

Typically, banks require clients to maintain a monthly minimum balance once the account is opened. This amount varies from between banks and solely depends on the type of account chosen.
Some cases may be quite sensitive and unique that the bank asks for extra documents beyond the regular documents needed to fully investigate the company and its activities. We are with you all through the process to make sure there is a flow of communication and the bank is satisfied with the information provided to take on the case.

There are different types of accounts to choose from. Resident accounts and Non-resident accounts.

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Basic Requirements for a Resident Corporate Bank Account:
  • Passport Copies of Owners and signatories
  • UAE resident Visa of Owner or Manager of the company (some banks allow a grace period within which to provide a residence visa after company formation)
  • Six months bank statement for the mother company and or the client personal account
  • Business Plan (in some cases)
  • Reference letter from the client’s bank in his country (in some cases)
  • The legal documents for the company’s formation in UAE

This is not an exhaustive list. More documents may be required depending on the situation and nature of the business. Our promise is to make it as simple as possible for you to facilitate the process and ensure you are fully assisted.

Most banks would provide full internet banking for inward and outward payments, credit/debit card and cheque book (subject to account type). Account Managers may be provided depending on the account type etc.

How Long does it take to open a Bank Account?

An average account opening time is between 1 week to 4 weeks depending on the case. However, the bulk of work is required at the approval stage. Upon approval of the account, it takes 24 hours to get an account opened. We, therefore, step in to facilitate the approval process to make sure we assist you. While some cases take a shorter time, some take longer depending on the situation.

The timeframe is dependent on other factors too, such as the nature of the business, the jurisdiction of incorporation, the nationality of the owners and signatories. A combination of these factors can impact the time it takes to have a fully operational account.

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