Corporate Bank Account Opening in Dubai UAE
Bank accounts are a daily necessity, whether its for personal, investment or business use. Dubai offers several great banking options suited to diverse range of requirements. Each bank offers unique benefits.
There are different types of bank accounts you can choose from based on your needs. This guide walks you through everything you should know about opening a bank account in Dubai successfully.
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Types of Bank Accounts in United Arab Emirates
- Current Account
- Savings Account
- Business Account
- Investment Account
- Offshore Account
- Islamic Account
Overview: This type is for everyday services and financial flexibility.
Purpose: Helps manage daily spending, getting your salary, and payments.
Key Features: Unlimited transactions, cheque book, debit card, overdraft options, fast fund transfers.
Best For: Salaried individuals, freelancers, and businesses with frequent transactions.
Overview: This type provides a secure way to save while earning interest.
Purpose: It encourages saving habits with modest returns over time.
Key Features: Interest on balance, ATM access, limited withdrawals, digital banking.
Best For: Individuals aiming to grow savings gradually with low risk.
Overview: This type is for handling company finances and maintaining books.
Purpose: Simplifies payroll, vendor payments, and incoming revenue.
Key Features: Multi-currency use, higher limits, credit access, integrated tools.
Best For: Startups, SMEs, and other registered companies in the country.
Overview: This type is for capital growth through market investments.
Purpose: Helps build wealth via stocks, funds, and bonds.
Key Features: Portfolio options, expert management, returns vary with risk.
Best For: Individuals with extra savings looking to invest long-term.
Overview: This type manages funds outside your country of residence.
Purpose: Offers financial privacy, global access, and flexibility.
Key Features: Multi-currency support, tax benefits, online banking.
Best For: Expats, international clients, and asset protection seekers.
Overview: This type is a Shariah-compliant banking option that avoids interest-based dealings.
Purpose: Provides ethical banking aligned with Islamic finance principles.
Key Features: No interest (riba), profit-sharing models, transparent contracts, halal investment options.
Best For: Muslims and individuals seeking interest-free, faith-based banking.
Steps to Open an Account in Dubai
There are different options available suitable for different needs. Figure out your needs and requirement and choose the type accordingly.
Each bank provides several unique benefits. You can look for qualities such as banking safety, interest rates, reputation, currency options, ATMs, cashback rewards, mobile app, and more while choosing your perfect option.
The required documents will be different based on your chosen type. Gather all the documents and ensure they’re valid and complete.
All banks have a specific requirements criteria, different for each type. Confirm that you meet all the eligibility requirements.
Submit the application online or in person. Provide all the necessary documentation and information. Ensure transparency and validity.
Some banks might require you to show up in person for a meeting or come online to confirm your identity and discuss details.
After application approval, your account will be activated and you will be provided with the debit/credit card, checkbook and other documents.
Request to set up the mobile app and online banking option. It helps greatly in everyday banking. You can make a request for other services required as well.
Submit funds according to the requirements of your account type. Business accounts require a minimum balance of at least AED 25,000 to AED 500,000.
Your account is fully ready to be used now. You can take out cash, transfer money, and access all other services.
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 Bank Account in Dubai, UAE
Easy fund transfers
Access to credit cards
Salary deposit option
Mobile banking apps
International access
Secure transactions
Debit card issued
Utility bill payments
Online shopping ease
Tax-free income
Documents Required for Starting a Bank Account in the UAE
- Valid passport copy with visa page
- Emirates ID (for residents)
- Proof of address (utility bill or tenancy contract)
- Passport-sized photographs
- Salary certificate or employment letter
- No-objection letter from employer (if applicable)
- Trade license (for business accounts)
- Bank reference or credit history (sometimes required)
- Completed application form
Requirements for a Trade License in the UAE
- Must select approved trading activities listed by mainland or free zone authorities in the UAE
- All shareholders must submit valid ID, passport, and visa copies during the application process
- Trade name must follow UAE naming rules, no offensive, religious, or political words allowed
- A local service agent may be required for mainland setups by foreign investors (varies by structure)
- Minimum share capital must be stated in the MoA, though no deposit is usually needed
- Office or warehouse lease agreement must be provided for license issuance in both zones
- Free zone businesses must follow specific rules of their chosen zone authority for setup
- Compliance with import/export regulations and UAE customs laws is mandatory
- Additional approvals may be needed for trading restricted or regulated products
- License must be renewed yearly to remain valid, with updated lease and other key documents
Regulations for Freelance Professionals
Cost Structure
The cost of getting a freelance license usually ranges from AED 7,500 to AED 20,000. The total cost depends on the free zone you choose, the type of service you offer, if you need a residence visa, and whether you rent office or coworking space.
License Renewal
A freelance license must be renewed every year. To renew, you need to submit your updated documents, pay the renewal fee, and confirm your details are correct. Renewing on time helps you avoid late fines and keeps your work legal.
License Cancellation
If you decide to stop working, you can cancel your freelance license anytime through the free zone or authority where it was issued. You must provide the required documents, pay any pending fees, and clear your bills. If you want to start a different type of business, you can apply for a new license instead of canceling.
Banking Made Easy with IBG Consultancy
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 Banking in the United Arab Emirates
We make your banking journey easy, providing you with a new account suitable for your requirements. All you have to do is contact us, provide the details, and wait for the due processing time. Contact us today to open your account in Dubai's top banks successfully.
Frequently Asked Questions
What’s the difference between a current account and a savings account?
A current account is designed for frequent usage and daily needs, while a savings account helps you grow funds gradually. You can open a current account or savings option digitally depending on the type of account you need.
Can I access my account instantly after setup?
What types of products and services are usually offered?
Are there options tailored specifically for Emiratis?
Is it possible to open an account with just AED as currency?
What features come with a debit card?
Can I get my salary deposited automatically?
Are there any reward programs linked with account use?
Can I make a send money without going to a branch?
How do I choose an account that suits my needs best?
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