Can an Abu Dhabi Freelancer Licence open a corporate bank account?

Can an Abu Dhabi Freelancer Licence open a corporate bank account?

The answer is yes. There are a number of banks that will set up a corporate account for a Freelancer licence although the set up is depending on a number of factors and is case by case with each bank.

The Abu Dhabi Freelancer is essentially a Sole Establishment Licence that is 100% owned by a single person. This single person is the UBO for the Freelancer Licence and retains full liability and responsibility for the business. The Freelancer licence can have whatever name it likes as long as it doesn’t conflict with others and conforms to UAE naming standards - so the licence is not named after the person, it is a separate entity.

There are a number of banks that allow freelancers and SMEs to set up with zero balance account, with no deposit required – as opposed to the standard corporate account which can require a deposit of 50,000 plus in order to open the account.

The Freelancer will require the following documents to open a corporate bank account:

1. Freelancer DED Trade Licence
2. Passport, UAE Visa and Emirates ID copy of the 100% owner and signatory
3. Address proof of the company and the individual owner
4. 3 months bank statements of the company (if existing) or the owner (if new company)
5. At least one Invoice of a customer or supplier

Lean more about Abu Dhabi new freelancer licence, here

If you need assistance with setting up a freelancer permit in Abu Dhabi, Dubai or the wider UAE, and if you need assistance with corporate bank account opening in the UAE, or for any other PRO, visa, company set up, restructuring or local partner matter in the UAE or then please do get in touch with us on +971 (0)4 456 1761 for Dubai or +971 (0)2 448 5120 for Abu Dhabi, email us at SovPPG@SovereignGroup.com or complete the contact form below and we will be delighted to assist you