UAE Business Bank Account Opening Services

A corporate bank account is important to ensure that businesses can receive and make payments, comply with tax regulations, and manage their financial transactions in a transparent and secure manner.

Companies are required to file financial reports and a corporate bank account is essential for maintaining accurate financial records and facilitating tax compliance. As part of the compliance requirements, banks will ask for details including nature of business, expected annual turnover and company information including UAE mobile number, local residence address, UAE PO Box No, home country residence address and email ID concerning Know Your Client (KYC) compliance checks.

While having a corporate bank account is a legal requirement, the specific requirements, and processes for opening an account can vary depending on the bank and the type of business activities. Sovereign PPG have connections with many banking partners who assist with corporate/ business bank account setup.

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A corporate bank account is required in Dubai and the wider UAE for businesses registered in the country. Opening a business bank account in Dubai, Abu Dhabi or the wider UAE is therefore a legal requirement. It is prohibited by UAE law to use a personal account for business purposes in accordance with the UAE Central Bank's regulations. A corporate bank account is important to ensure that businesses can receive and make payments, comply with tax regulations, and manage their financial transactions in a transparent and secure manner.

The UAE has strict regulations governing the operations of businesses, including financial reporting and compliance requirements. One of these requirements is to maintain separate financial records for a company, and having a local business back account in Dubai or your relevant emirate is an essential part of this. This will become even more important with the introduction of 9% corporate tax in the UAE from June 2023.

Sovereign PPG Bank Account Opening Services

Opening a bank account in the UAE has been a particular pain point for our clients and as a result we launched our corporate bank account opening assistance services to assist with a very onerous process.

Corporate Bank Account Opening Assistance
Shareholders Personal Bank Account Opening Assistance
Offshore Bank Account Opening Assistance
Bundled Employee Bank Account Opening Assistance

What banks do we work with?

Sovereign PPG have built solid relationships with several local banks including Emirates NBD, Mashreq Bank, First Abu Dhabi Bank (FAB) and many other reputable banks.

Setting up an account with any one of these banks in the UAE requires an understanding of the client profile and business structure. An initial assessment call with our banking consultants will help you to determine which banks will work based on the requirements of the bank, the documents you are able to provide and your business banking needs.

The time it requires to open a corporate bank account in the UAE can also vary considerably, most cases can take between 20-60 days. The timeline will completely depend on the structure of the business, the complexity of the structure and how long it takes to compiles and submit all the required documents.

Requirement to open a business bank account in Dubai / UAE

The following steps are required to set up a business bank account in Dubai, Abu Dhabi and wider UAE:

Obtain Trade Licence – Business trade licence is required as one of the submitted documents for bank account set up.
Choose bank – Bank's fees, services, reputation, and location will vary so assess which bank best suits your company’s needs/requirements.
Prepare required documentation – Many banks will require similar documentation such as trade licence, Memorandum of Association (MOA), Passport, Visa and EID of all partners etc. Some banks may require additional document submissions.
Submit Application – Complete bank account application form and once approved, you will receive a bank account agreement which will need to be reviewed, signed and returned.
Deposit funds – Generally each bank has minimum balance requirements for corporate account set up and can generally range between AED 25,000.00 to AED150,000.00.
Activate online banking – Set up online banking to manage your account, view transactions and make payments.

Additional things to note:

Physical presence is required during the application phase for the UAE bank opening process for signing and submitting forms with bank representative.
UAE banks generally require documents to be provided/translated into English alongside the original language document. Sovereign PPG provide our clients with document translation and attestation services.

Benefits of setting up a business bank account in the UAE

What are the Document Requirements to set up a UAE business bank account:

Document requirements for opening a business bank account in Dubai and wider UAE can range depending on the bank, but generally UAE banks will ask for the following documents:

Company Licences/ Trade Licences, Commercial Registration, and/or Chamber of Commerce Membership Certificate
Memorandum of Association (MOA)/ Article of Association (AOA)
Certified passport copies for the UBO and partners including Local Shareholder/s
Emirates ID copy shareholders and general manager
Tenancy or utility bill of signatory un UAE within the last 3 months
Business Plan/Model
6 months bank statements (examples of latest invoices of sales/purchases)
Partners CV/Resume
In case owner currently owns another business, provide business ownership documents/ or salary slips if ex-employee.
Board Resolution
Latest audited financials (company monthly and yearly turnover)
Company profile & website
List of three major suppliers and customers
Office lease agreement

Additional documents may be requested. The documentation requirements may be more substantial for more complicated corporate company structures.

Advantages of setting up a UAE business bank account:

UAE banks offer advantages and benefits to entice you into choosing to bank with them. For example, banking with Mashreq, Emirates Islamic, NBQ, Emirates NBD, and Banque Misr offers the following advantages:

First cheque book issuance is free
Free monthly statements
Unlimited transactions at Branch counters
Convenient Online Banking Services to take care of your daily banking needs.
Useful Direct Debit service to help you plan your payments.
Helpful money transfer service between your accounts
Convenient foreign currency options for your new account
Preferential exchange rates for forex transactions

Sovereign PPG can help you decide which is the best business bank account in the UAE by assessing your company's requirements.

How can Sovereign PPG help?

Opening a corporate bank account for your business in the UAE can be a challenging and time-consuming process. Opening a business bank account is a key part of the company formation process and follows closely after receiving company trade license.

Each bank has its own internal rules and regulations, so deciding which one to use can cause further confusion. Sovereign PPG have strong connection is the top UAE banks and extensive knowledge of the different banking requirements as it relates to your business activities, minimum balances, compliance, and documentation, and we can provide a full bank account opening service to assist individual investors and companies to establish local UAE banking facilities swiftly and correctly.

Please contact the Bank Account Opening Team at PPG using the contact form below, 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 and we will be delighted to assist you.