How to Open a Corporate Bank Account in the UAE

Why is UAE Banking Challenging?

UAE banks operate under strict KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. They are selective about the businesses they bank, particularly for new companies, certain nationalities, and specific business activities.

Documents Required

• Certified copies of trade license and MOA
• Passport copies of all shareholders and authorized signatories
• Proof of residence (utility bill or tenancy agreement)
• Board resolution (for companies with multiple directors)
• Business plan and company profile
• Source of funds declaration

Which Bank Should You Choose?

Best for startups/SMEs: Mashreq Neo, RAKBank, Emirates NBD (Business Banking)
Best for international companies: HSBC, Standard Chartered, Citi
Best for free zone companies: Commercial Bank of Dubai, Abu Dhabi Commercial Bank
Best for low minimums: FAB (First Abu Dhabi Bank) business account

Timeline

Account opening typically takes 2-6 weeks, depending on the bank and the completeness of your documentation.