The United Arab Emirates (UAE) has become one of the world’s most attractive destinations for entrepreneurs and international companies. With a strong financial system, a business-friendly environment, and no corporate or personal income tax in many jurisdictions, the UAE offers a strategic base for global business.
If you’re planning to start or expand your operations in the Emirates, one of your first steps will be to open a business bank account in the UAE.
Here’s a simple 5-step guide to help you understand the process and avoid delays.
Step 1: Register Your Company in the UAE
To open a corporate bank account in the UAE, your company must be officially registered. You can choose between:
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Mainland company (licensed by the Department of Economic Development)
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Free zone company (in any of the UAE’s 40+ free zones)
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Offshore company (e.g., in JAFZA or RAK ICC, though banking options are more limited)
After incorporation, you’ll receive essential documents such as:
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Trade License
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Certificate of Incorporation
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Memorandum & Articles of Association
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Shareholder and director resolutions
Tip: Banks will not proceed without these documents. At Fidustria, we ensure your corporate documents are complete, verified, and ready before initiating the account opening process.
Step 2: Select the Right Bank for Your Business Needs
The UAE has a robust banking sector, including both local and international banks, such as:
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Emirates NBD
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First Abu Dhabi Bank (FAB)
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Mashreq Bank
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RAKBANK
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HSBC
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Standard Chartered
Each bank has its own criteria for opening business accounts, and the selection often depends on:
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Your company’s activity and jurisdiction (mainland vs. free zone)
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Required minimum balance (can range from AED 25,000 to AED 500,000+)
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Nationality of shareholders
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Risk profile and expected transactions
At Fidustria, we guide you through choosing the most suitable local or international bank—or even an EMI if it better supports your operational and timeline needs.
Step 3: Compile the Required Documentation
UAE banks are strict about compliance and due diligence. You’ll typically need:
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Trade License
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Share Certificate
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Company’s Memorandum & Articles of Association
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Passport copies of shareholders and signatories
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Residence visas (if available)
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Emirates ID (for UAE residents)
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Proof of address for shareholders (e.g., utility bill)
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Company structure chart (if part of a group)
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Business plan and invoices/contracts from potential clients
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Source of funds and wealth documents
Our team ensures that all documents are certified, translated (if needed), and presented clearly to minimize back-and-forth with the bank.
Step 4: Attend a Bank Interview or KYC Call
All major UAE banks require at least one in-person meeting or video call with the company’s shareholders or authorized signatories. This is used to verify:
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The nature of your business
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The background of the shareholders
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Your projected monthly volume and types of transactions
Fidustria works to minimize physical presence, and when possible, facilitates remote interviews to streamline onboarding.
Step 5: Account Approval and Initial Deposit
Once your application is approved, you’ll receive your IBAN and access to online banking. You may then:
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Deposit the minimum required balance
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Order debit/credit cards
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Set up currency accounts (AED, USD, EUR, etc.)
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Start transacting with clients and suppliers
Note: Depending on the bank and the business activity, approval timelines may range from 2 to 6 weeks. Having everything in order at the start is key to faster processing.