UAE Corporate Bank Account After Company Setup

After the company setup and residency visa processes, there comes the crucial step of opening a business bank account in the UAE. After all, a company without a corporate bank account is basically pointless!

Opening a corporate bank account in UAE has gained a reputation for being bureaucratic, complex, and frustrating and unfortunately, this is true! It is not an easy task as it takes a lot of time and effort due to the internal rules and regulations of each bank.

Here’s all you need to know about opening a corporate bank account in UAE, including the necessary documents, challenges to look out for, and an easier solution to all the problems.

How to open a corporate bank account in UAE

Although all banks are regulated by the Central Bank of United Arab Emirates, they each have their own compliance department and their own specific policies. However, most banks follow the same procedure for starting the account opening procedure.

Here are the steps to opening your business bank account in Dubai and any other UAE emirate:

Obtain your trade license

The first step to opening a business bank account in any UAE bank is to get a UAE trade license. In fact, you won’t be recognized as a legal entity in UAE without a trade license. Check out this practical guide on getting your UAE trade license here.

Choose your bank

There are many banks in UAE and they are either local or incorporations of foreign banks.

Throughout time each bank has gained its reputation. One is famous for having rather fast procedures, one is more credible, and one is pickier on transactions! Therefore it would be best to choose your bank carefully, given its reputation, pros, and cons.

Collect required documents

These are the usual documents required for opening a corporate bank account in UAE:

  • Trade license
  • Memorandum of association
  • Office lease agreement
  • Shareholders’ and managing director’s valid passport copy
  • Shareholders’ and managing director’s valid Emirates ID
  • Shareholders’ and managing director’s residence visa copy
  • Company share certificate

Banks may ask for other documents and certificates as well on a case by case basis, such as:

  • Comprehensive CV
  • Utility Bill or proof of address
  • Previous personal bank statements
  • Business plan
  • List of clients
  • List of suppliers or partners

Start the application

Once your documents are in order, you will have to have a face-to-face meeting with the bank representative and begin the application process.


After all the paperwork, there comes the hardest part which is waiting! Although opening a corporate bank account is a relatively fast process in many countries, it takes more than usual in the UAE.

Why outsource corporate bank account opening to Nexus Partners

Opening a bank account is a headache in UAE. It takes a lot of energy and time to start the application process and then a lot of patience and time for the application to actually work out. This is while time is super crucial at the beginning stages of business setup for entrepreneurs.

Here’s where Nexus Partners can help you. With partners in various UAE banks, we will go forward with your application fast and efficiently.

Our business consultants’ familiarity with UAE rules and regulations will also help avoid certain pitfalls, avoid possible rejections, and speed up the process.

How you present your personal and company information matters and it’s important to get it right from the start.

A few other things to consider before opening a bank account in UAE

  • Choose a bank with ATM machines and branches close to your office for more convenience and ease in case of emergency
  • Check for possible limitations such as the number of transactions allowed, multicurrency accounts, debit cards, and signing authorities if multiple shareholders… for each bank
  • If your chosen banks require a minimum balance, make sure it’s possible for you, in order to avoid fees.


Here are the answers to some of the most common questions we get from our clients. You can also reach out to us for a free consultation if you can’t find answers to your concerns here.

Can non-resident business owners open a business bank account in UAE?

It is possible for non-residents to open business bank accounts in UAE. However, they won’t probably be able to get a credit or debit card with their account.

How long does it take to open a corporate bank account in UAE?

The timing is different for each bank based on their internal policies and procedures.

Usually, the corporate bank account opening process can take between 2 weeks to 3 months in Dubai and UAE with the longest time being for offshore companies.

How much does it cost to open a corporate bank account in UAE?

At Nexus Partners we can help you with all the stages of bank account opening process in the UAE. Our consultants will provide you support and advice in presenting yourself and your business to the bank in the right way.

This will shorten the time it takes to open a corporate bank account and you will enter the process fully organized, and with a setup that will not cause issues with the bank.

You can get in touch with us for a quick call to get more information about the fees and costs.

Is opening a bank account guaranteed in UAE?

Unfortunately no. This is why it is critical to receive the right support from the outset. Your business license setup and activities will have a large impact on your success in gaining a corporate bank account.

All advice and structures provided by Nexus Partners are developed in the context of what you are looking to achieve commercially, and to maximize your success in gaining a bank account.

Are there any minimum balance requirements for a corporate bank account in UAE?

There are various conditions for minimum balance requirements in UAE banks from zero balance accounts to monthly average accounts.

Most UAE banks usually have support programs in which they open faster accounts for newly set up businesses with zero balance required. However, these accounts usually have limited facilities and may require ongoing validation of transactions.

Is it necessary for the owner to be present while applying for a corporate bank account?

If you handle the account opening with a business setup company like Nexus Partners, you will only have to be present for the face-to-face meeting and signatures and the rest can be provided remotely. Otherwise, you will need to engage at all stages.

Does a limited company have to have a business bank account?

Since it is not legal to use personal bank accounts for business purposes, any kind of company will be required to have a corporate bank account in the UAE.

There is no restriction in gaining a bank account for a UAE trade entity outside the UAE, although most banks in other countries are likely to decline providing services.

However, there are other solutions available. You can get more information about these by getting in touch with Nexus Partners consultants.

Is it possible to open a business bank account with a minimum balance in UAE?

Yes. Most banks in UAE have minimum balance accounts available. As these are less attractive to banks, these can often take longer to open.

What about an online bank account opening?

Many banks in UAE provide the option of opening a corporate bank account online on their website or through their app, however, it usually takes a lot more time than promised. The lack of direct contact can also make the process/application status more frustrating.

Is it possible to open multi-currency bank accounts in the UAE?

Yes – most banks will provide multi-currency accounts.

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