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.