Opening a Business Bank Account in Dubai

With over 40 licensed banks operating across the UAE and increasing demand from international businesses, setting up a corporate bank account has become more regulated but also more streamlined with expert assistance.

In 2024, more than 95% of UAE-based businesses, from multinationals to freelancers, maintain dedicated corporate accounts for استكمال تسجيل ضريبة القيمة المضافة, payroll, and cross-border transactions. From opening a company bank account in Dubai to managing international transactions without foreign exchange restrictions, the right banking setup enables business scalability and financial clarity.

The UAE offers banking facilities to a wide range of business types and investor categories. Here’s who qualifies for opening company bank account in Dubai:

The UAE offers a variety of banking solutions for individuals and companies alike. Below are the most common types of bank accounts available:

Current Accounts

Designed for everyday corporate transactions and payments. Comes with chequebooks and debit cards.

For whom: Businesses and professionals needing regular local and international transfers.

Savings Accounts

Offers interest on balances and usually has limited transaction capacity.

For whom: Freelancers or SMEs who want to save surplus earnings securely.

Investment Accounts

Linked to brokerage or wealth management platforms. Returns depend on market performance.

For whom: High-net-worth individuals and holding companies looking to grow capital.

Offshore Accounts

Offered by international or regional banks for entities based outside the UAE.

For whom: Foreign investors and offshore firms seeking privacy, asset protection, and global reach.

When you open corporate bank account in UAE, each bank sets its own minimum balance requirements. The range usually falls between AED 10,000 and AED 500,000 depending on the business type and bank profile. Some key details include:

• Monthly Maintenance Fee: Usually AED 100 to AED 500 if the balance falls below the minimum threshold.
• شركات الأوفشور: Higher balance requirements and stricter transaction scrutiny.
• Free Zone Firms: May benefit from lower minimum balance thresholds, depending on the banking partner.

Understanding the fees and charges beforehand helps avoid hidden costs during account maintenance.

Choosing among UAE banks can significantly impact your company’s banking efficiency, compliance, and ease of operations. Here’s a comparison of some of the key players and their terms:

Each bank offers tailored services for businesses of different sizes and sectors, and requirements may vary for offshore and free zone companies.

Banks in the UAE follow strict due diligence protocols, so having a complete document set is essential for fast processing. Here’s what you’ll typically need:

• Valid UAE trade license
• Memorandum and Articles of Association (MOA)
• Passport and Emirates ID copies of shareholders and authorized signatories
• Proof of address for all stakeholders
• Utility bill (not older than 3 months)
• Company stamp
• Board resolution (if applicable)
• VAT certificate (if available)
• Company structure chart
• Legalized and notarized documents for offshore or international companies

Setting up a corporate bank account opening in Dubai involves a few regulated steps. Most banks follow a structured approval process:

While opening a business bank account in Dubai is possible for non-residents, banks apply stricter KYC procedures. Here are the typical restrictions:

• Enhanced Due Diligence: More in-depth background checks on the applicant and source of funds
• Mandatory Disclosure: Clear business plan, invoices, and office lease contracts are usually required
• Alternative Solutions: Nominee director services and management companies may assist in fulfilling local compliance if needed

The entire process of company bank account opening in Dubai typically takes between 7 and 30 working days depending on the bank, business profile, and completeness of documents. Fee structure includes:

• Bank Charges: Setup fees range from AED 1,000 to AED 5,000, depending on the bank
• Consultancy Fees: Setup firms may charge between AED 5,000 and AED 12,000 for full service, including notarization and bank coordination
• Other Costs: Maintenance and service fees may apply monthly or annually

Many foreign investors choose to open UAE offshore bank account due to asset protection, currency flexibility, and privacy. Here are key considerations:

• Eligible Jurisdictions: RAK ICC, JAFZA Offshore, and foreign-registered companies
• التصديق على المستندات: MOA, shareholder IDs, and board resolutions must be notarized and legalized
• No Foreign Exchange Control: Enables international transactions with minimal restrictions
• Privacy Benefits: Ideal for wealth management and holding structures
• القيود: Some banks may reject applicants from high-risk countries or politically exposed persons (PEPs)

Whether you plan to open an offshore company bank account for asset protection or cross-border trade, it’s essential to work with licensed consultants who can guide you through the legal requirements. At ITA, we provide a full range of top-notch services that guarantee compliance at each step. If you need a professional consultation from our team, contact us or fill in the form below.

ITA Business Consultants provides comprehensive bank account opening assistance in Dubai and across the UAE. Our team of specialists will:

For those needing bank account opening assistance in UAE, especially for free zone companies, offshore firms, or international owners, we offer fast-tracked, compliant solutions that simplify every step.