Opening a Corporate Bank Account in Dubai: A Practical Guide for Foreign Entrepreneurs
Everything you need to know about opening a business bank account in Dubai in 2025: which banks to choose, what documents to prepare, and how to pass KYC successfully.
Opening a corporate bank account in Dubai is one of the most challenging parts of setting up a business in the UAE — but with the right preparation, it’s entirely manageable. This guide covers everything you need to know.
Why Is It Challenging?
UAE banks operate under strict AML (Anti-Money Laundering) and KYC (Know Your Customer) regulations. Since February 2022, enhanced due diligence applies to clients from certain jurisdictions, including Russia, Belarus and others. Banks take weeks to review applications, and rejection rates for under-prepared applications can be high.
The good news: with proper preparation and the right documents, the process is straightforward.
Choosing the Right Bank
Top banks for international entrepreneurs:
| Bank | Best For | Min. Balance | Approx. Timeline |
|---|---|---|---|
| RAKBANK | SMEs, first-time UAE businesses | AED 25,000 | 2–4 weeks |
| Mashreq | Tech companies, international businesses | AED 50,000 | 2–4 weeks |
| Emirates NBD | Established businesses | AED 50,000 | 4–8 weeks |
| ADCB | Companies with UAE government clients | AED 25,000 | 3–6 weeks |
| Wio Bank | Digital-first, fast onboarding | No minimum | 1–2 weeks |
Pro tip: Apply to 2–3 banks simultaneously. This is legal and common practice — it increases your chances and saves time if one bank declines.
What Banks Will Ask For
Company Documents
- Trade License (original)
- Memorandum and Articles of Association (MOA/AOA)
- Certificate of Incorporation
- Shareholder register (showing all UBOs)
- Free zone registration certificate (if applicable)
Personal Documents (per shareholder/director)
- Passport with all pages
- Emirates ID (if UAE resident)
- Proof of address (utility bill or bank statement from last 3 months)
- CV or professional profile
Business Documents
- Business description: what you do, who your clients are, which countries you operate in
- Business plan (for newly incorporated companies — especially required by larger banks)
- Source of funds explanation (especially for non-GCC founders)
- Sample contracts or invoices (if available)
The Source of Funds: Make or Break
The most critical element banks evaluate is your source of funds: where did the money come from that you’re depositing?
What to prepare:
- If proceeds from a business sale → sale agreement, wire transfer records
- If dividends from another company → dividend resolutions, bank statements showing receipt
- If salary savings → employment contract, payslips, personal bank statements
- If inherited → legal inheritance documents
Write a clear, concise Source of Funds Letter in English. This is a one- to two-page document explaining:
- Your professional background
- The nature of your UAE business
- Expected clients and countries of operation
- Where the initial capital comes from (with exact amounts and documentation)
The Interview
Most banks require an in-person or video interview with a relationship manager. Tips:
- Be specific — vague answers raise red flags
- Know your numbers — expected monthly turnover, number of transactions
- Explain client geographies — “We work with clients in EU and MENA regions, primarily B2B software services”
- Have all documents ready — don’t promise to send them later
Timeframes to Expect
- Document collection: 1–2 weeks
- Bank processing: 2–8 weeks depending on the bank and your risk profile
- Account activation: 1–2 days after approval
Digital Banking Alternatives
If traditional banks take too long or decline:
- Wio Bank — UAE’s fully digital business bank; faster KYC; lower thresholds
- ADIB — Islamic banking; competitive for certain business types
- Liv Business — Emirates NBD’s digital SME banking arm
These can serve as a backup while your traditional bank application is pending, or as a primary account for simpler operations.
Minimum Balance Requirements
Most UAE banks require maintaining a minimum balance to avoid monthly charges:
- Under the minimum: AED 100–500/month fee
- Maintaining the minimum: no fee
Plan ahead: have enough funds to maintain the minimum balance from day one.
After the Account Is Open
- Set up online banking immediately
- Register for a TRN (Tax Registration Number) with the FTA if your turnover will exceed AED 375,000/year
- Keep your business transactions clean — personal expenses through the business account raise compliance flags during annual reviews
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