Corporate Bank Account in the UAE

Opening a corporate bank account is an essential step for running a business in the UAE. Banks conduct strict KYC (Know Your Customer) checks before approving any account.

Main Banks for Business

Bank	Type	Min. Balance	Processing Time
Emirates NBD	Government	From AED 50,000	4–8 weeks
RAKBANK	Private	From AED 25,000	2–4 weeks
ADCB	Government	From AED 25,000	3–6 weeks
Mashreq	Private	From AED 50,000	2–4 weeks
FAB (First Abu Dhabi Bank)	Government	From AED 50,000	4–8 weeks

Required Documents

Corporate documents:

• Trade License — original and copy
• Memorandum and Articles of Association (MOA/AOA)
• Certificate of Incorporation
• Free zone certificate (for free zone companies)
• Shareholder register

For founders/directors:

• Passport (original)
• Emirates ID (if applicable)
• Proof of address (utility bill from last 3 months)
• CV or business profile

Business documents:

• Business description and source of income
• Business plan (for newly incorporated companies)
• Description of target clients and countries of operation
• Existing invoices or contracts (if available)

The KYC Process

1. Initial questionnaire — completed online or in person at the branch
2. Document review — legal and compliance departments
3. Screening — international sanctions list checks (OFAC, EU, UN)
4. Interview — in person or via video call with a relationship manager
5. Decision — approval or rejection (no right of appeal, but you may reapply later)

Common Reasons for Rejection

• Founders from high-risk jurisdictions (Russia, Iran, etc.)
• Unclear business description and source of funds
• Operations in sanctioned countries
• Free zones with poor bank relationships
• Lack of real economic substance in the UAE
• Negative history from previous licences or accounts

Tips for Successful Account Opening

1. Apply to 2–3 banks simultaneously — this is entirely legal
2. Describe your business clearly — who pays you, who your clients are, which countries you operate in
3. Choose the free zone’s preferred banking partner — some free zones have formal bank referral programs
4. Prepare for the interview — answer specifically and confidently
5. Have documents proving source of funds — bank statements, invoices, contracts, sale agreements

Digital and Neo-Banks

Alternatives to traditional banks for UAE businesses:

• Wio Bank — UAE digital bank; fully online onboarding
• Liv Business (Emirates NBD digital) — faster setup process
• ADIB — Islamic banking option with competitive terms

We guarantee successful corporate account opening for our clients. Get assistance.