If you are searching for the ultimate solution to the question “how to open a bank account in Dubai?” then you are at the right place. At DXB-VIP, we realize that understanding the financial system in the UAE is the most important step that any entrepreneur has to take. Opening a bank account in Dubai is a basic necessity for any entrepreneur when setting up a business.
The banking sector in Dubai has experienced a drastic change in the past few years reducing the time for opening accounts from more than two months to just five days in some cases.
This new system integrates the government and banking verification processes, thereby improving the business-friendly environment in Dubai. However, despite this advancement, the process is still quite elaborate and document-intensive, reflecting the high Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) standards.
How to Open a Bank Account in Dubai?
Opening a bank account in Dubai for expats can be challenging. However, this step-by-step guide will walk you through each step. Let’s get started!
1. Choose the right bank
Dubai provides different banking solutions for corporate accounts, which can be broadly classified as:
Traditional Banks – These banks are full-service banks that provide corporate banking services like trade finance, multi-currency accounts, corporate loans, and merchant services. Examples include:
- Emirates NBD
- First Abu Dhabi Bank (FAB)
- Mashreq Bank
- Dubai Islamic Bank
- RAKBANK
- HSBC UAE
Digital & Fintech Banks – These are relatively new banks that are best suited for start-ups and SMEs who require fast online account opening, lower minimum balances, and more modern banking platforms. Examples include WIO Business and Mashreq NeoBiz.
Although faster, digital banks might have some restrictions on international money transfers or trade services.
Tip: Select a bank according to your company size, transaction volume, and future business requirements.
2. Complete all the required documentation
Before applying for a corporate account, it is essential to ensure that your business is completely registered in the UAE, whether it is a Dubai mainland or a free zone company formation. The documents required are:
- Trade License/ Certificate of Incorporation
- Memorandum & Articles of Association (MOA/AoA)
- Proof of address
- Certificate of Good Standing
3. Prepare stakeholder and personal documents
Banks check all the shareholders, directors, and authorised signers. The following documents must be collected:
- Valid passports of all shareholders
- Copies of UAE visas (if resident of UAE)
- Utility bill or tenancy contract for residential address proof
- CVs or biographies of key personnel
- Personal bank reference letters (if required by the bank)
4. Operational and Business Documents
Banks need an understanding of your business activities to ensure that you comply with regulations. Be ready with:
- Business plan
- Estimated monthly and annual turnover
- Sample contracts or invoices
- Lease agreement for your office or registered business address
- Source-of-funds documents
5. Open your Business Account Application Online
Most banks have made it possible for you to begin the process of opening your business account online. This saves you time and effort. You are required to upload your business documents, shareholders, and business plan through the bank’s online platform. This way, your documents are pre-verified, and you only need to visit the bank’s branch for physical verification.
The banks that offers online banking options include:
- Liv Bank (by Emirates NBD)
- RAKBANK
- FAB (First Abu Dhabi Bank)
- Wio Bank
- Emirates NBD
6. Schedule Bank Meetings and Complete Verification
Even if the initial contact is made online, banks will usually require a physical meeting with the signatories. During this meeting, be prepared to:
- Show original documents for verification purposes
- Describe your business model and financial operations
- Describe the source of funds
- Describe banking requirements such as internet banking, payment processing, or trade finance
7. Minimum Balances and Fees
Corporate accounts in Dubai may have minimum average monthly balance requirements (it may subjected to change):
- Small or digital accounts starting from AED 5,000 to 10,000
- Standard SME accounts: AED 25,000 to 50,000
- Premium accounts: AED 100,000+
8. Due Diligence and Approval Timelines
After submission:
- Background checks are conducted on all stakeholders by banks
- The authenticity of legal documents is checked
- Further information regarding funding or business operations may be sought
Typical Turnaround Times:
- Straightforward cases: 7-10 working days
- Standard business structures: 2-4 weeks
- More complex business structures (with multiple shareholders, foreign companies, or high-risk sectors): up to 6-8 weeks
9. Post-Approval Setup
Once approved:
- Make the initial deposit to meet minimum balance requirements
- Activate online banking and assign authorised signatories
- Set up transaction alerts via email or SMS
- Integrate your account with accounting software for payroll and invoicing
How to Open a Business Bank Account Online?
Opening a business bank account in Dubai is an exciting part of forming a new business. As a business owner, your time and resources are already extremely limited.
Fortunately, with the evolution of online banking, the restrictions of having to go into a bank to open your business bank account are gone. With new and improved flexible banking options, opening a business bank account can be achieved online in a matter of minutes.
Connect with DXB-VIP to get started!
DXB-VIP is a leading business setup consultancy in Dubai, offering a wide range of business setup solutions for entrepreneurs and global companies. Whether you are looking forward for business set up in Dubai mainland or in a Free Zone, DXB-VIP’s team of lawyers and financial advisors makes the UAE’s complex regulatory system much simpler.
With us, opening a business bank account in Dubai for non-residents made easier. Getting the strict compliance and “Know Your Customer” (KYC) requirements of UAE banks can be challenging from abroad, but DXB-VIP bridges this gap by preparing bank-ready documentation and facilitating remote or in-person introductions to leading financial institutions. Let’s get started!