Open a Bank Account

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When you are setting up a new business entity, banking is one of the first few aspects that need to be considered. Banks in the UAE have various options depending upon the size and other requirements of companies and Individuals. Businesses need to have a clear idea of their bank needs to set up a banking account. A series of formalities need to be completed for new businesses to open a UAE Business or Corporate bank account.

Our team of experts can guide you through the right channels and give the right advice on choosing the appropriate banks while setting up a business bank account. We assure a hassle-free smooth incorporation process.

IMPORTANT FACTS ABOUT OPENING A CORPORATE BANK ACCOUNT

The applicant should be physically present in the UAE to have the documents verified by the bank representative.
Applicants living outside of the UAE can start the application process online and then conduct online meetings or phone calls to process the bank application. However, once the application is approved, you will have to fly into the country for a physical verification.
Depending on the jurisdiction, nationality, business activity, and number of shareholders the whole process can take from 25 – 40 business days.

DOCUMENTS REQUIRED FOR OPENING A BANK ACCOUNT

There are few mandatory documents required to start any banking application.

  • Emirates ID and Residence Visa Copy of at least the Signatory
  • Comprehensive Curriculum Vitae (CV) of all Shareholders
  • Detailed Business Plan
  • Business Activity List
  • Last 6 Months Personal Bank Account Statements of all Shareholders
  • A Copy of Ejari
  • Complete Set of Certified Company Incorporation Documents
  • Memorandum and Articles of Association (MoA, AoA)
  • Certificate of Incorporation
  • Shareholders Registry
  • Passport Copy of all Shareholders

FEES FOR INITIATING THE BANKING PROCESS

A nominal fee from AED 3,500 will be charged for the whole banking procedure. Our team will help clients assess their company activities, shareholders list, initial funds, expected annual returns and advise the best bank that suits their needs whilst managing any requirements related to their corporate structure or trade license activity and requirements.

During the incorporation process, our team will guide you through best practices, giving you access to our extensive network of banking experts so that you can make a fully informed decision before opening your account. Creative Zone team will handhold the client through the whole journey by acting as a representative from the bank making the whole process hassle-free and smooth.

FAQs

Frequently Asked Questions

  • How long is the banking setup process?

    Each bank will have its own processes and timescales for account opening. It can take from 2 weeks up to 12 weeks, depending on the client profile, business activity and jurisdiction.

  • How can we start the corporate banking process?

    We can start the process once all the required documents are ready, and the residency and emirates ID have been received.

  • How can I choose which bank is most suitable for my company?

    We will assist you on choosing the banks based on the company profile. We will apply to those banks that will accept the application and has a higher chance of approval.

  • Can I apply as a non-resident?

    A Residence visa is required and mandatory to apply for corporate banking.

  • Do I need to be in UAE during the process?

    Physical presence of the authorised signatory in the UAE is a requirement to complete the process.

OUR TRUSTED BANKING PARTNERS


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