Open your Business Bank Account in Dubai

Dubai is one of the leading international financial centres and among one of the fastest-growing cities in the world; this naturally makes it the hotspot for corporate banking. Dubai's stable financial market, strong bank secrecy, and low regulations make it a preferred city for banking over other financial centres.

At Commitbiz, our in-depth knowledge of banking protocols in the UAE and our excellent relationship with most international as well as local banks have helped hundreds of our clients successfully in bank account opening in Dubai, Abu Dhabi, and all other emirates.

How do you Open a Bank Account in Dubai?

The requirement for opening a bank account in Dubai varies from one bank to another. However, the presence of a major director or shareholder is needed. 

It may sometimes happen that the attorney may set up accounts on behalf of their clients, though this is not a common practice. Here are the steps to open a corporate bank account in Dubai:

It is important to obtain a business license to open a business bank account. The bank will not recognise a business if they don't obtain a business license in Dubai.

The documents required for business bank account in Dubai are mentioned above. The exact documents needed will differ from bank to bank. 

Some banks also require supporting documents like contracts or invoices, reference letters from a business partner, business plans, and information regarding intended business activities.

Check whether the company shareholders are required to have a residency visa. Some banks require proof of this from at least one shareholder, while others do not ask for it at all. 

So, the issue of whether or not your shareholders have residency visas in place may have a bearing on which banks you consider applying to. It's best to find out early which banks have these requirements so it doesn't cause any delays to your application further down the line.

Once the documents are in place, the business must approach the UAE banks. The one that is right will depend on specific requirements. One should consider the following:

When choosing a bank in the UAE, it is important to consider that most banks require you to have a residence visa. Additionally, selected banks may request that you provide a local address in the UAE.

Most banks in the UAE require a continuous minimum balance. This can range up to AED 1m, though most start much lower. 

For example, Noor Bank offers three tiers of accounts with minimum balances ranging between AED 20,000 and AED 500,000.

One can now begin the official account opening procedure. It is better to go physically to the bank rather than get in touch online. 

One can also take off a bank account opening specialist like Commitbiz. You have already got plenty of things to worry about when establishing a new business: make sure that setting up your corporate bank account isn't one of them.

Bank Account Opening in Dubai - Benefits

The following are the benefits of bank account opening in Dubai:

  • Zero taxation
  • Asset management
  • Easy transfer of funds
  • Attractive interest rates
  • Easy international access
  • Phone and online banking
  • Flexible investment period
  • Non-restrictive banking options
  • Dedicated relationship manager

Bank Account Opening in Dubai - Requirements

The following documents are essential to open a bank account in Dubai after your business setup in Dubai:

  • Original company documents (COI, MoA, License, etc.)
  • Passport copy of shareholders and signatories [in case of corporate shareholding, a document of the parent company and a passport copy of the ultimate beneficial owner (UBO)]
  • Copy of UAE visa (resident or visit)
  • Presence of the signatories in Dubai to sign forms in the banker's presence

You may also be asked for the following:

  • Last six months' bank statement of the shareholders
  • Customary KYC questions.

Why do I Need a Business Bank Account in Dubai?

Below is the list of requirements that push you to bank account opening in Dubai:

  • Easy investments.
  • Easy accessibility of funds.
  • Easy operation of trade activity.
  • Easy payment options (both receiving and sending).

Offshore Bank Account in Dubai| A Viable Alternative

If you are running a business in the UAE, you'd definitely like to take advantage of the benefits that come with a bank account here. If, for some reason (like the nature of the business activity, nationality constraints, etc.), you aren't able to get a corporate bank account for your company in the UAE, we have good news for you!

You may opt for opening an offshore bank account in UAE instead. An offshore account in Dubai is one that is present in a country different from your location of business. 

It provides you with the same level of accessibility and benefits, plus more! Commitbiz is the approved introducer for ABC Banking Corporation, Mauritius. 

It provides the following facilities:

  • Minimum account opening deposit of just 5,000 USD (or equivalent)
  • Free Internet banking (both viewing and transaction)
  • No statement or ledger fee
  • Multi-currency accounts
  • E-banking

Note: You need not get your documents attested for a second time for the offshore bank account.

Commitbiz – One-Stop-Shop for Opening a Corporate Bank Account in Dubai

Commitbiz is a registered firm that helps small, medium, and large companies as well as entrepreneurs. We take care of all our client's business requirements and assist them with company incorporation from start to end. 

The business development team from Commitbiz works towards limiting our clients' liabilities and ensuring that their assets are protected with free money repatriation and zero taxation, thereby ascertaining their business growth. 

We assist you with all matters related to opening a corporate bank account in Dubai, including preparing the bank account application forms and attending the bank interview on your behalf. 

We can also help you with opening an offshore bank account. For your bank account needs in the UAE, contact us today - we'd be happy to assist!

Frequently Asked Questions (FAQs)

Is it mandatory to deposit a capital in the bank for opening a company?

This used to be mandatory but not anymore. Capital deposit requirement has been waived by most of the licensing authorities/registrars in the UAE, except a couple of licensing authorities (like DMCC free zone, Abu Dhabi Department of Economic Development).

Do banks issue a debit/credit card after the company bank account has been opened?

Mostly not; but a few banks would issue a debit card if it is a singly owned company. Same with a credit card; most banks do not give credit cards. But a few would give it against a deposit.

Do banks in the UAE give cheque books for an offshore company bank account?


Can one open a multi-currency account in the UAE?

Yes; companies in the UAE can have accounts in different currencies like AED, USD, Euro, GBP, CHF, etc.

Is an offshore company eligible for letter of credit?

Offshore companies are not eligible for letter of credit (LC) or any other credit facilities from the banks.

What is the minimum balance required?

The balance requirements are kept in the form of monthly average balance. Some banks have the minimum monthly average cap as low as AED 10,000 or equivalent amount in any other currency.