Opening a Corporate Bank Account in the UAE

So you are done setting up your own company and your business is ready to take off. What’s next? Opening a corporate bank account is a must. Why? Because you want to secure your money and separate your personal assets from business finances. A corporate bank account keeps the corporate veil intact and it enhances your business’ appearance of professionalism. A business account helps you to stay organized particularly comes tax filing time. When you are running a business, a bank account gives you more credibility to your paying clients. And so on.

Now why open a corporate bank account in one of the local banks in the UAE? UAE banks guarantee a high level of security and privacy. The UAE is known for its efficient banking system that contributes to the financial growth of many private companies. Of course you can open a corporate account with international banks like Citibank, HSBC and Standard Chartered Bank, among others, but local bank is much preferable due to its flexibility to small and medium-sized enterprises (SME) and startup companies.

What are the things to consider in opening an account in the UAE? We need to give emphasis on this because delay in opening a corporate account maybe crucial to your business. Ideally, you should have your application approved and your account running within a month.

In terms of documentation, the basic requirements are:

1. Professional and business profile of the shareholder where the business activity of the company should match the professional background and experience of the shareholder.
2. Proof of address or utility bill (not older than 3 months).
3. Bank statement of the shareholder for the past 6 months.
4. Corporate documents such as MOA, Share Certificate and License.
5. Corporate bank statements for the past 6 months, if applicable.
6. Business Plan or Company Profile which lays out all the information regarding the company such as business activities, potential clients, suppliers (for trading business), business partners, financial and business development plan and brief background of the management team.

You also need to consider the funds you need to maintain with the bank to avoid fines and penalties, and to maintain a good banking relationship. For UAE local banks, the minimum balance starts from AED 50,000 to AED 500,000 depending on the bank and the type of account.

Reach out to us for any assistance with your corporate account opening, MERA Advisory Services DMCC offers an expert advise at a very reasonable fee and ensure that your documents are well prepared to avoid unnecessary delay.