Open your business account with the UAE’s most reputable banks
Our dedicated specialists simplify the bank account opening process, ensuring a smooth and hassle-free experience from start to finish.
You must be physically present in the UAE to meet with a bank representative, sign the application, and submit your documents.
If you're outside the UAE, you can start the process online. A phone or video call is typically required. Once approved, you must visit the UAE to complete the account opening by signing in person.
Online applications are usually processed within 14 days. In-person applications may take 25 working days or more, depending on the case.
- ACCOUNT OPENING
Business Bank Account Opening in the UAE
Client Evaluation
We begin by assessing your company’s nature of business, operations, projected annual turnover, and available initial funds. Based on this evaluation, our experts will recommend the most suitable banking option aligned with your business requirements.
Coordination with the Bank
Should the bank request additional information or steps, our team will coordinate directly on your behalf. If you are unable to attend a Contact Point Verification (CPV) meeting, we can act as your authorised representative, depending on the bank's policy.
Audit Support
We will guide you through the preparation and submission of the required documents, which may include:
- Certified company incorporation documents
- Company profile
- Valid passport copies of all shareholders
- Personal CVs of all shareholders
- Last 6 months of personal or business bank statements
- Emirates ID and residence visa copy of the signatory
- Copy of your Ejari or proof of UAE residential address
Bank Account Opening in the UAE: A Practical Guide for Entrepreneurs
Opening a bank account in the UAE is essential for managing your finances, whether you’re relocating, starting a business, or both. This guide outlines the process, types of accounts, and key considerations to help you make informed decisions.
Understanding the UAE Banking System
The UAE has a robust and regulated banking sector, overseen by the Central Bank. It includes over 50 local and international banks, offering services aligned with global standards like IFRS and Basel III.
There are four main types of banks:
Commercial Banks
Investment Banks
Industrial Banks
Islamic Banks (offering Sharia-compliant services and making up nearly 20% of the sector)
Most banks cater to both residents and non-residents, offering services in Arabic and English.
Types of Bank Accounts in the UAE
1. Current Accounts
Ideal for everyday transactions. Comes with a debit card and checkbook. Some accounts require a minimum balance (typically AED 3,000), unless salary is regularly transferred.
2. Savings Accounts
Best for earning interest with limited withdrawals. No checkbook included. Interest rates and fees vary by bank.
3. Investment Accounts
For medium to long-term financial growth. These accounts require a minimum balance and offer ROI between 3% and 7% annually.
4. Offshore Accounts
Available to UAE residents for international fund transfers and wealth management. Offshore banking offers tax efficiency and financial privacy.
5. Corporate Accounts
Mandatory for UAE businesses. These are typically current accounts designed to handle high transaction volumes. Opening takes 2–4 weeks and requires:
Trade license
Company incorporation documents
Shareholder IDs and visas
Board resolution authorizing account opening
Documents Required
For Residents:
Passport copy
UAE residence visa
Emirates ID (or registration)
Salary certificate
For Non-Residents:
Passport copy
Bank reference letter
Recent utility bill
Last 6 months’ bank statements
Proof of income source
Mobile Account Opening
Several banks allow mobile-based account setup:
Liv by Emirates NBD
Neo by Mashreq
YAP (digital-only bank)
Simply download the app, scan your Emirates ID, and follow the guided steps. Debit cards are delivered within a few days.
Choosing the Right Bank
Before choosing a bank, consider:
Minimum balance requirements
Fees, penalties, and withdrawal limits
Salary transfer criteria
International transfer services and timelines
ATM availability and network
Employer-bank compatibility
Reading customer reviews or getting recommendations can help assess reliability and service quality.
Business Credit Cards in the UAE
Business credit cards support operational expenses and help build your company’s credit history. Eligibility typically depends on:
Age and income
Valid trade license
Company financials
Each bank has different terms, so compare options to find the most suitable card for your needs.
Simplify Your Banking in the UAE
Opening a bank account is a crucial step for managing your business and personal finances in the UAE. Whether you’re launching a startup or relocating, having the right financial setup ensures smooth operations.
Need help with business setup and banking in the UAE?
Contact Mavericksvcs and let our experts guide you through the entire process.
