Bank Account Opening

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SME ACCOUNT OPENING


Global Office regularly opens corporate bank accounts with all UAE banks. For a number of international clients we also handle and manage their complete banking transactions on an ongoing basis with full power of attorney.

Please contact us now for further assistance if you wish to open a corporate bank account in the UAE.

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Due to the fact that banking differs a lot from banking in the Western world it is highly advisable to hire a locally experienced consultant who can effectively deal with the red tape and specific requirements of this market.

Setting up a bank account in UAE is not necessarily a straight forward process. Banking rules and regulations have considerably tightened over the last few years and banks now request a detailed KYC (Know Your Customer Profile). For an SME bank account many banks require a residence visa.

Opening a corporate bank account is sometimes a quite cumbersome process and can take from 10 days to 3+ weeks with frequent bank staff interaction. Normally banks ask for all company related documents such as business license, corporate share certificate, certificate of incorporation, memorandum of association, chamber of commerce membership in some cases, passport copies of the managers, shareholders, reference letters and 3-6 months bank statements from banks in home country.

Corporate bank accounts can only be opened if the company is registered in UAE – either through free zone or local sponsor set up. A lot of bank forms need to be filled detailing applicant’s home address, source of funding, amount to be expected on an average monthly basis. For corporate bank accounts Dubai and Abu Dhabi banks usually expect a monthly minimum balance to be kept in the account varying from AED 25,000 - 300,000. Most banks charge for the online-facility between AED 100 - 350. Overdraft facilities are not readily given and usually have to be backed by assets.

Corporate bank accounts are always in the name of the company mentioned on the business license. If a company moves to a different location,which in the UAE means a new legal set up has to be done, the existing bank account in Dubai or any of the other emirates has to be closed and the new bank account has to reflect the company name change, even if the change is only from FZE (free zone establishment) to FZ-LLC (free zone company with limited liablity) or FZC (free zone company), FZCO (free zone company) or LLC (limited liability company registered through Dubai Department of Economic Affairs).