Entellus Consultancy

Opening a Corporate Bank Account in the UAE

The business-friendly policies and attractive SOPs for corporations have made the UAE a prime destination for businesses. Opening a company bank account in Dubai is crucial for routine operations, but many start-ups and entities struggle due to a lack of awareness about the procedures.

Understanding the Process

Businesses that are unaware of the required time, mandatory submissions, and formalities may face delays in opening a business bank account, potentially jeopardizing their operations. With the global crackdown on tax evasion, banks conduct thorough due diligence, making it essential to be fully prepared to meet all requirements.

The required minimum account balance varies between banks, typically ranging from AED 10,000 to AED 200,000.

There are two types of business entities in the UAE:

  • Offshore Company: Requires a higher minimum balance.
  • Onshore Company: Requires a lower minimum balance.
  • Company memorandum and articles
  • Corporate structure and ownership details
  • Source of funds/investments
  • License/incorporation details
  • Business activities
  • Leadership experience in related activities
  • Additionally, the passport and residency visa of the company’s shareholder representative are required.
  • The time frame varies from one to four weeks, depending on the bank chosen and the due diligence process.
  • Onshore accounts generally open faster than offshore accounts due to fewer formalities and quicker verification processes.
According to UAE financial institution regulations, physical presence is mandatory for bank account opening. This requirement is in place to ensure the original signature of documents and personal identity confirmation, allowing the applicant to open a corporate or personal bank account in the UAE.

Entellus Consult Expertise

ENTELLUS Consult specialists are available round the clock to assist with setting up your company and legal structure in the UAE, and to help you find the right banking solution tailored to your needs. With a network of over 10 national and international banks, we ensure you get introduced to the optimal solution for your business.

Our team is specialized into understanding your business and banking requirements and provides you a solution oriented approach from the time of company formation itself which will help in setting up bank accounts conveniently.