What are the timelines to set up corporate bank account in the UAE:
The minimum time for bank account setup can be up to 10 working days for an individual owner and up to 20 working days for corporate company ownership. These timelines will vary depending on obtaining the documents in a timely manner, and the authorised individuals being available in the UAE to assist with the process.
What are the Document Requirements to set up a UAE business bank account:
Document requirements pening a business bank account in Dubai and wider UAE can range depending on the bank, but generally UAE banks will ask for the following documents for mainland or freezone bank account set up:
- Company Licences/ Trade Licences, Commercial Registration, and/or Chamber of Commerce Membership Certificate
- Memorandum of Association (MOA)/ Article of Association (AOA)
- Passport Copies for all partners including Local Shareholder/s
- Emirates ID
- Business Plan/Model
- 6 months bank statements (examples of latest invoices of sales/purchases)
- Partners CV/Resume
- In case owner currently owns another business, provide business ownership documents/ or salary slips if ex-employee.
- Board Resolution
- Latest audited financials
- Company profile & website
- Office lease agreement
Advantages of setting up a UAE business bank account:
UAE banks offer advantages and benefits to entice you into choosing to bank with them. For example, banking with Mashreq, Emirates Islamic, NBQ, Emirates NBD, and Banque Misr offers the following advantages:
- First cheque book issuance is free
- Free monthly statements
- Unlimited transactions at Branch counters
- Convenient Online Banking Services to take care of your daily banking needs.
- Useful Direct Debit service to help you plan your payments.
- Helpful money transfer service between your accounts
- Convenient foreign currency options for your new account
- Preferential exchange rates for forex transactions
PRO Partner Group can help you decide which is the best business bank account in the UAE by assessing your company's requirements.
How can PRO Partner Group help?
Opening a corporate bank account for your business in the UAE can be a challenging and time-consuming process. Opening a business bank account is a key part of the company formation process and follows closely after receiving company trade license.
Each bank has its own internal rules and regulations, so deciding which one to use can cause further confusion. PRO Partner Group have strong connection is the top UAE banks and extensive knowledge of the different banking requirements as it relates to your business activities, minimum balances, compliance, and documentation, and we can provide a full bank account opening service to assist individual investors and companies to establish local UAE banking facilities swiftly and correctly.
Please contact the Bank Account Opening Team at PPG using the contact form below, get in touch with us on +971 (0)4 456 1761 for Dubai or +971 (0)2 448 5120 for Abu Dhabi, email us at email@example.com and we will be delighted to assist you.