Open Corporate Bank Account in Dubai

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Step-by-Step: Open Corporate Bank Account in Dubai

Introduction

One of the most critical steps after getting your business license is opening a corporate bank account in Dubai. Without it, you can’t legally conduct financial transactions for your company. However, many new investors find the process confusing due to strict compliance checks.

Here’s a clear, step-by-step guide to make the process easier.

Step 1: Choose the Right Bank

Dubai has both local banks and international banks.

Local Banks: Emirates NBD, Mashreq Bank, RAKBANK, ADCB.
International Banks: HSBC, Standard Chartered, Citibank.

Local banks are often easier for small to mid-sized businesses.

Step 2: Prepare Your Documents

Banks in Dubai require extensive documentation, including:

Trade license
Certificate of incorporation
Memorandum of Association (MoA)
Passport copies of shareholders & directors
Emirates ID (if resident)
Utility bill or address proof
Business plan & contracts (sometimes requested)

Step 3: Submit Application & Due Diligence

Banks will review your documents and perform compliance checks.
They may request proof of business activity (invoices, contracts).
This process can take 2–4 weeks depending on the bank.

Step 4: Minimum Balance Requirement

Most banks in Dubai require a minimum balance:

Ranges from AED 25,000 to AED 200,000 depending on the bank.
Failing to maintain balance can result in monthly penalties.

Step 5: Account Activation

Once approved, your bank account will be activated. You’ll receive:

IBAN number
Online banking access
Chequebook (if applicable)
Debit cards

Best Banks for Business in Dubai (2025)

Emirates NBD – Popular with SMEs.
Mashreq Bank – Flexible accounts for startups.
RAKBANK – Lower balance requirements.
HSBC – Best for international trade.

Common Challenges

High compliance standards → offshore shareholders may face delays.
Rejected applications → often due to unclear business activity or lack of contracts.
Minimum balance issue → many startups struggle with AED 50K+ requirements.

1. How long does it take to open a corporate bank account in Dubai?

Usually 2–4 weeks, but it can take longer if additional approvals are required.
2. Can foreigners open a corporate bank account?

Yes, but they must first hold a valid trade license in Dubai or UAE.
3. What is the easiest bank to open a business account in Dubai?

RAKBANK and Mashreq are often considered the most startup-friendly.

Conclusion

Opening a corporate bank account in Dubai is essential for running your business smoothly. With the right documents and proper guidance, the process becomes much easier.

Need help opening a bank account in Dubai? Fast Business Service provides complete assistance to secure your corporate account quickly.
Contact us today to get started. Mob: +971 56 523 1212

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