- Business Bank Account
Why Do You Need a Business Bank Account in UAE?
If you’ve set up a company in the UAE, having a dedicated business bank account is essential. It’s not that you should only consider it to separate your finances, it’s a legal requirement. Without one, your business cannot operate lawfully.
Business bank account opening gives you access to structured financial services that help with managing income, processing payments, and maintaining transparent financial records. It’s also necessary for receiving client payments, handling payroll, and utilizing modern online banking tools.
Whether you’re in Dubai, Ras Al Khaimah, or any other emirate, you’ll need to open a UAE bank account to keep your operations compliant and credible.
- Business Bank Account
Benefits of Opening a Business Bank Account in UAE
A business bank account in the UAE offers both functionality and flexibility. Here are the major benefits:
Access to global banking
Manage cross-border payments, receive international transfers, and transact globally.
Multi-currency accounts
Hold and operate in multiple currencies like AED, USD, EUR, and GBP.
Online banking and mobile apps
Check transactions, make transfers, and manage payments anytime.
Secure, tax-free transactions
Enjoy banking in one of the safest and most tax-efficient jurisdictions.
Professional credibility
Clients, vendors, and partners take your business more seriously with a corporate account.
Merchant account & card facilities
Accept card payments and use business debit or credit cards for expenses.
Whether you’re applying in person or planning to open a business account online, UAE banks provide convenience and reliability for businesses of all sizes.
- Best Banks
Best Banks for Business Account in UAE
With business banking in the UAE, you can manage your finances easily. You can also receive payments locally and internationally. It helps support and grow your business with reliable banking services. Banks offer different types of accounts based on your financial needs.
Before selecting a bank, it’s important to keep three things in mind. First, check the minimum balance required to avoid monthly charges. Second, find out how long it takes to open the account. Lastly, look at the benefits each account offers to support your business operations.
Quick Overview of Key Features of Top UAE Banks' Business Accounts
| Bank | Minimum Balance (AED) | Setup Time | Key Benefits |
|---|---|---|---|
| Emirates NBD | 50,000 (varies) | Within 2 weeks | Zero-balance options, free debit cards, online banking, relationship managers |
| RAKBANK | 0 (RAKstarter), 25,000 | A few days | Zero-balance for startups, multi-currency, attractive rates, relationship manager |
| Mashreq Bank | 0 (Lite), 50,000 (Prime) | Fast | Zero-balance, fast opening, multi-currency, free transfers, online banking |
| ADCB | 10,000 (Silver), 50,000 (Gold) | Within a week | Simplified banking, free statements, cheque books, online banking |
| FAB | 10,000 | 4 weeks | Free remittances, cheque books, relationship managers |
- Our Process
Step-by-Step Process to Open a Business Bank Account in UAE
There are several steps to open a business bank account in the UAE. If you get proper guidance, the process becomes easy for you. With Aurum’s support, you can save your time and get rid of complexity.
We submit your bank account opening application. Then, we coordinate communication with the bank, acting as your point of contact. We also track your application progress and ensure you experience a smooth process. Here is our process to kick off your banking journey in the UAE:
We recommend banking service providers to our clients as per their business type. As we understand the processes, we focus on your requirements first. We have the expertise to deal with businesses of all sizes and help them achieve their business goals. A proper bank selection can make your business transactions streamlined.
Banks in the UAE are strict and they never compromise on compliance. We make sure that all your paperwork is accurate.
Essential Documents for Bank Account Opening
- Trade license
- MoA (Memorandum of Association)
- Shareholder passport copies
- Emirates ID and visa (if applicable)
- Company profile
- Lease agreement (Ejari or tenancy contract)
- Utility bill or address proof
- Shareholder CVs and bank statements (if requested)
We can help you gather all the required documents, and help you get them attested, if necessary.
Once we have prepared all your documents, we’ll go ahead and submit your application. If you’re outside the UAE, you will be eligible to start the process online as most banks allow it. During your application process, the bank will give you a verification call. After you get online approval, you will need to visit the UAE to sign the documents.
But if you’re already in the UAE, the process is faster. You can visit the branch, meet the banker in person, and directly complete the paperwork.
After successful document submission, the bank will conduct a Know Your Customer (KYC) check. The compliance team of the bank will review your business activity, shareholders details, source of funds and other important details.
Every bank has a different approval time. Usually, it takes two to four weeks. Once your application is approved, you will be invited to the bank branch to sign the final forms.
After signing the forms, you will receive your account details. The bank will provide you access to online banking, and offer cheque books or debit cards if needed.
After completing all steps with support of Aurum, your corporate account will be operational and you can do your business transactions.
- Frequently Asked Questions
Your Common Questions Answered
How do you open a business bank account in the UAE?
Aurum makes the process easy for you from start to finish. We help you select a bank according to your business goals. Next, we check that all your documents are in order and you’re ready to apply. After a quick verification process and approval, you can sign the final papers, and your account will be activated.
Can I open business account online?
The banks in the UAE have adapted themselves with the current trends. You have the option to start your process online if you are outside the UAE. However, you will be required to sign the final papers in-person at the bank.
What are the required documents for opening a business bank account?
There are the basic documents like your trade license, passport copies of all shareholders, Memorandum of Association (MoA), lease agreement, and Emirates ID. It’s possible that some banks might also ask for personal bank statements, CVs of shareholders, or a business plan.
How much time does it take to open a corporate bank account in Dubai?
The process varies from emirate to emirate. Usually, it takes around 3 to 10 working days to open a business bank account in Dubai. The timeline varies as there can be extra compliance checks considering the complex structures or offshore ownership.
Can freelancers open a bank account in UAE?
You can open a business account in the UAE if you’re a licensed freelancer. You should have a valid freelance license and fulfil all the other bank requirements.
What is the minimum balance required?
Every bank has set its own eligibility criteria and minimum balance requirements vary. Most banks ask the amount from AED 25,000 to AED 100,000. But, there are some banks which offer flexible minimum balance options for entrepreneurs.
Is it possible for non-residents to open a business bank account in the UAE?
People who are not residing in the UAE can open a business bank account as long as their business is registered in the country.
Which UAE’s bank is best for startups?
RAKBANK and Mashreq are among the top choices for new businesses in the UAE. They offer flexible requirements and fast account opening. Contact Aurum to learn more.
Is physical office space mandatory to open bank account?
Physical space may or may not be mandatory. Most banks require proof of your business address, usually in the form of a valid office lease or Ejari. Some banks can accept virtual office options that are offered by free zones in the UAE.
Is RAKBANK a good choice for a business account in the UAE?
Yes, businesses can benefit from RAKBANK as it is a good choice. The bank has low minimum requirements for small businesses and freelancers. Processing is quick and the bank also provides user-friendly digital banking tools.