How to Open a Corporate Bank Account in UAE for Foreign Investors?

7 Steps to Open a Corporate Bank Account in the UAE for Foreign Investors

The United Arab Emirates (UAE) continues to attract global entrepreneurs and foreign investors with its strategic location, tax advantages, and pro-business environment. One of the essential steps in setting up and operating a business in the UAE is opening a bank account, whether individual or corporate. Although the process has become more streamlined in recent years, it still necessitates careful planning, thorough documentation, and adherence to local regulations.

In this blog, we guide foreign investors through the steps and requirements to successfully open an individual or corporate bank account in the UAE.

Benefits of Banking in the UAE for Foreign Investors

UAE banks are known for:

• Strong financial privacy and security
• Access to multi-currency accounts
• International banking facilities
• A wide network of local and global banks (Emirates NBD, FAB, Mashreq, HSBC, etc.)

Who Can Open a Corporate Bank Account in the UAE?

Foreign investors who have:

• A registered business in the UAE (Mainland or Free Zone)
• A valid trade/business license
• A physical presence or office in the UAE (in most cases)
• A Golden or Green Visa

Steps to Open a Corporate Bank Account

1. Choose the Right Bank

Select a bank that aligns with your business needs. Consider the bank’s international presence, online banking features, charges, and customer service.

2. Prepare the Required Documents

• Trade license
• Memorandum of Association (MOA)
• Shareholder passport copies and visas
• Emirates ID (if applicable)
• Business plan and company profile
• Utility bills for address verification
• Existing contracts/invoices to prove business activity
• Board Resolution (for corporate shareholders)

3. Meet the KYC Requirements

Banks in the UAE follow strict Know Your Customer (KYC) protocols. Be prepared to explain your business model, expected transaction volume, source of funds, and client profiles.

4. Submit the Application

Once all documents are ready, submit your application either through a business consultant or directly at the bank. Some banks may request an in-person meeting with the authorized signatory.

5. Compliance & Approval

The bank’s compliance team will review your application. The process typically takes 5 to 7 weeks, depending on the nature of your business.

6. Banking Requirements – for Golden Visa

The UAE Golden Visa is a long-term residency permit granted to investors, entrepreneurs, skilled professionals, and other high-potential individuals. One of the key benefits of holding a Golden Visa is the enhanced access to financial services, including the ability to open personal and corporate bank accounts with greater ease.

As a Golden Visa holder, you are recognized as a low-risk, long-term resident, which boosts your credibility with UAE banks. While the process still requires standard due diligence, your residency status can expedite approvals and broaden your banking options.

Documents Required (Personal Account):

• Valid Emirates ID and Golden Visa
• Passport copy
• Salary certificate or proof of income/investment
• Utility bill (for address verification)
• Bank reference letter (if applicable)

7. Free Zone vs Mainland Account Opening in the UAE

When it comes to opening a corporate bank account in the UAE, the type of company jurisdiction—Free Zone or Mainland plays a significant role in how smooth or complex the process might be.

Free Zone Companies

While Free Zones offer numerous benefits such as 100% foreign ownership, tax benefits, and simplified setup processes, banks often conduct stricter due diligence for Free Zone entities due to the following reasons:

• Perceived Risk & Substance Requirements – Some Free Zone companies are registered in zones that allow virtual offices or flexi-desk options. Banks often question the operational substance of such companies and may request proof of:
  • Real office space (EJARI or tenancy contract)
  • Business transactions or contracts
  • Invoices and supplier/customer lists
• Nature of Activities – Banks may request a detailed explanation of the business model, especially if the activity involves cross-border transactions or services that are not regulated.
• Compliance Documentation – Additional documents such as a business plan, source of funds, and background of shareholders may be required.

Mainland Companies

Mainland companies are often seen as having more local presence and commercial substance, which generally makes the bank account opening process smoother, provided all compliance requirements are met. Here's why:

• Regulated Framework - Mainland businesses operate under the Department of Economy and Tourism (DET) or similar local authorities, which are closely monitored and aligned with federal regulations.
• Commercial Presence - Mainland companies typically maintain a physical office space with employees, which helps satisfy the bank's “know your customer” (KYC) and economic substance checks.
• Wider Activity Scope - Mainland companies can trade directly within the UAE, which banks view as more integrated into the local economy, reducing perceived risk.

How can CLA Emirates help?

Opening a corporate bank account in the UAE can be a meticulous process, especially for foreign investors unfamiliar with local regulations and banking expectations. That’s where CLA Emirates steps in as your trusted advisor and facilitator.

Here’s how we support you:

• Bank Matchmaking & Recommendations
• End-to-End Documentation Support
• Pre-Compliance Review
• Bank Meeting Coordination
• Post-Account Opening Guidance

With our strong relationships with leading banks and deep knowledge of UAE regulations, CLA Emirates ensures your bank account application is not just submitted but successfully approved.

Frequently Asked Questions (FAQs)

 

Can I open a UAE corporate bank account without visiting the UAE?

Most banks require at least one shareholder or authorized signatory to be present for in-person verification. Some international or digital banks may allow remote onboarding, but options are limited.

How long does it take to open a corporate bank account in the UAE?

Typically, it takes 1 to 2 months, depending on the nature of your business, the bank’s internal checks, and the completeness of your documentation.

Is it easier to open an account for a mainland or a free zone company?

Mainland companies often find the process smoother. Free zone companies can also open accounts but may need to provide more documentation about business activity and operations.

Can I open accounts in multiple currencies?

Yes. Most UAE banks offer multi-currency corporate accounts (USD, EUR, GBP, AED, etc.) depending on your business needs.

Do I need to have an office in the UAE to open a bank account?

Yes, most banks will ask for a valid EJARI (tenancy contract) or proof of physical office space.

Call for Consultation
Mr. Ragesh Mattummal | Partner
M: +971 50 357 8031
E: Ragesh.Mattummal@claemirates.com
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