Documents Required to Open a Company Bank Account in UAE

Opening a Bank Account: A Step Towards Financial Security
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Opening a company bank account in UAE involves several distinct steps and careful preparation. This process requires specific documents, including identification documents, company legal documents, financial statements, among others. It’s also become increasingly convenient with options like opening a business bank account online. As we proceed further in this article, we will provide a detailed breakdown of all these requirements.

Why Open a Company Bank Account in UAE?

The UAE, with its strategic location, stable economy, and pro-business government, presents an attractive destination for businesses. At a fundamental level, opening a company account in a bank in this region is not just a regulatory requirement, but can also be a strategic move for businesses. It provides an avenue for secure transactions, facilitates ease of conducting business operations, and enhances credibility in the eyes of vendors, customers, and potential investors.

Types of Corporate Bank Accounts in UAE

In the UAE, businesses have a choice between two major types of corporate bank accounts to open. The decision to open a business bank account largely depends on your company’s services and needs.

  1. Local Corporate Bank Accounts: These accounts are opened with a bank operating within the UAE. They are fundamentally denominated in UAE Dirhams and provide comprehensive banking services like online banking, checkbooks, debit cards, and credit facilities, characterizing most business account banks.
  2. International Corporate Bank Accounts: These are accounts with international banks operating in the UAE. They offer multi-currency accounts, international wire transfers, advanced digital banking solutions, and are suitable for businesses with significant international transactions.
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Eligibility Criteria for Opening a Company Bank Account in UAE

The eligibility criteria for opening a company bank account differ among banks in the UAE. Broadly, the company needs to be legally registered in the UAE or have a registered branch in the UAE. The company’s directors and shareholders must also satisfy the bank’s due diligence checks. Company bank accounts have become a requisite for doing thriving businesses in this economically prosperous region.

Legal StructureThe company must be incorporated in the UAE or have a registered branch within the country.
Business LicenseA valid business license issued by the relevant UAE authority is necessary.
Company StructureThere may be requirements on the company structure, like minimum share capital or the number of directors or shareholders depending on the bank.
ComplianceThe company and its directors/shareholders must be in compliance with the laws and regulations of the UAE.

Documents required for Account Opening

Identification Documents

Identification documents form the first step towards the account opening process. These include:

  1. Passport copies of shareholders and directors.
  2. UAE residence visa copy (if the shareholder/director is a UAE resident).
  3. Emirates ID (for UAE residents, if applicable).

These documents play a crucial role in the verification process of the shareholders’ and directors’ identities involved in the company.

Additional Company Legal Documents Required

Beyond identification documents, several company legal documents need to be provided during the account opening process. These include:

  1. Company License or Registration Certificate: Proof of the company’s legal existence. It can either be the UAE trade license for UAE-based businesses or the registration certificate for international businesses.
  2. Memorandum and Articles of Association: These detail the company’s rules and regulations and outline the relationship between the company and its shareholders.
  3. Share Certificates: These serve to confirm the shareholders’ stakes in the company.

Other documents may also be requested based on the bank’s internal policies and the nature of your business.

Financial Documents Required

Some financial documents are required, primarily to provide insights into the company’s financial standing and economic activities. These documents include:

  1. Latest Audited Financial Statements: Prove your company’s financial health and performance.
  2. Business Plan or Projected Financial Statements: Details of the company’s intended business activities, revenue sources, marketing strategies among other things.

The aforementioned documents enable banks to perform in-depth due diligence on the financial activities of the company.

Accounts Opened for Commercially Engaged Organizations

Steps to Open a Company Bank Account in UAE

Here are the general steps to be followed when opening a company bank account in UAE:

  1. Choose the Right Bank: Explore the services, charges, and reputation of different banks. Select a bank which best suits your company needs.
  2. Prepare the Required Documents: Gather all the documents as per the bank’s requirement. Incomplete documentation may delay the account opening process.
  3. Submit Application: Submit the completed application form along with all required documents for the bank’s assessment.
  4. Due Diligence: The bank conducts due diligence and KYC checks before finally approving the account.

Choosing the right bank for your company bank account

Choosing the right bank for your company depends on various factors such as the nature of your business, services you require from the bank, the bank’s reputation, and service charges. Conjointly, it’s important to consider banks that are proactive in assisting businesses with the account opening procedures. It’s beneficial to research and choose a bank that provides an efficient, supportive, and seamless account opening process.


Opening a company bank account in the UAE potentially seems to be a complicated process due to the requisite of various documents and provided guidelines. However, with adequate preparation and understanding of the process, it can be seamless. It is critical to meet all the stated requirements, and it strongly recommended that businesses seek advice from banking professionals or financial advisors when preparing to open a company bank account to ensure a smooth process.

Procedure for Opening a Settlement Account for Legal Entities


1. Can I open a company bank account in UAE online?
Yes, most banks in the UAE provide the option of opening a company bank account online. However, certain stages of the verification process might require physical document submissions or in-person visits.

2. Is it mandatory to have a company bank account for a business in UAE?
Yes, it is a legal requirement for businesses in the UAE to have a company bank account for the smooth operation of financial transactions.

3. What are some major documents needed for opening a company bank account in UAE?
Major documents include identification documents like passports and Emirates IDs, Company legal documents like Trade License or Registration Certificate, and Memorandum and Articles of Association, and financial documents such as the latest audited financial statements.

4. How long does the process of opening a company bank account in UAE take?
The duration can vary based on the bank and the completeness and accuracy of the submitted documents. On average, it may take between 2-4 weeks.

5. Can foreign companies open a bank account in the UAE?
Yes, foreign companies can open a bank account in the UAE, given they meet the required criteria, including having a registered branch or agent in the UAE.