Corporate Bank Accounts in Dubai: What Businesses Need to Know

Opening a corporate bank account in Dubai is not just an administrative step — it’s how your company gets paid, pays suppliers and staff, files VAT, and demonstrates substance. The good news: Dubai’s banks are digital-first and experienced with free zone and mainland entities. The reality: onboarding is risk-based and documentation-heavy. This guide explains what to expect, what to prepare, and how to avoid delays.

Quick start: key takeaways for founders and CFOs

Eligibility: Most UAE-registered entities (mainland or free zone) can apply; at least one authorised signatory typically needs to be a UAE resident for digital onboarding at many banks.
Risk-based onboarding: Banks must apply Customer Due Diligence (CDD) and, where needed, Enhanced Due Diligence (EDD) — especially for complex ownership, high-risk geographies, or PEP (politically exposed person) links.
Documents: Expect the “core pack” (trade licence, MoA/AoA, board resolution/POA, UBO register, IDs, address proof) + source-of-funds evidence (recent statements). Layered ownership or foreign corporate shareholders require extra, sometimes MOFA attested, documents.
Digital onboarding: Many banks now support app-based opening with Emirates ID and UAE PASS integration for simpler structures; multi-layer or cross-border structures usually require manual review.
Operations: You’ll receive an IBAN, online banking, debit cards, and (where eligible) chequebooks, multi-currency accounts, and FX/remittance rails. Fees and minimum balances vary by package and activity.

Account types & everyday banking features

Corporate banking packages in Dubai usually revolve around a current account (AED and foreign currency), with optional call/savings, fixed deposits, and merchant services. Expect:

Multi-currency: AED plus USD/EUR/GBP accounts for international flows.
Digital channels: Web and mobile portals for payments, payroll files (SIF/WPS where relevant), and MT940/MT942 reporting (bank-dependent).
Cards & cash: Business debit cards, cheque services where applicable, branch/ATM support backed by app controls.
Packages & minimums: Tiered bundles with different minimum-balance rules, pricing, and relationship manager coverage (varies by bank).

Regulatory context: why banks ask for so much

UAE banks follow Central Bank rules on AML/CFT. That means they must identify your company and its beneficial owners, understand your source of funds, and screen against sanctions lists. If your structure or activity raises risk, the bank applies EDD and may request more evidence or senior approvals.

CDD & EDD basics: Banks must identify legal persons/arrangements and verify UBOs; higher-risk scenarios (e.g., high-risk countries, complex structures) trigger EDD.
PEP handling: Where customers or UBOs are PEPs, banks must establish source of funds/wealth and obtain senior-management approval.
Sanctions & STRs: Banks screen customers and transactions under Targeted Financial Sanctions and file suspicious transaction reports (STRs) to the FIU via goAML when warranted.
Digital ID: Licensed FIs may use digital identification for onboarding and ongoing CDD — helpful for Emirates-ID-based signatories.

Translation: if your bank asks for more documents or context, it’s not “picky” — it’s regulatory duty.

Documents checklist (by scenario)

Core pack (most LLCs / free zone companies)

Trade licence and commercial registration/extract
Memorandum & Articles of Association (and any amendments)
Board resolution / Power of Attorney authorising open, operate & close the bank account, naming authorised signatories
UBO register/statement and shareholding chart
Passports & Emirates IDs of authorised signatories (and resident shareholders where applicable). For non-resident owners: passport + visa status.
Company address proof (Ejari/tenancy, utility/sustainability contract, or accepted alternatives)
Source of funds support:
- Last 3–6 months’ company bank statements (if existing), and
- Where newly formed, UBO/shareholder statements or other substantiation
Profiles/CVs of key persons (requested by some banks)

Layered ownership (corporate shareholders)

Certificate of incorporation/registry extracts for parent(s)
Constitutional documents (MoA/AoA), share certificates, incumbency (recent)
Board resolution/POA authorising account opening at the operating company
UBO passports and ownership proofs
If any shareholder entity is outside the UAE: bank may request MOFA attestation/legalisation for key documents

Free zone nuances

DIFC/ADGM: Globally familiar standards; expect clear UBO disclosures and timely filings with the Registrar.
Commodity/trade zones (e.g., DMCC): Additional templates and bank-referral programs exist; documents are uploaded through zone portals where applicable.

Tip: Assemble one clean PDF per document (legible, colour scans), keep the file names descriptive (e.g., ABC-LLC_MOA_2024-10-22.pdf), and prepare a one-page transaction profile (who you pay, who pays you, volumes, corridors, cash/crypto exposure = none/low if true).

What major UAE banks say (useful pages)

Emirates NBD: Digital eligibility for UAE-registered entities; packages with online channels and mobile app.
Mashreq: Public business account checklists and a detailed Account Opening Guidelines PDF (helpful for layered ownership and MOFA notes).
ADCB: FAQs listing MoA and board resolution among typical requirements.
ADIB: Digital corporate account opening via ADIB Direct for simpler, single-layer entities.
RAKBANK: Quick Apply page outlines core documents (trade licence, MoA, IDs, address proof).
CBD: Business account packages with online application; check minimum balance and fees by package.
FAB: Business banking accounts with multi-currency and reporting tools (fees and charges published on site).

Step-by-step: how the process typically runs

Pre-screening: A banker or digital pre-check confirms your entity type, activity, and signatory residency. You’ll be told which documents to upload first.
KYC package upload: You submit the core pack in the bank’s portal or app. Expect clarifying questions about your business model and expected activity.
Sanctions/PEP screening: Names of the company, UBOs, and key controllers are screened; any “hits” require resolution.
EDD (if needed): Extra documents for complex ownership, non-resident signatories, high-risk countries, or cash-intensive sectors.
Account approval & activation: You receive your IBAN, digital banking access, and card/chequebook (if applicable). Some features may activate only after final in-person verification (bank-specific).

Timeline varies with structure, sector, and responsiveness. Clear, well-named files and upfront transaction profiles reduce back-and-forth.

Common causes of delay (and how to avoid them)

Unclear UBO chain: Provide a clean ownership chart down to natural persons, with registration extracts at each layer.
Missing powers: If MoA doesn’t grant banking authority, add a board resolution/POA explicitly authorising open, operate & close.
Unattested foreign docs: Where requested, arrange MOFA attestation/legalisation in the country of origin and in the UAE.
High-risk triggers without context: If you have sanctioned-country exposure, cash handling, or virtual-asset links, pre-empt with written controls, contracts, and volumes.
PEP or adverse media: Be ready with source-of-wealth/source-of-funds evidence and formal roles documentation.

Fees, minimum balances & FX

Review each bank’s schedule of charges before choosing a package. Watch for:

Minimum average balance (fee if you fall below)
Local transfers (AED, instant rails) vs. SWIFT pricing
FX mark-ups on cross-currency transfers and card spends
Cash/cheque services fees if you use them

For high-volume cross-border flows, consider multi-currency accounts and treasury tools; some banks provide better FX for relationship clients.

FAQ

Do I need a UAE resident signatory?

Many banks make digital onboarding available when at least one authorised signatory holds a valid UAE residence and Emirates ID. If all signatories are non-resident, expect more manual steps and limited options.

Can free zone companies open corporate accounts?

Yes. DIFC, ADGM, DMCC, Meydan, IFZA and others are commonly banked. The zone may offer bank-intro services, but the bank still applies its own CDD/EDD.

What if my company is “under formation”?

Some banks accept applications at late formation stages and will activate fully once your licence/Emirates ID is in place. Ask the bank about provisional onboarding.

What happens after opening?

Banks maintain ongoing CDD, periodic reviews, and sanctions screening. If your ownership, address, or activity changes, update the bank promptly to avoid restrictions.

One-page prep checklist

Trade licence & commercial registry extract (current)
MoA/AoA + amendments; Board resolution/POA (banking authority)
UBO register + ownership chart; IDs of UBOs/signatories
Company address proof (Ejari/tenancy or accepted alternative)
3–6 months’ bank statements (company or, if new, UBOs)
If corporate shareholder(s): incorporation extracts, MoA/AoA, share certificates, incumbency; MOFA/legalisation if requested
Short “transaction profile” (counterparties, corridors, volumes, cash/crypto exposure, purpose)

Disclaimer

This is general information, not legal or compliance advice. Banks update packages and policies regularly; always verify the latest requirements directly with your chosen bank.