Open UAE corporate bank account

Open UAE Corporate Bank Account

The corporate bank account holds the deposit required to release your UAE Free Zone Company trade license.

In this stage you select your UAE corporate bank and open a corporate bank account using the bank letter from the Free Trade Zone. It pays off to shop around for a bit in this stage - don't decide too quickly.

There are many corporate banks in the UAE, with 230 branches (Feb 2009) in Dubai only. Expect to find huge differences in fee's and customer service.

First contact is the best benchmark for any business relation with a UAE corporate bank later on.

Read about the "Process du Jour" for an impression of the ground reality in the UAE.

The next stage is making a capital deposit at the corporate bank account.
The previous step is free zone company formation.

Selecting the UAE corporate bank

First of all call the UAE corporate banks you have in mind. Pay particular attention to how you are treated on the phone. This is a what you can expect when you have pressing bank business over the phone.

In any case do NOT hesitate to reflect your experience. Especially when it's been a bit of an ordeal already to get to speak to some-one in the first place.

The response on your feedback is another sign on the wall. Always write down names and ask for direct phone numbers before ending the conversation. Never accept anonymous first names like "Asad" or "Mohammed" - it's a much used tactic to hide identity  - a clear sign of bad customer service.

Next call your UAE corporate bank favorites for an exploratory appointment using direct phone numbers. Pay attention on how easy / hard it is to get to speak to person you contacted earlier. If there's a promise to be called back, draw your own conclusions when this doesn't happen within a working day.

UAE corporate bank experiences - huge differences in customer service

Your UAE Ccorporate Bank calling you back?

If in this stage the account manager refrains from an exploratory meeting, THINK again. If the manager only wants to meet to directly open a corporate bank account, reflect what you think of that. In any case leave it open - let them present themselves first - then decide.

Never pass the opportunity to reflect your experience - the response is a yardstick for what is to come once you're in - with your money on the line - keeping you waiting.

For the final appointment to open a corporate bank account bring all Free Zone Company paperwork. Meticulously follow how company details are filled in on the bank account application form. A writing mistake in this stage can result in delays later-on. In any case, be on top of it - lead the show, it's your corporate bank account with your money on there.

The next step after opening the bank account is to deposit the company capital.

The previous step is company formation.

What do you need to open a corporate bank account?

  1. Passport
  2. UAE Visa (can be a UAE visit visa)
  3. Appointment with an account manager
  4. All signed legal documents of the Free Zone company (originals)
  5. Presence of the manager of the Free Zone Company
  6. A post address

The post address is where you receive the official confirmation of the new corporate bank account. This letter contains the bank account number to deposit the company capital on.

The process

Creation of the corporate bank account in name of the Free Zone company.
This also includes ATM cards, Electronic Banking, Phone Banking etc.

Duration: 1 week

The Result

The bank has accepted your company as their corporate customer.
You receive an official letter - sent to the address during registration:

  • The bank account number.
  • Official confirmation of bank account creation.

The corporate account is not yet accessible - the company capital has to be deposited first.

Corporate Account Creation details

The flavor of the bank corporate bank account is an important choice.
Some banks require a continuous minimum balance of 20.000 AED or a monthly fee (for instance 300 AED).

The manager of the Free Zone company usually gets access to all the financial tools to manage the bank account. In a multi-investor setup the manager is appointed by the investors.

The official confirmation of the opening of the bank account is sent to the P.O. Box submitted during registration. It is possible to get the account number by phone, however double, triple check the number including the SWIFT / BIC code of the corporate bank account.

This example is for a HSBC corporate banking account.

UAE Corporate Banks in Dubai