We open personal accounts only for self-employed individuals and high-risk nationalities. Salary accounts and personal loan services are not available

New Company Bank Account Opening

Dubai stands as a premier destination for business, drawing countless investors and entrepreneurs eager to explore its abundant opportunities. Once your company setup process is complete, bank account opening becomes essential. While this task can be tedious, Taskmaster is here to simplify the process for you.

In accordance with UAE financial regulations, it is mandatory for applicants to be physically present in Dubai to open a company bank account, as original signatures and personal identity verification are required. At Taskmaster, we provide client-friendly and hassle-free services to facilitate this bank account opening process.

During the account opening period, banks may request additional information or supporting documents, and applicants should be prepared to answer these inquiries in detail. We also offer guidance on the KYC (Know Your Customer) criteria, ensuring a smooth and efficient registration process for your new bank account in Dubai.

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Eligibility Requirements for Opening a New Company Bank Account

Additionally, most banks in the UAE require a minimum monthly average balance to maintain the account, with specific requirements varying by bank.

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Features of a New Company Bank Account

Features of a New Company Bank Account

Benefits of Opening a New Company Bank Account

How to Open A New Company Bank Account in UAE?

To complete the bank account opening for a new company in Dubai, you must provide documents that verify your business, such as contracts and invoices, along with client and supplier details. While requirements vary by bank, typical documents include.

Process to Open A New Company Bank Account in the UAE

1. Online Process to open a new company bank account in the UAE

Fill out the online application form on the bank’s website and submit the required documents.

2. Offline Process open a company bank account in the UAE

Visit a local branch and follow the bank’s instructions. It’s recommended to work with a trusted relationship manager to streamline the process.

You will typically need documents like contracts, invoices, and information about your company’s clients and suppliers, though requirements may vary by bank.

Documents Required to Open a New Company Bank Account in UAE

To open a business bank account in Dubai, specific documents are required. The necessary documents for establishing a corporate bank account are outlined below:

Mainland Bank Account

Basic Documents

  • Trade license
  • Memorandum of Association (MoA)
  • Passports, Visas, and Emirates IDs of all partners (if applicable)
  • Office tenancy agreement or Ejari contract (physical office)
Documents of account opening

Supporting Documents

  • Bank statements for the last 6 months (personal/company from UAE or home country)
  • Utility bills as proof of address (for certain nationalities)
  • VAT certificate (if applicable)
  • Business model, company profile, website, or business plan
  • Applicant’s CV (signatory)
  • List of existing or potential clients (suppliers/buyers)
  • Debit and credit invoices

All basic documents are mandatory, while supporting documents depend on the business profile.

Free Zone Bank Account

Basic Documents

  • Trade license
  • Share certificate
  • Memorandum of Association (MoA) / Articles of Association (AoA)
  • Passports, Visas, and Emirates IDs of all partners (if applicable)
  • Office tenancy agreement (physical office)

Supporting Documents

  • Bank statements for the past 6 months
  • Utility bills for address verification
  • Business model, company profile, or website
  • Applicant’s CV (signatory)
  • List of existing or potential clients (suppliers/buyers)
  • Invoices, shipment bills, shipping documents, agreements, customs clearance, etc.

Offshore Bank Account

Basic Documents

  • Trade license or Certificate of Incorporation
  • Share certificate
  • Passport

Supporting Documents

  • Legal documents of the parent company
  • Parent company’s office tenancy agreement as proof of address
  • Company bank statements for the last 6 months from the home country
  • Certificate of Good Standing (if applicable)
  • Certificate of Incumbency (if applicable)
  • Visa and Emirates ID (if available)
  • Applicant’s CV
  • Business model or company profile
  • Website (if available)

Foreign Entity Bank Account

  • Memorandum of Association (MoA) or Articles of Association (AoA) with legal attestation
  • Trade license
  • Share certificate
  • Passport with UAE entry stamp for shareholders
  • Emirates ID and visa pages of shareholders (if they have UAE residency)
  • List of existing or potential clients (suppliers/buyers)
  • Bank statements for the last 6 months (personal/company from the home country)
  • Utility bill of shareholders as proof of address
  • Corporate legal documents and bank statements (if a shareholder owns a company outside the UAE)

Conclusion

Opening a new company bank account in the UAE is a vital step for any business. It can be time-consuming, as you will need to secure your trade license, UAE residency visa, and Emirates ID. However, by working with Taskmaster, the process becomes significantly more efficient. We provide expert guidance on document preparation, compliance, and help you manage your account smoothly.

Frequently Asked Questions

What do I need to open a business account in the First bank?

Confirmation of ID is needed to open a bank account. Get along a government-issued picture ID to corroborate your identity with your business’ registered information.

Yes, most banks in Dubai require a minimum balance for business accounts, usually between AED 3,000 and AED 10,000. Some banks may have no minimum but charge monthly fees

Company bank accounts in Dubai may have fees like monthly maintenance fees, transaction fees, ATM fees, overdraft fees, and currency conversion fees. Check with your bank for specific costs

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