Open a corporate bank account

One of the essential steps in setting up a business in Dubai is opening a corporate bank account. Whether you're launching a startup or expanding an existing business, understanding the process of opening a bank account is crucial for smooth financial operations.

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Step 1: Choose the Right Bank
Dubai has a wide range of local and international banks that offer corporate banking services.

When choosing a bank, consider the following factors:

Services offered: Does the bank provide online banking, international transfers, or other services you need?
Fees: Compare the bank's fees for account maintenance, international transfers, and other services.
Requirements: Some banks have more flexible requirements for foreign-owned businesses, while others may have stricter conditions.

Step 2: Gather the Required Documents
Each bank in Dubai will have specific documentation requirements. However, the general documents required to open a corporate bank account typically include Company Trade License

Memorandum of Association (MOA), Passport Copies, Emirates ID Copies (for residents), Proof of Address, Personal and Corporate Bank Statements, etc.

Step 3: Submit Your Application and Wait for Approval
Once you have all the required documents, you can proceed to submit your application at the bank of your choice. The bank will review the documents and conduct an internal evaluation, which may include Background checks and in-person interviews.

Approval times vary, but it typically takes anywhere from a few days to several weeks, depending on the bank's internal procedures and the complexity of your business setup.

Step 4: Deposit the Minimum Required Capital
Once your application is approved, you will be required to deposit a minimum amount of capital into your new corporate bank account. This amount varies depending on the bank and the type of business you are operating. The minimum deposit can range from AED 5,000 to AED 250,000, or more for certain industries or account types.

It’s important to ensure that the deposit is made as soon as possible to avoid delays in activating your account.

Step 5: Activate Your Corporate Account
After the initial deposit, the bank will provide you with your new corporate account details. You will receive:

A debit card (if applicable)
Internet banking access (for managing your account online)
Cheque books (if requested)

The bank may also provide you with specific terms and conditions regarding your account, including transaction limits and fees. Be sure to review these carefully to ensure they align with your business needs.

At Revista, we’re with you every step of the way, making it easy and secure to open your corporate bank account in Dubai with complete confidence.