FREQUENTLY ASKED QUESTIONS
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How long will it take to open my corporate account?
The process varies by financial service provider (FSP), as each has its own internal procedures and timeframe for account opening. However, opening a
corporate account generally takes approximately 4 to 6 weeks.
2. Is Emirates ID a mandatory requirement to open the corporate account?
Yes, Emirates ID of authorized signatory(s) of the company is a mandatory requirement for the account opening.
3. Are there any minimum balance requirements in the UAE?
Most local financial service providers (FSP) in the UAE require a minimum balance to be maintained, which varies depending on the FSP. Generally,
corporates must maintain a minimum balance of AED 10,000 to AED 500,000. However, zero balance facilities are also offered with a minimum account
maintenance fee.
4. Can I open the corporate account remotely?
Yes, you can start the process of opening your account remotely. However, you may require to be
present in UAE depending on your chosen financial service provider (FSP) to fulfil the verification requirements.
5. What is the difference between digital FSP and traditional FSP?
For digital FSP, the onboarding process is entirely online compared to the traditional FSP.
Terms & Conditions
- Clients agree that they will be responsible for the accuracy of all information provided to Flyingcolour and ensuring compliance with all regulations and applicable laws, as imposed by the Central Bank of the United Arab Emirates and relevant governing bodies.
- All final approvals related to applications for bank accounts are subject to further approvals from the bank’s compliance department.
- The timeline for processing a bank account is estimated to be completed within four 4 to 6 weeks from the date of submitting all required documentation. However, the timeline is subject to variation.
- Clients agree that Flyingcolour reserves the right to request additional information and/or documents. Consequently, this may result in an extension of the timeline provided above.
- Clients will be required to provide detailed information regarding proof of funds and any additional information that the bank may request.
- Bounced cheques, criminal cases, or any banking disputes, whether in the UAE or internationally, may result in immediate rejection in any application for an account.
- We do not guarantee the opening of the bank account. The approval for bank account and time frame is at the sole discretion of the bank’s management
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Setting up a business in the UAE can be an overwhelming experience for the uninitiated but we can make this job truly easy for you. Talk to our expert consultants for free & decide the best course of action for yourself, today.