How To Open A Bank Account In The UAE
Opening a bank account is a very important step after obtaining a license for any company. We can help you open an account or assist you with offshore banking in Dubai. With our connections with various banks, we can help freezone companies as well as mainland companies open bank accounts in the UAE.
Banks require different documents, minimum balance requirements, and specialization in certain sectors, among others. Depending on the case, the approach may vary. According to the needs and preferences of our clients, we can provide them with a list of suitable and reliable banks.
To open an account, in some cases supporting documents like invoices, reference letters, etc., may be required in addition to the basic documents. If the company is a branch, bank statements and documents about the parent company must be submitted.
In most banks in the UAE, a minimum balance is required. Considering the nature of your business, we suggest which banks would be most suitable for you. Flying Colour provides the best bank account opening assistance for you.
If the requirement is to open an Islamic account, we recommend Emirates Islamic or RAK Islamic accounts. For investment or foreign trade, we recommend Al Masraf. There are many traditional types of accounts that you can choose from, such as ENBD, Mashreq Bank, First Abu Dhabi Bank, National Bank of Fujairah, Union National Bank, and ADCB.
An account can be opened within a certain timeframe depending on factors such as the nature of the business, the domicile of operation (free zone/offshore or mainland) and the nationality of the signatory. In the mainland, for example, General Trading requires compliance approval in order to open an account. It takes longer to open a bank account because of this.
A combination of these factors can affect the timeline. A mainland trading company with all the necessary documents can normally open an account within 10 working days.