Requirements To Open Corporate Account In Emirates NBD

Opening a corporate bank account is important for businesses. This helps companies carry out operations in the United Arab Emirates. It is a safe and convenient platform that manages finance, transactions and establishes a reputation within the local market. The Emirates NBD bank is a leading financial institution in the United Arab Emirates. It provides corporate banking and financial solutions to businesses according to their needs.

Here, in this guide, we will get to know the process of opening a corporate bank account with Emirates NBD. We will also get to know the requirements for opening an account. It is important to understand the benefits of a corporate account by Emirates NBD. This will help you to grow your business and bring in more success.

Emirates NBD – An Overview

Emirates NBD Bank was formed in 2007. It is one of the largest banks in the UAE. It was established by combining Emirates Bank International and National Bank of Dubai. Founded in the early 1960s, this bank has played a huge role in the development of the economy of the UAE.

Emirates NBD has managed to carve a respectable position for itself, thanks to customer satisfaction, innovation and precision among others. It is well-known for its financial position, risk management practices and Corporate Governance. We are aware of the challenges that businesses today have to go through. So, Emirates NBD is a reliable financial partner for businesses of all sizes.

Free Zone Vs Mainland Companies: What’s the Difference?

One of the first things the bank checks is where your company is registered. This affects the type of documents you need and the process to open an account.

Free Zone Companies

It has a simple setup, and you have to follow a few local rules.
You have to submit the Free Zone license, office lease agreement, and proof of registration from the Free Zone authority.
The bank also asks for a basic business plan and future sales forecast if your company is new.
If you have foreign owners then you have to provide the documents that are notarized and attested.

Mainland (Onshore) Companies

The company has to show a trade license from the Department of Economic Development (DED).
You have to submit the office lease agreement (Ejari), tenancy contract, and local address proof.
Banks also do more checks on the visas and Emirates IDs of the owners or directors.

Banking Services Offered by Emirates NBD

Emirates NBD

Emirates NBD provides a suite of banking packages designed for different lifestyles to address the diverse financial needs of individuals. The bank has it all to help you whether you want wealth management, full-service banking, or to arrange your own deal.

1) Personal Banking Solutions

Investment Opportunities: The option to invest in Global & Local equities (stocks and ETFs) in USA, European markets, DFM, ADX and Nasdaq Dubai. Build your own stock watch list and start trading in minutes.

Overseas Money Transfers: Use SWIFT for everyday financial transactions abroad. Get Free 60-second Transfers to Some Countries.

Cash Withdrawals: Enjoy cash withdrawal from Emirates NBD ATMs anywhere and at all times, whether you are a customer or not.

Utility and Telecom Bill Payments: Payment for all your utility and telecom bills can be done seamlessly via the Emirates NBD app. Pay bills, keep track of card transactions and view your activity.

Financial services: Access an array of financial services, including credit cards loans, installment plans, cash advances and balance transfers.

Security & Personalization: With security features like Smart Pass, your transactions can be authenticated without OTPs, ensuring complete privacy and security for your account. Manage your communication preferences, set limits on daily and transaction amounts, and customize your account settings.

2) Corporate and Investment Banking

Emirates NBD provides a range of corporate banking solutions to cater to businesses across different sectors. The corporate and investment banking division of the organization offers customized solutions to meet the diverse financial requirements ranging from business expansion and cash flow management to corporate advisory.

3) Digital Banking Innovations

The Emirates NBD Group strives to be a leader in digital banking innovation. The Future Lab within the bank partners up with industry leaders to stay resilient in the evolving financial scene.

Check ENBD X App: Instant access to 150+ banking services in real-time with the ENBD X app for a seamless banking experience.
APIs of Emirates NBD: The Emirates NBD API Souq platform helps to work in partnership with FinTechs, developers and corporate clients to produce innovative financial apps.
Advanced Accessibility: Enjoy banking convenience with Chat Banking via WhatsApp, and swift account opening using UAE PASS.

Emirates NBD shows commitment and dedication in order to carry out safe and convenient banking solution for International recognition.

Emirates NBD Business Banking Benefits

Emirates NBD provides several benefits for UAE businesses, one significant benefit is its digital banking features.

Online and mobile banking allows companies and organizations to handle their accounts easily, carry out transactions, and manage their finances anywhere. This helps to grow their efficiency.

Emirates NBD's global network and foreign exchange services are invaluable for businesses with international operations. Trade finance solutions from the bank also help you with your international trade activities, offering services such as import letters of credit, documentary collections and export finance.

Emirates NBD also engages in corporate social responsibility (CSR) initiatives, ensuring that its business practices are consistent with sustainable and ethical standards. When you use Emirates NBD, you are also helping to enable a sustainable future and support local communities with the bank’s many CSR programmes.

Along with these essential rewards, Emirates NBD provides customized service, competitive rates, introducing Solutions and specialist financial guidance. This instills confidence and security in businesses, thanks to the bank's strong position and reputation as a leading financial institution.

Steps to Open an Emirates NBD Account

Steps to Open Emirates NBD Account

Starting an account at Emirates NBD is easy because there are various methods to do it. One of these is through the user-friendly app. The app has been specially designed for those over 18. Bank clients range from salaried or not salaried to the self-employed, and in the case of the self-employed, it's better to start the opening of the account from the mobile app.

Using the Emirates NBD Mobile App

Inception of Account Opening: Download the Emirates NBD Mobile App, and opt for the instant account opening feature.
Submission of Documents and their Verification: A valid Emirates ID, passport, proof of income showing a minimum salary of USD 1,631 (or AED 5,000), and an active UAE mobile number are all required.
Account Activation: After being successfully verified, the account gets activated instantly, and one is informed of the account number immediately, so one can transact at once.

Banking Features and Benefits

Initial Transaction Limit: Start with transfers of USD 1,631 (AED 5,000) and above.
Comprehensive Banking Solutions: Cheque book access, round-the-clock customer service, and viability with physical bank branches.
Additional Services: Further functionalities can be added to your banking experience, such as credit cards, personal loans, investment options, and insurance plans.

Required Documentation

Individual Accounts: Originals and copies of the Emirates ID, passport, labor card, employee ID, and a recent salary letter if setting up salary transfers.

For Joint Accounts: All account holders will provide all individual documents mentioned.

For Business Accounts: Passport and Emirates ID copies of all directors or signatories, a trade license, a Memorandum of Association, and a board resolution are required.

Compliance and Management of Accounts

KYC and Anti-Money Laundering: Very important compliance with KYC and AML to secure your identity against fraud. Updates to personal information will be required from time to time.
Account Requirements: Non-salary transfer accounts have a minimum monthly balance requirement of USD 817 (AED 3,000). Salary transfer accounts are exempt from maintaining a minimum balance.
Account benefits: These include a cheque book and credit card, as well as options for a foreign currency account.

After Account Opening

Welcome Communication: After your account is set up, you will receive an SMS and email with your account details.

Delivery of banking instruments: A Welcome Pack, consisting of a debit card and a cheque book, would be delivered by a courier within one to two working days.

Referral Programme: Use the mobile-app's invite code' feature to refer a friend, further enhancing not just your banking experience with Emirates NBD, but theirs as well.

What the Bank Actually Checks

Submitting your paper is not enough to open a corporate Account in Emirates NBD. The banks also look at the background and business plans. This is called due diligence. Here are what the Emirates NBD usually checks:

Your Business Plan: They check what products and services you will offer and how much money you are expecting to earn and spend. Additionally, who will be your clients, and how will you attract clients?
Who Owns the Company (UBO Details): They want to know the real people behind the company. If the shareholders are from abroad, they do some extra checks.
Your Financial History: If the company and the owners have bank account they check that. Additionally, a good track of record can help you to build a trust.
Source of Funds: Where your business money will come from such as capital investment, sales, loans and many more.
Legal Compliance: All your licenses, visas, and Emirates IDs should be valid and up to date.

Common Reasons Why Applications Get Delayed or Rejected

Many of the applications get stuck because of small mistakes. Here are some of the common issues to avoid the rejection of your application:

The expired trade license, visas, and Emirates IDs.
The mismatch in the company address on the license, lease, and utility bills.
Missing signatures on the board resolutions and the Power of Attorney.
Improper proof of the business activity, such as contracts, invoices, and clients' details.
If you have not maintained the minimum balance after the account opening.

What You Get With an Emirates NBD Corporate Account

A corporate account is more than just a place to store the money of your company. The Emirates NBD offers many useful services to the business owners, such as:

Multi-currency Accounts: It is helpful if you do international business.
Online Business Banking: You can view balances, make payments, and manage the payroll easily throught the digital platform.
Trade Finance Servcies: The letter of credit, export/import support, and invoice discounting.
Corporate Cards and Cheque Books: You will get corporate cards and cheques to make payments of expenses.
Cash Management Tools: It will help with the collections and payments.

How Does Flying Colours Business Setup Help with Corporate Bank Account Opening?

Flying Colour Business Setup is the preeminent business setup consulting firm in the UAE that gives consultation to set up and maintain successful businesses. For opening a corporate bank account with Emirates NBD, Flying Colour Business Setup provides guidance in dealing with the bank. Our consultants will provide clear guidance in selecting a suitable bank account according to your business needs and goals.

We shall help you collect and arrange all requirements for your bank account application so that it runs smoothly and efficiently. Even after the account is opened, Flying Colour Business Setup will be there for you in terms of managing your finances and setting up ongoing banking products. By choosing to partner with Flying Colour Business Setup, you will make the opening of a corporate bank account seamless and allow yourself time to grow your business.

Choosing Emirates NBD will allow you to play a role in contributing to a more sustainable, greener future and support local communities through the bank's alternative CSR initiatives. Adding to the aforementioned perks, Emirates NBD has offers of personalized services, competitive rates, advanced solutions, and financial advice. It means business security because of Emirates NBD's intrinsic financial stability and its track record as one of the best banks.

Frequently Asked Questions

Q1. What are the documents required to open a corporate account in Emirates NBD?

A: Residents staying in UAE need to provide their Emirates ID and meet the basic documentation requirement.

Non-UAE residents can open a corporate account by providing extra documents such as utility bills or bank statements.

Q2. How long does it take to open an Emirates NBD account?

A: It generally takes approximately 2 to 4 weeks to open a bank account for an LLC or Free Zone company in the UAE. However, it may change according to the bank’s rules and requirements.

Q3. What is the minimum balance for Emirates NBD business account?

A: Minimum Balance Requirement is approximately AED 50,000. This is applicable only for Sole Proprietor Ownership legal entities. You will be charged AED 250 + VAT per month in case of falling below the Minimum Balance.

Q4. How much does it cost to open an Emirates NBD account?

A: There are no fees to open any other account with Emirates NBD. If you're not holding a payroll account with Emirates NBD, or if you're holding a Company Account, you'll be required to maintain a minimum average monthly balance based on your banking package.

Therefore, to learn more about Requirements to Open Corporate Account in Emirates NBD, Book a free consultation with one of the Flyingcolour team advisors.

The article was published on 19/03/2025. It is important to note that the federal policies and updates mentioned may have changed since then. For the most current information, please contact our consultant!