Opening a Business Bank Account in Dubai from the UK

Interested in setting up a business in Dubai? Whether you’re expanding or starting from scratch, the jewel of the UAE offers a world of commercial opportunities.

Dubai is a global gateway for trade, with a fast-growing economy, first-class infrastructure and business-friendly environment.

One of the first things you’ll need to do when establishing a trading base in Dubai is to open a business bank account. However, this can be a daunting task, thanks to strict banking regulations and a long list of requirements for applicants.

In this guide, we’ll aim to make it just a little easier to open a Dubai business bank account. Read on for everything you need to know, from the documents required to the best UAE banks to choose.

We’ll also show you a non-bank alternative such as Wise Business, which lets you manage your business finances across 40+ currencies without all the paperwork and those high bank fees.

💡Learn more about Wise Business

How to open a business bank account in Dubai?

The requirements and process to open a Dubai business bank account vary from bank to bank. In some cases, the physical presence of a major shareholder or director may be required. But other UAE banks enable you to carry out the account opening process online.

Here’s a guide to the account opening process, based on information from leading bank Emirates NBD:¹

1. Go to the bank’s website (or get in touch) to check the eligibility requirements carefully. Not all business types will be accepted by all banks, and you need to have all of the required documents before starting an application - we’ll cover what paperwork you’ll need next.
2. Click ‘Apply’ and provide all of your business and financial details when prompted. This is likely to include shareholder and/or POA (power of attorney) details, along with setting the management and access permissions for the account.
3. Choose your banking package.
4. Select which currency you’d like your account to be opened in (i.e. United Arab Emirates dirham, AED).
5. Submit your application.
6. Wait for your application and documents to be validated. If required, you and other applicants will be verified via OTP (one-time password) to your registered mobile phone numbers.
7. Your account will be activated and you’ll receive your business account details, including online banking login information.

Requirements to open a business bank account in Dubai

Before you start any of the steps above, you’ll need to make sure you meet the eligibility requirements and have all your documents to hand.

To be eligible for an account (although it can vary between banks), your business must be a legal entity operating in the UAE. It must be either a single layer company or owned by a sole proprietor.¹ And finally, at least one signatory on the account must be a UAE resident.²

The list of required documents to open UAE business bank accounts is a little longer than in some other countries, due to stricter banking regulations.

Here’s what you’re likely to need:²

• A valid Trade License, Commercial License or Certificate of Incorporation from a UAE issuing authority.
• A valid Memorandum of Association, Articles of Association and/or Board of Resolution.
• Identity documents of all shareholders and partners, such as valid Emirates IDs and passports.
• Proof of address, such as a tenancy contract.
• Bank statements for the previous six months (if an existing company).

You shouldn’t need to make an initial deposit to open the account, although again this depends on the bank. Once the account is open, you’re likely to need to maintain a minimum balance to keep the account active.

Some banks may require more detailed information, such as a business plan or in-depth details of your business activities or finances. To be fully prepared and avoid any delays, it’s recommended to contact the bank before applying to check the requirements.

List of banks in Dubai

Dubai has a thriving banking sector, with a number of commercial, domestic and international banks - all overseen by the Central Bank of the United Arab Emirates.

But which is the right choice for your business? Here are a few of your top options, along with further information about each bank.

Emirates NBD

Emirates NBD is one of the largest and most successful banking groups in the Middle East, North Africa and Turkey (MENAT) region.

Established in 1963, the group now has a presence in 13 countries worldwide - with over 20 million customers.³ It offers services for personal, private, business, corporate and institutional customers.

Emirates NBD offers a number of business account packages, requiring a minimum monthly balance of 50,000 to 3,500,000 AED depending on the account. There is also an online-only option for startups which has no minimum balance requirement.¹

Abu Dhabi Commercial Bank

Abu Dhabi Commercial Bank (ADCB) is another of the leading banking groups in the UAE. It’s a full-service commercial bank, serving over 40,000 commercial, corporate and institutional customers across the UAE, Middle East and North Africa.⁴

The bank offers a wide range of corporate account types, including those suited for startups as well as established businesses with high annual turnover.

Mashreq Bank

One of the first banks to operate in the UAE,⁵ Mashreq Bank today is a fast-growing financial institution with a global presence. Headquartered in Dubai, it has multiple branches across the emirate.

Alongside its personal and private banking offer, Mashreq also has dedicated services for business, corporate, ‘neobiz’ and international customers. Choose from four main business current accounts, some without a minimum balance requirement.⁶

United Arab Bank

United Arab Bank offers corporate banking services to small, medium and large-sized businesses. It has a dedicated relationship management team in Dubai, as well as Abu Dhabi, Sharjah and other northern emirates locations.⁷

Its wide range of services for corporate clients includes accounts, financing, overdraft facilities, working capital solutions and project financing.

Commercial Bank of Dubai

The Commercial Bank of Dubai offers a range of business banking products and services.

Multiple service delivery platforms offer 24/7 access to bank accounts and funds, as well as useful online business support resources. The bank also offers flexible business financing options, cash flow management services, business insurance products, and business banking relationship managers.

Non-bank alternative for international business

Of course, a bank isn’t the only option for managing your business finances in Dubai. You could find it easier, more convenient and cheaper to consider a non-bank alternative such as Wise Business.

Open a Wise Business account and you can manage your company’s finances in 40+ currencies, including GBP and AED. You’ll be able to pay suppliers and staff in their own currency, as well as receive payments in multiple currencies including USD.

Wise Business is bursting with useful time and money-saving features for companies of all sizes. These include a clever batch payment tool, automation via the powerful Wise API, and integration with accounting software.

There’s even Wise Business cards to cover business expenses, letting you and your team spend like locals in 150+ countries including the UAE.

Wise payments are fast and fully secure (even for large amounts). Best of all, you’ll only pay low, transparent fees and always get the mid-market exchange rate.

Get started with Wise Business 🚀

Opening a business bank account in Dubai - FAQs

You’re bound to have some questions if this is your first business venture into the UAE. We’ll tackle some of these below.

How to open a business bank account in Dubai as a non-resident?

Opening a business bank account in Dubai as a non-resident person can be difficult, if not impossible.

This is because to open a corporate bank account in the UAE, it’s necessary to have at least one signatory on the account who is a UAE resident. Plus, you’ll need to provide proof of address, along with a residency visa and a trade licence.

However, you may have better luck with an international bank with a presence in the UK and in Dubai - such as HSBC, for example. If you’re already a customer, the bank may be able to guide you in opening your new Dubai account.

How long does it take to open a business bank account in Dubai?

It can vary between banks, and can depend on your circumstances - and whether you have all of your paperwork in order. But on average, it takes around 2-4 weeks to open a corporate bank account in the UAE.⁸

Is it difficult to open a business bank account in Dubai?

It can potentially be complex and difficult to open a business bank account in the UAE. This is because regulations are strict, only certain business types are eligible for certain accounts and there’s quite a lot of documentation required.

It could take you some time to get hold of the right trade licences, visas and other documents.

Banks also have their own processes, some more time-consuming and complicated than others.

How much does it cost to open a business account in Dubai?

Many business bank accounts in Dubai require no initial deposit, and have no account opening fee. However, it’s common to have a minimum monthly balance requirement - along with a fee if your balance falls below this limit.

Is it illegal to use a personal bank account for business in the UAE?

It is against the law to use a personal bank account for business purposes in the UAE.⁹ This is the case in many countries. It’s also strongly recommended to keep business and personal finances fully separate in any case, due to issues with accountability, liability, tax and record-keeping.

Can I register my UK business in Dubai?

Yes, it is possible to incorporate a business in Dubai as a branch of a foreign company based in the UK. But there are quite a few processes and documents required, including a Dubai residency visa. Find out more about starting a business in Dubai here.

Manage your international company's finances with Wise Business

Ready to go international? Get yourself a Wise Business account and you can send, receive, convert and manage funds in 40+ currencies all in one place.

As well as being more convenient, Wise could save you money compared to using a bank. This is because you’ll only ever pay low, transparent fees, and always get the mid-market exchange rate.

This is the rate that banks use to buy and sell currency, and is widely considered the fairest rate you can get. When banks carry out currency conversions on behalf of customers, they usually add a mark-up or margin to the exchange rate. This makes it more expensive for your business, as less of your money reaches your recipient.

By sticking to margin-free rates along with low, transparent fees, Wise levels the playing field for businesses trading across borders.

What’s more, Wise Business has smart automation tools to save you time. See how it works here in our case study.

It’s quick and easy to open a Wise Business account online, with a fully digital application, verification and on-boarding process. Check out the requirements here.

Get started with Wise Business 🚀

And that’s it - your essential guide to opening a business bank account in Dubai for non residents. This information should give you a solid starting point as you put the wheels in motion to launch your new business in the UAE. Good luck!

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Sources used for this article:

1. Emirates NBD - Open Business Banking Account Online
2. Emirates NBD - Business Banking FAQs
3. Emirates NBD - About us
4. ADCB - Business
5. Mashreq - About Us
6. Mashreq - Business accounts
7. UAB - Corporate Banking
8. Sovereign Group - Business bank account opening services
9. Relin Consultants - UAE corporate bank account opening

Sources checked on 20-Feb-2024