If you open a company in Dubai, then you will most likley need a company account. This is called a Corporate Bank Account in Dubai and usually includes the following:
The requirements for opening a bank account continue to be tightened by the UAE central bank. The respective local banks are of course subject to these regulations and are obliged to implement them accordingly. It basically doesn't matter whether the company in question is based in a free zone or on the mainland, the requirements are usually the same.
Due to these tightened measures, we continue to hear of horror reports indicating that it is impossible to get a company account with a Freezone company. As already mentioned, it doesn't matter to the bank whether the company was registered in a free zone or on the mainland.
Both types of companies must comply with the same provisions and provide the necessary documents and information. In general, it can be stated that without an Emirates ID (Residence Visa) it is practically impossible to open an account, neither for the company nor privately. So stay away from cheap lure offers that do not include a visa, because the rude awakening will follow after the company has been founded.
The selection of the free zone is also an important aspect, here too the wrong decision can lead to a rejection by the bank.
Another rumor is that opening an account is only possible with a high 5 or even 6-digit amount as a deposit. This, too, is simply a hoax. Yes, there are various banks where a deposit of at least 50,000 AED (approx. 12,000 euros) is required for a company account. However, as mentioned, this does not apply to all banks. Of course, there are multiple banks that open corporate accounts without the need for a deposit.
To sum it up, it is important to present the respective company to the bank accordingly and, of course, to provide the requested documents, story and information.
At EmiratesSetup, all customers receive information about which banks they can open a corporate account with and what needs to be considered. Our customers receive this information immediately after company formation.
We also offer a banking package. Here an expert takes over the entire procedure for you and on your behalf. You can also book this package afterwards.
Included in this package are:
PROOF OF RESIDENCY OR PHSICAL OFFICE
A proof of residence or physical office contract is required in most banks. If you cannot provide, we can procure through sources (extra cost of AED 4,800 for our clients - AED 6,800 for external clients)
COSTS CORPORATE ACCOUNT
The cost of a corporate account application starts at AED 4,500.00 for existing clients and AED 6,500.00 for external clients. In difficult cases, the average cost is AED 15,000.00 for existing customers and AED 25,000.00 for external customers. If the bank declines the account for reasons out of our control, we offer a refund of 80% of the amount paid.
OUR SUCCESS RATE IS MORE THAN 95%
COST FOR OPENING A PRIVATE ACCOUNT
The cost of opening a private account is AED 1,500.00 for existing customers and AED 2,500.00 for external customers.
The price includes only service fees for the account opening and does not go beyond that.
We ask for your understanding that once the account has been opened, we are no longer available for questions in this regard. You will then need to deal directly with your bank.
The decision to open an account ultimately lies with the respective bank or the UAE central bank. For this reason, we unfortunately cannot give any guarantees.
The timely and conscientious transfer of the necessary documents is a basic requirement for the success of the account opening. The opening time varies greatly, and is highly dependant on the customer and the requirements
STEP 1
Company formation
STEP 2
Residence Visa and Emirates ID
STEP 3
Bank account opening
