How to open a business bank account in Dubai

Opening a business bank account in Dubai is essential for operating legally in the UAE—but the process can be complex for foreign companies and non-residents. Banks apply strict compliance checks, and incomplete applications are a common reason for delays.

If you're a US-based entrepreneur looking to expand business into Dubai, understanding the requirements upfront can save you weeks of frustration. This guide walks you through everything you need to know: the documents required, step-by-step process, top UAE banks, expected timelines, and practical tips for foreigners.

Step-by-Step Process to Open a Business Bank Account in Dubai

Step 1: Choose Your Business Structure

Decide whether a mainland, free zone, or offshore company best suits your business objectives. Consider factors like market access, ownership requirements, and physical presence needs.

Step 2: Register Your Business and Obtain a Trade License

Complete the UAE business registration process through the relevant authority (Department of Economic Development for mainland, or your chosen free zone authority). Secure a physical office address as required.

Step 3: Prepare Required Documents

Gather all documents from the checklist above. If your company is registered outside the UAE, begin the certification process early—it can take several weeks.

Step 4: Choose Your Bank

Research banks based on:

• Minimum balance requirements
• Monthly and transaction fees
• International transfer capabilities
• Digital banking features
• Multi-currency account options

Step 5: Submit Your Application

Complete the bank's application form and provide detailed company records, including proof of business activity, client information, and financial projections.

Step 6: Complete Compliance and KYC Checks

The bank will verify shareholder and director backgrounds, review your business activities and license, and assess your expected transaction volumes. Be prepared for an in-person or video interview with a bank representative.

Step 7: Account Activation

Once approved, fund your account with the required minimum deposit. Your corporate account is now ready for operations, including issuing payments, managing payroll, and processing international transfers.

🔍 Read on for more:

Can a Foreigner Open a Business Bank Account in Dubai? What Is Required to Open a Business Bank Account in Dubai? Types of Business Structures in Dubai Mainland vs. Free Zone: Banking Differences How Long Does It Take to Open a Business Account in Dubai? Top Banks for Business Accounts in Dubai Banking Fees to Expect in Dubai Manage International Payments with Wise Business Frequently Asked Questions Conclusion

Can a Foreigner Open a Business Bank Account in Dubai?

Yes, foreigners and non-residents can open business bank accounts in Dubai. However, the process involves additional steps compared to UAE residents.

To open a corporate account as a foreigner, you'll typically need to:

• Establish a legal business entity in the UAE (mainland, free zone, or offshore company)
• Obtain a valid trade license
• Provide certified company documents from your home country
• Meet the bank's compliance and due diligence requirements

Non-residents should expect stricter verification procedures and potentially longer approval timelines. Most traditional UAE banks require at least one authorized signatory to hold a UAE residency visa. However, some free zone structures and fintech alternatives offer more flexibility for business owners who don't have a physical presence in Dubai.

What Is Required to Open a Business Bank Account in Dubai?

Banks in the UAE conduct thorough due diligence before approving corporate accounts. Having your documents prepared and organized can significantly speed up the process.

Core Documents Checklist

• Valid UAE trade license (mainland or free zone)
• Certificate of Incorporation
• Memorandum of Association / Articles of Association
• Passport copies of all shareholders and directors
• Emirates ID (for UAE residents) or valid visa copies
• Proof of physical office address (Ejari certificate for mainland, tenancy certificate for free zones)
• Business plan or company profile
• Bank reference letters from existing banking relationships
• Proof of business activity (contracts, invoices, purchase orders)
• Source of funds declaration

Additional Requirements for Non-Residents

If your company is registered outside the UAE, you'll need to have your corporate documents certified. Since the UAE does not participate in the Hague Apostille Convention, documents must be:

1. Certified at the UAE Consulate in the country where your company is registered
2. Further certified by the UAE Ministry of Foreign Affairs

This certification process can take several weeks and involves fees per document. For many foreign businesses, incorporating directly in a UAE free zone is often a simpler and more cost-effective solution.

Types of Business Structures in Dubai

The type of business entity you establish affects your banking options and requirements.

Mainland Companies

Under the amended UAE Commercial Companies Law (updated in 2020-2021), foreign investors can now own 100% of companies in most business activities on the mainland, without requiring a UAE national partner. However, certain strategic sectors may still have ownership restrictions. Mainland companies have full access to the UAE market.

Free Zone Companies

Free zones allow 100% foreign ownership and are popular with international businesses. Each free zone has its own regulations and licensing requirements. Free zone companies are generally limited to operating within their designated zone unless they obtain additional approvals.

Offshore Companies

Offshore entities are designed for holding assets, intellectual property, or international trading. They don't require a physical office in the UAE but have restrictions on conducting business within the country.

Branch Offices

Foreign companies can establish branch offices that carry the same legal identity as the parent company. Branches can perform contracts and activities as specified in their license.

Mainland vs. Free Zone: Banking Differences

Understanding the differences between mainland and free zone structures helps you choose the right path for your business.

Feature	Mainland Companies	Free Zone Companies
Foreign Ownership	100% allowed (most sectors)	100% allowed
Market Access	Full UAE market	Limited to free zone activities
Physical Office	Mandatory	Flexi-desk may suffice
Bank Scrutiny	Standard due diligence	Additional checks for international transactions
Best For	Companies targeting local UAE trade	Foreign investors, international operations

For US-based businesses without plans for extensive local UAE operations, free zone structures often provide a more straightforward path to opening a corporate bank account.

How Long Does It Take to Open a Business Account in Dubai?

Traditional UAE banks typically take 2-4 weeks to approve and activate a business bank account. However, timelines can extend based on several factors:

• Document completeness: Missing or incorrect documents cause delays
• Business complexity: Companies with multiple shareholders or international structures face longer reviews
• Industry type: Certain industries (consulting, trading, crypto-related) may require additional scrutiny
• Non-resident status: Foreign applicants often experience longer verification processes

Plan accordingly and submit your application well before you need the account operational.

Top Banks for Business Accounts in Dubai

Dubai offers numerous banking options for corporate accounts. Here are six leading local banks, plus international alternatives.

Emirates NBD

One of the largest banks in the UAE with an extensive branch network. Known for strong digital banking services and SME-friendly packages.

First Abu Dhabi Bank (FAB)

The largest bank in the UAE by assets, formed from the 2017 merger of First Gulf Bank and National Bank of Abu Dhabi. Popular with established SMEs and corporates.

Abu Dhabi Commercial Bank (ADCB)

Offers multiple business account tiers with varying minimum balance requirements. Particularly suitable for exporters and importers with solid trade finance support.

Mashreq Bank

Provides business accounts with features including online banking, Visa business debit cards, and preferential rates on business financing products.

Commercial Bank of Dubai

Offers a range of business banking products with 24/7 account access, cash flow management services, and dedicated relationship managers.

International Banks

Major international banks also serve corporate clients in Dubai, including HSBC, Standard Chartered, and Citibank. These may offer advantages for businesses with existing global banking relationships.

Banking Fees to Expect in Dubai

UAE business banking typically involves various fees that can add up. Common charges include:

• Monthly maintenance fees
• Minimum balance penalties (if you fall below required thresholds)
• International transfer fees (per transaction)
• Foreign exchange markups on currency conversions
• Checkbook and statement fees

Always request a complete fee schedule from any bank before opening an account. Pay particular attention to international transfer costs and currency conversion rates, as these can significantly impact businesses with cross-border operations.

Manage International Payments with Wise Business

For US businesses operating internationally, managing payments to and from Dubai efficiently is just as important as having a local bank account. However, with the wrong provider you may find that high transfer fees and unfavorable exchange rates will eat into your margins.

This is where Wise Business can help. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account offers a solution designed for companies that move money across borders:

• Multi-currency account: Hold and manage 40+ currencies, including AED, USD, EUR, and GBP
• Local account details: Get local account details in 9+ countries, so clients can pay you like a local business
• Mid-market exchange rate: Send international payments using the mid-market exchange rate with transparent fees shown upfront
• No minimum balance: Unlike traditional UAE banks, there's no minimum balance requirement
• Wise Business card: Spend internationally with low conversion fees—useful for travel and supplier payments
• Rate alerts: Set your target exchange rate and get notified when it's reached, helping you time transfers strategically

Wise Business can work alongside your UAE corporate account, giving you flexibility for international payments while your local account handles UAE-specific operations.

Open a Wise Business account

Frequently Asked Questions

What is required to open a business bank account in Dubai?

You need a valid UAE trade license, passport copies of shareholders and directors, proof of office address, Memorandum of Association, and business activity documentation. Non-residents may need additional certified documents from their home country.

Can a foreigner open a bank account in Dubai?

Yes, foreigners can open business bank accounts in Dubai by establishing a company (mainland, free zone, or offshore) and obtaining a trade license. Non-residents typically face additional compliance requirements and longer approval times.

Which bank is best for business in the UAE?

Top options include Emirates NBD, First Abu Dhabi Bank (FAB), ADCB, and Mashreq Bank. The best choice depends on your minimum balance capacity, international transfer needs, and digital banking preferences.

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

Traditional banks typically take 2-4 weeks. Non-residents may experience longer timelines due to enhanced compliance checks and document verification requirements.

Can I open a Dubai business account without a UAE residency visa?

Some banks require at least one signatory to hold a UAE residency visa. However, certain free zone and offshore structures offer options for non-residents. Fintech alternatives like Wise Business provide additional flexibility for managing international payments without UAE residency.

What is the minimum balance for a corporate account in Dubai?

Minimum balance requirements vary by bank, typically ranging from AED 25,000 to AED 500,000 depending on the account type and institution.

Conclusion

Opening a business bank account in Dubai requires careful preparation, but it's absolutely achievable for foreigners and non-residents. Focus on choosing the right business structure, preparing your documents thoroughly, and selecting a bank that matches your operational needs.

Expect the process to take 2-4 weeks with a traditional bank, potentially longer for non-residents. To manage international payments efficiently alongside your UAE corporate account, consider opening a Wise Business account—with transparent fees, the mid-market exchange rate, and no minimum balance requirements.

Get started with Wise Business

	Editor & Business Expert:
	Panna is an expert in US business finance, covering topics from invoicing to international expansion. She creates guides and reviews to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.