DIBN Business Service
Opening a bank account is a very important aspect after acquiring the license for any company. Let us help you open an account or assist you with offshore banking in Dubai. Our connections with various banks allow us to help both freezone and mainland companies open a bank account in the UAE.
Banks have varying requirements in terms of documents, minimum balance requirement and specialization in certain sectors among others. The approach can vary depending on the case. Based on the needs and preferences of our clients, we can provide them with a list of suitable and reliable banks. In addition to the basic documents to open account, in certain cases supporting documents also might be required like invoices, reference letters, etc. In case the company is a branch, documents about the parent company will be required along with bank statements.
Most of the banks in UAE insist on maintaining a minimum balance. Taking into consideration the nature of your business, we suggest the banks which would suit your needs.
In case the requirement is to open an Islamic account we suggest Emirates Islamic, RAK Islamic account. If the requirement is for conducting investment or foreign trade then we suggest Al Masraf. If you are looking for a conventional type of account then there are various options like ENBD, Mashreq Bank, First Abu Dhabi Bank, National Bank of Fujairah, Union National bank, and ADCB etc.
The timeframe to open account is based on various factors such as nature of business, domicile of operation (Free Zone/ Offshore or Mainland) and nationality of signatory. For instance in the mainland, General Trading activity requires compliance approval before you can open an account. This is why it takes more time to open the bank account.
A combination of these different factors can affect the time frame. For a normal trading company in the mainland with all necessary documents in place, it normally takes 10 working days to open an account