About UAE Banking
In the United Arab Emirates all registered companies are required to obtain a corporate bank account to manage and facilitate business transactions.
Depending on the type and structure of the company, Onshore or Freezone, the list of documentation and KYC will vary. Where companies are owned by another offshore or corporate entity, the shareholding entity will be required to provide a full suite of corporate documents. The primary purpose of this, is to identify the ultimate beneficiary owners (UBO). In addition, a number of these documents may be requiring notarisation/ legalisation in the country of origin and in the UAE. Many banks institutions will require supporting documentation from the company, detailing the legal existence of the entity.
Recently, the process to open a corporate bank account has been significantly more challenging due to the stringent requirements led by new anti-money laundering policies. Majority of UAE banks will no longer entertain corporate banking for non- residents. The level of due-diligence from the Central Bank is a result of global initiatives pertaining to tax evasion, money laundering and terrorist financing.
What are the documents required to open a corporate bank account?
- Company Trade Licence;
- Certificate of Registration;
- Share Certificate(s);
- Company Memorandum & Articles of Association;
- Board Resolution empowering a Company Officer to open the account;
- Passport copies for shareholders and authorised signatories.
Many banks institutions will require supporting documentation from the company, detailing the legal existence of the entity. Below are some of the other requirements which you should expect to provide:
- Valid Residency Visa
- Emirates ID
- Proof of Residential Address
- Proof of Commercial Office Space
- What type of Currencies do you require? E.g., USD/ GBP/ Euro/ AED etc.
- Description of your business and how it will operate
- Estimated Deposit Amount to the Bank
- Expected Annual Turnover
Can a Non- Resident Open a UAE Bank Account?
For UAE businesses which does not have at least one (1) resident visa for the Shareholder, General Manager, or Director, UAE local banking can be very challenging. As an alternative solution, business owners can utilise an EMI (Electronic Money Institution) which backed by accredited banks across the UAE, UK, Hong Kong and Mauritius, amongst many more. Using an EMI can have higher transaction fees associated with them, and generally do not have a physical premise which you can visit as they are primarily online accounts with an IBAN Account.
How Can Rosemont Partners Help?
Rosemont Partners are regularly supporting businesses by successfully obtaining company bank accounts in the UAE and Online.
Our knowledgeable Operations Team provides outsourced services to assist with the preparation of the applications, as well as scheduling and coordinating meetings with the local banks. If you need support with opening a company bank account, or any other related company formation, compliance or immigration matters, reach out to us today.