Who can open a corporate bank account in Dubai?
Any company with a valid UAE licence can apply, whether it is licensed on the mainland or in a free zone. Some banks also accept offshore companies. There is no single national eligibility rule: each bank sets its own criteria for residency, ownership and turnover.
- Mainland and free zone companies: Mashreq offers business accounts to any UAE-based company with a valid trade licence, and RAKBANK's RAKstarter is open to companies with a valid UAE trade licence.
- Offshore companies: an offshore company gets a certificate of incorporation, not a trade licence, and cannot trade with people in the UAE. JAFZA says it can still hold a corporate account with a UAE bank or abroad, and Mashreq accepts offshore entities that meet its requirements. See our UAE offshore company guide.
- Companies registered outside the UAE: most SME accounts are built for UAE-licensed entities. FAB's Business Call Account, a call deposit account, is an exception: it is open to residents and non-residents.
- Freelancers: Mashreq opens business accounts for holders of a freelancer permit, and Wio's business account is designed for SMEs and freelancers.
Do signatories need a UAE residence visa?
Often at least one person on the account must live in the UAE. This is a bank and product rule, not a law, and the published rules differ:
| Bank and product | Published residency rule |
|---|---|
| Emirates NBD, digital application | At least one signatory must be a UAE resident |
| Mashreq NEOBiz | At least one partner or power of attorney holder must be a UAE resident |
| Mashreq Business Banking | The authorised signatory partner needs a valid UAE residence visa |
| FAB Business Call Account | Residents and non-residents |
| Wio Business | No residency rule in its key fact statement |
If no owner lives in the UAE yet, plan the investor visa first or appoint a UAE-resident manager as signatory. Mashreq lets a signatory whose Emirates ID is still in process apply with a declaration to provide it within 90 days.
Which banks and digital accounts can you choose from?
The main choice is between large UAE banks such as Emirates NBD, Mashreq, FAB and RAKBANK and app-based accounts such as Mashreq NEOBiz and Wio Business. All five banks appear on the Central Bank's register of licensed banks (August 2026).
| Bank | SME accounts | Published fit |
|---|---|---|
| Emirates NBD | Six packages, Connect to Platinum | Registered UAE businesses across trading, manufacturing, contracting, transport and services |
| Mashreq | NEOBiz plans and Business Banking | NEOBiz: owned 100% by individuals, turnover up to AED 100 million |
| FAB | Basic, Advantage, Preferred, Call | AED plus USD, GBP, JPY or EUR |
| RAKBANK | RAKstarter and business accounts | Start-ups wanting a zero-balance account |
| Wio Bank | Essential and Grow plans | SMEs and freelancers banking by app |
Three practical points help narrow the list:
- Branches: Mashreq says branch banking is limited on NEOBiz, so cash-heavy firms should compare traditional packages.
- Debit cards: Mashreq NEOBiz and Wio issue debit cards only where one signatory can operate the account alone, so firms that need joint signatures should check card options first.
- Ownership: if a holding company owns your UAE company, NEOBiz is ruled out, because it accepts no layered structures.
How much does a business bank account cost in 2026?
You pay in one of two ways. Fee-based accounts need no minimum balance and charge a flat monthly fee, from AED 99 at Wio. Balance-based accounts set a minimum monthly average balance, from AED 10,000 at FAB to AED 3,500,000 at Emirates NBD, with a fee if you fall short.
| Bank and account | Minimum monthly average balance | Monthly fee or fall-below charge |
|---|---|---|
| Wio Business Essential or Grow | None | AED 99 or AED 249 a month, VAT included |
| Mashreq NEOBiz Pro or Pro Plus | None | AED 99 or AED 199 a month, plus VAT |
| RAKBANK RAKstarter | None | AED 103.95 a month, plus a required RAKvalue SME package from AED 51.45 a month |
| Mashreq NEOBiz Lite | None | AED 200 a month, plus VAT |
| Emirates NBD Connect | None | AED 261.45 a month after the first 30 days |
| FAB Business Basic | AED 10,000 | AED 250 a month; AED 100 if below |
| Emirates NBD Proprietor | AED 50,000 | AED 262.50 if below |
| Mashreq NEOBiz Prime | AED 50,000 | AED 200 plus VAT if below |
| Emirates NBD Preferred | AED 200,000 | AED 315 if below |
| FAB Business Advantage | AED 250,000 | AED 350 if below |
| FAB Business Preferred | AED 500,000 | AED 500 if below |
| Emirates NBD Prestige | AED 500,000 | AED 787.50 if below |
| Emirates NBD Platinum | AED 3,500,000 | AED 1,575 if below |
Figures are as each bank publishes them, checked on 22 October 2026. Wio, Emirates NBD and RAKBANK quote fees including 5% VAT; Mashreq quotes them before VAT. Emirates NBD sets its tiers as a minimum monthly average relationship balance. With a published range from nil to AED 3.5 million, there is no single "typical" minimum. Transfers and currency conversion are often charged separately, so read the key fact statement first.
What documents and KYC checks do UAE banks require?
Banks must identify the company, every signatory and every beneficial owner, and see where the money comes from. The full document checklist appears below this guide.
Beneficial owners
Under Cabinet Decision No. 109 of 2023, a beneficial owner is anyone owning or controlling 25% or more of the capital or votes, directly or through a chain. Someone who controls the company by other means also counts. The company must keep a beneficial owner register and record changes within 15 days. Central Bank AML guidance calls this threshold a starting point: banks may also identify owners with smaller stakes.
Federal Decree-Law No. 10 of 2025, the AML law issued on 30 September 2025 that replaced Decree-Law No. 20 of 2018, makes it an offence to intentionally give a bank false or misleading beneficial owner information. The penalty is imprisonment and a fine of at least AED 20,000, or either one.
For layered structures, Mashreq asks for constitutional documents up to the ultimate beneficial owner. If the first-layer owner is incorporated outside the UAE, Mashreq requires its documents to be attested in its home country and by the UAE Ministry of Foreign Affairs. Our attestation guide covers Indian documents.
Source of funds and business profile
Mashreq asks for the latest three months of bank statements to establish the source of funds. These can be the company's, those of another company the beneficial owner holds, or the shareholder's personal statements. It also asks for a CV of each signatory and shareholder.
We recommend adding a one-page business profile: what you sell, to whom, in which countries, and expected monthly turnover. Keep it consistent with your licensed activities.
Tax self-certification
Under FATCA and the Common Reporting Standard, UAE banks must collect and report account holders' tax details. Expect a self-certification form on the company's tax status.
How long does it take to open a corporate bank account in the UAE?
For a low-risk small business, the Central Bank's SME Market Conduct Regulation expects banks to open the account within three business days, subject to their financial crime checks. Banks publish similar targets: Wio says three working days, and RAKBANK's campaign running to 31 October 2026 advertises 48 hours. These are best cases, not promises.
What usually adds time:
- the trade licence is not yet issued: Emirates NBD accepts applications only after issue, and Mashreq considers companies under formation case by case
- foreign corporate shareholder documents are still being attested
- the Emirates ID or office address is pending, although Mashreq lets both follow within 90 days
- the bank has follow-up questions on activity, counterparties or source of funds
Emirates NBD does not require an initial deposit, but expects funds in the account within the first 30 days to start transacting.
Why do UAE banks reject business account applications?
A decline typically reflects a gap between the application and the bank's published criteria. Common gaps and fixes:
| Common reason | What the bank's rules say | How to avoid it |
|---|---|---|
| No UAE-resident signatory | Emirates NBD and Mashreq products need one | Apply after the visa, or appoint a resident signatory |
| Ownership not traceable | Mashreq wants documents up to the ultimate owner | Provide an ownership chart and documents for every layer |
| Source of funds unclear | Mashreq asks for three months of statements | Show where the capital came from, including Indian remittance papers |
| Activity outside appetite | Mashreq does not bank crypto currency businesses | Check the bank's appetite before applying |
| No business address proof | Mashreq needs evidence of physical existence | Use Ejari or a tenancy contract; at Mashreq, flexi-desk firms can give the signatory's UAE address |
| Foreign documents not attested | Mashreq requires MOFA attestation for a foreign first-layer owner | Attest in India and the UAE first |
| Wrong product for turnover | Mashreq NEOBiz covers turnover up to AED 100 million, and NEOBiz Express up to AED 10 million | Match the product to your projections |
Each bank applies its own policy, so fix the gap before you reapply elsewhere.
Multi-currency accounts, payment gateways and escrow
Multi-currency accounts
Most banks let you hold foreign currencies alongside dirhams. Wio current accounts and RAKBANK's RAKstarter come in AED, USD, EUR and GBP. FAB offers AED plus USD, GBP, JPY and EUR. Mashreq lists EUR, CAD, USD, GBP, AUD, NZD, JPY and SAR on NEOBiz Express.
Payment gateways
To take card payments online you need a payment provider licensed by the Central Bank: under its Retail Payment Services and Card Schemes Regulation of 2021, merchant acquiring and payment aggregation are licensed services. Providers review your website first. One UAE gateway's checklist requires content matching your licensed activity, the licensed company named as owner, refund and privacy policies, and full contact details. Wio also offers payment links through partners such as Stripe.
Escrow accounts
In Dubai, a developer selling units off-plan must open a separate escrow account for each project under Law No. 8 of 2007. An escrow agent accredited by the Dubai Land Department holds it, and the money is dedicated to building that project. After completion, the agent retains 5% for one year from registration of the units. For commercial deals, Emirates NBD, for example, offers commercial and owners' association escrow alongside real estate escrow.
Opening and funding the account from India
Open the UAE account in the company's name first, then send the share capital through your Indian bank. Money an Indian resident puts into a foreign company is overseas investment under FEMA, governed by the Overseas Investment Rules and Regulations, 2022.
- Limit for individuals: resident individuals can remit up to USD 250,000 per financial year under the Liberalised Remittance Scheme (LRS). Investments under it must follow the overseas investment rules.
- Bank paperwork: your authorised dealer (AD) bank needs your PAN and Form A2 for LRS remittances. For overseas direct investment (ODI), file Form FC with one designated AD bank, which obtains a Unique Identification Number (UIN) before the first remittance.
- Limits on individuals: resident individuals may make ODI only in an operating company not engaged in financial services, and may not lend to it.
- After the remittance: give the AD bank evidence of investment within six months, or bring the money back. File an Annual Performance Report each year, certified by a chartered accountant where no statutory audit applies.
- Setup costs: the AD bank can allow pre-incorporation expenses up to USD 100,000 per foreign entity, counted towards an individual's LRS limit.
- Tax collected at source: Indian banks collect TCS on LRS remittances under section 394 of the Income-tax Act, 2025. From 1 April 2026, for purposes other than education and medical treatment, it is nil on the first ₹10 lakh in a financial year and 20% above that. Confirm the rate for your remittance with your bank.
- Indian companies: invest through the designated AD bank with Form FC. The UAE bank then treats the Indian parent as a corporate shareholder.
Keep the Form FC acknowledgement, the UIN email and the SWIFT advice: they show the UAE bank where the capital came from. The ODI rules apply to persons resident in India, so an NRI living in the UAE should confirm their FEMA status with a chartered accountant. The full route is in our guide to business setup in Dubai from India.
How do you keep a UAE business account in good standing?
Renew your trade licence on time and keep the bank's records current. Mashreq's NEOBiz terms, for example, allow charges 30 days after the licence expires, cheque book withdrawal after 90 days and a debit freeze after 180 days.
- Report ownership or signatory changes, and update your beneficial owner register within 15 days.
- Expect periodic KYC reviews. Mashreq requires one on NEOBiz Express accounts once annual credit turnover reaches AED 10 million.
- Keep corporate tax and, once you pass the threshold, VAT registrations current.
How Ofin helps
Ofin's UAE desk helps you choose suitable banks and prepare a complete file. The bank alone decides whether to open the account, and no adviser can promise approval or a timeline.
- Bank shortlist: we match your licence, activity, ownership, turnover and residency to each bank's published criteria and fees.
- Document pack: constitutional documents, ownership chart, attested foreign documents, source-of-funds statements, profiles and a business summary.
- Liaison and follow-up: help with forms and meeting scheduling, liaison with the bank on compliance queries, and follow-up until the bank decides.
- India side: advice on FEMA and ODI paperwork with your AD bank and chartered accountant.
- Payments and escrow: support with payment gateway onboarding and escrow account set-up through licensed banks.
Ofin Legal was founded in Mumbai in 2019, has served 5,000+ clients and holds a 4.9★ Google rating. Call or WhatsApp Ofin's UAE desk on +971 50 523 5779.
