Opening a Corporate Bank Account
What the Central Bank requires
- Banks should be able to open an SME account within 3 business days when they assess the applicant as low risk for money laundering and are satisfied with the standard due diligence documents.
- Banks must publish clear and consistent lists of the documents they need.
- A bank may accept an opening deposit but must block it, with your consent, until all checks are complete.
- Banks must record every SME request, including those pending for more than 30 days, and report them to senior management.
Source: Central Bank of the UAE Rulebook: SME Market Conduct Regulation, account opening1
Documents banks ask for
| Document | Notes |
|---|---|
| Trade licence | Valid; with Chamber of Commerce certificate where it applies |
| Memorandum and articles of association | Certified copy; free zone companies give the certificate of incorporation and share certificate |
| Passports, visas and Emirates IDs | For directors, partners, key shareholders and signatories |
| Board resolution or power of attorney | Needed when the signatory is not the owner |
| Proof of address | Tenancy contract or a utility bill from the last 3 months |
| Beneficial owner details | ADIB asks for ID of every owner above 10%, or above 5% for listed companies |
Source: ADIB: Business banking documents checklist; Emirates Islamic: Company account opening form3,4
Documents signed outside the UAE, such as a parent company's resolution, must be attested; Emirates Islamic, for example, asks for attestation by the Ministry of Foreign Affairs in the UAE.4
Balances and choosing a bank
Many banks set a minimum monthly balance and charge a fee if the account falls below it. The National Bank of Fujairah, for example, asks for a monthly average of AED 25,000 and a physical presence in the UAE. Many banks also let you apply online or through an app.2,5
Make sure names, addresses, ownership and activities match across the licence, the memorandum and the lease.
Frequently Asked Questions
How long does it take to open a business bank account?
The Central Bank expects banks to open an SME account within 3 business days when the applicant is low risk and the standard due diligence documents are complete. Higher-risk cases take longer.
Sources
- Central Bank of the UAE Rulebook: SME Market Conduct Regulation, account opening
- UAE Government Portal: Banking
- ADIB: Business banking documents checklist (PDF)
- Emirates Islamic: Company account opening form (PDF)
- National Bank of Fujairah: Business account
Figures checked 21 October 2026. Prepared by Invest-Emirates.ae for general information. It is not investment, tax or legal advice; please confirm details with a qualified adviser before acting.