Banking
Opening a business bank account
This is consistently the slowest step after registration, and the one most guides treat as a footnote. It deserves the opposite: real preparation before your first bank meeting.
What banks typically ask for
- Trade licence and Memorandum of Association (or free zone equivalent).
- Shareholder/director passport copies and, for non-residents, proof of address.
- A clear description of your actual business activity and expected transaction volume — vague answers here are a common cause of delay or rejection.
- Source-of-funds documentation for initial capital, especially for higher-value accounts.
Which banks work with non-residents
Most major UAE banks accept applications from non-resident company shareholders, but appetite for a given business activity varies bank to bank and changes over time — a comparison written today can go stale within months. Speak to two or three banks in parallel rather than committing to the first one that responds, and expect the process to take several weeks rather than days.
Can a foreigner open a business bank account in Dubai?
Yes — this is routine for a properly licensed company, but approval depends heavily on your business activity, expected transaction volumes, and source of funds documentation, not just holding a trade licence.
Why is opening a business bank account in Dubai slow?
UAE banks apply thorough compliance checks to new business accounts, particularly for free zone companies with no local trading history yet. Bringing complete documentation and a clear explanation of your business activity from the first meeting materially speeds this up.