UAE Corporate Bank Account

Opening a company in the UAE and opening its bank account are two separate processes. The bank will want to understand the owners, the business, where the money comes from and how the account is expected to be used before it decides whether to accept the company.

Coutts Consultants can help prepare the banking application and introduce the company to a suitable third-party provider. This can be particularly useful for newly formed businesses, overseas shareholders and international companies whose banking needs are more complicated than a straightforward local account.

Who this service is for

This service is suitable for mainland and free-zone companies that need a UAE account for normal business payments, salaries, suppliers and customer receipts.

We first look at the company's activity, ownership, expected turnover, currencies and countries involved so that the proposed banking route fits the business.

What the bank will normally ask for

Banks commonly request the trade licence and company documents, passport and address information for owners and managers, details of the business and evidence of the source of funds.

Depending on the company, they may also ask for contracts, invoices, a website, supplier or customer information, office details or evidence of existing business activity.

New companies and overseas owners

A newly formed company may not yet have accounts or a trading history. In that case, the application needs to explain clearly what the company intends to do and how the first transactions will arise.

Overseas ownership is common in the UAE, but the bank can still ask for information about the owners' background, existing businesses and source of wealth or funds.

How Coutts Consultants can help

We review the company and its banking requirements, help organise the application documents and introduce the client to a suitable provider where a current route is available.

Coutts Consultants acts as an intermediary. The bank or financial institution provides the account and makes the final decision on acceptance.