Opening a corporate account with UAE Payment System - step-by-step guide and benefits
New generation payment systems (neobanks) licensed in the UAE are becoming a sought-after tool for international businesses. Unlike traditional banks, they offer a faster, more affordable and technologically advanced solution for opening a corporate account. This is particularly relevant in the context of globalised business and the growing need for multi-currency settlements.
Opening an account in a payment system allows not only to save time and money, but also to create a flexible infrastructure for international transactions. Such an account can act both as a primary and alternative financial instrument for business in the UAE and beyond.
Advantages of opening a corporate account in the OA payment system
Full-fledged internet banking with integration into accounting systems - modern payment platforms offer functionality that can be compared to a classic bank, including the ability to integrate with XERO and other accounting systems to automate financial accounting.
Unlimited transfers and global coverage - no limits on the number and volume of transactions. International payments are available via SWIFT and SEPA. Service is provided in more than 65 currencies, including UAE dirham, dollar, euro, yuan and others.
Worldwide operations - payments and settlements are possible with partners and counterparties in 190 countries. This enables efficient management of global supplies and logistics.
- no visit to the UAE is required (unlike classical banks);
- employees of these PSs speak Russian;
- the possibility of opening an account not only for the UAE company.
Who can open a corporate account in the UAE payment system
Legal entities registered in the United Arab Emirates can open an account, including:
- companies registered in free economic zones (Free Zones);
- International entities doing business outside the UAE;
- companies that are not active but wish to open a corporate account for safekeeping or settlement purposes.
Thus, a corporate account is available not only to active residents, but also to companies considering the UAE as a jurisdiction for reserve or investment custody of funds.
Step-by-step instructions for opening a corporate account
- Preparation of a package of documents. It is necessary to collect all constituent documents of the company, copies of passports of beneficiaries and directors, proof of address, business plan or description of activities.
- Pre-approval (pre-approval). Based on the documents and questionnaire sent, a pre-approval is carried out. This allows you to understand whether the company is suitable for the requirements of a particular payment system.
- Submission of the application to the payment system. After receiving a positive answer, the client questionnaire is filled in, a full set of documents is formed, and the application is sent to the system.
- Compliance check. Specialists check the authenticity of information, may request additional clarifications or documents. This stage requires accuracy and transparency of information.
- Account opening and online banking connection. After passing all stages, the client receives account details. Access to the personal cabinet and mobile application is activated, notifications and user permissions are configured.
Requirements and conditions
- No localisation requirements. It is not necessary to do business in the UAE - companies oriented towards foreign markets will also be suitable.
- Loyal compliance. Payment systems are not as strict about verification procedures as traditional banks. But additional enquiries are possible, especially in the case of a complex ownership structure.
- Speed of opening. The average time to open an account is between 5 and 10 working days, which is significantly faster than in a conventional bank.
Why you should not open an account on your own
Many companies, trying to save money on the services of professional consultants, encounter various kinds of refusals when opening an account. The reasons are most often incorrectly executed documents, errors in the questionnaire, insufficiently transparent description of activities.
One refusal may affect the possibility of opening an account in other systems, as the client's data is already included in the general information base. Each payment provider has its own rules and priorities: suitable documents in one system may not be acceptable in another. Working through specialists helps to minimise risks and achieve a positive decision at the first attempt. A team of professionals can help you open a corporate account in the UAE payment system and take care of any issues that may arise.
