Intelligent Solution Group > Services > Corporate Bank Account Opening in UAE

Corporate Bank Account Opening in UAE

A corporate bank account in the UAE significantly simplifies financial transactions and opens up new business opportunities. It provides access to online banking, deposit and payment cards, removes transaction limits and allows you to work with over 65 currencies. Geographical restrictions are eliminated, enabling you to pay for goods and services in 190 countries.

A payment system licensed in the UAE speeds up the account opening process and does not require documents to be certified by the Foreign Office or the consulate; documents from the Companies Register are sufficient. The neobank has a flexible compliance process, requires no deposit, and the opening process is faster than at a traditional bank.

Price: from €1 500

Открытие корпоративного счета в необанке с лицензией ОАЭ необходимо международным компаниям, которые уже работают в стране, но по разным причинам не могут открыть корпоративный счет в банке Эмиратов.

Opening a corporate account with a UAE-licensed neobank is necessary for international companies that are already operating in the country but, for various reasons, cannot open a corporate account with a UAE bank.

What are the benefits of having an account with the United Arab Emirates payment system?

Full-featured online banking, integration with XERO

Issuance of deposit and payment cards, credit lines of up to 10 million USD

There are no restrictions on the number or volume of transfers

the ability to make SWIFT/SEPA payments

storage, currency exchange, and payment for goods in over 190 countries

accepts over 65 currencies, including US dollars, euros and yuan

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Only UAE residents may open a bank account. To open a corporate account in the UAE, you can set up an offshore company with the relevant banking services. Another approach is to register a company in one of the UAE’s free zones. This method is more cost-effective, but requires compliance with stricter conditions regarding the minimum account balance.

Requirements for opening a corporate account with a UAE-licensed neobank

1

The neobank has a flexible compliance process, although it may request additional documents during the company verification process;
2

You must maintain a minimum balance of $100 in your account after opening it;

3

A financial statement must be provided if the company has been in existence for more than a year;
4

There is no need to run a business in the UAE.

Steps for opening a corporate account with a payment system licensed in the UAE

Gathering the necessary documents

We submit an application to the chosen bank

We monitor the progress of the process and assist with compliance

If any problems arise, we resolve them

Once the application has been approved, we forward the documents and information to the client

Setting up online banking

We have gone through this process many times, so we will take as much of the burden off your shoulders as possible and guide you through every step. Not only will we explain how to open accounts with digital banks in the United Arab Emirates, but we will also be in touch with you throughout the process should you need any assistance.

Additional services:

paid separately

assistance with connecting to SWIFT;
company registration in Dubai;
verification of the source of funds;
setting up online banking;
processing bank payments;
financial accounting;
compliance checks;
recovery of funds from frozen accounts.

What additional documents might a neobank request during the compliance check?

In addition to the standard set of documents, a neobank may request information on the company’s ownership structure, proof of the source of funds, contracts with counterparties, business plans or other financial statements. We help prepare and gather all the necessary documents to ensure the verification process is completed quickly and without unnecessary delays.

Is it possible to manage a corporate account entirely remotely, without visiting the UAE?

Yes, opening and managing a corporate account with a UAE-licensed neobank is done entirely online. There is no need to be physically present in the UAE, which significantly simplifies the process for foreign companies. We guide you through every stage and provide support for remote account management.

What are the minimum balance requirements, and are there any service fees?

A minimum balance of $100 is required to open an account with a UAE-licensed neobank. Service fees depend on the chosen pricing plan and the volume of transactions, but are generally lower than those at traditional banks. We will provide full details of the fees and help you choose the best pricing plan.

Cases:

CASE: How to recover frozen $600,000

The client faced a problem with frozen funds in the account of his international company. The bank where the account was held was in the process of liquidation and froze all funds while starting an audit of its clients.

CASE: Forgotten $400,000

Our client decided to completely liquidate his company, established about 10 years ago in Latvia. During the liquidation process and communication with the bank, we discovered that the client had $400,000 in the account for several years — money everyone had forgotten about.