Assistance with opening a bank
account in the UAE

SORP has been dealing with UAE banks for over 15 years so we know everything about their compliance procedures. Add to that our experience in supporting clients when interacting with financial institutions and you are guaranteed to get the account you want - a safe tool for your company’s settlements.

Presentational image for an article

The UAE’s safe banking system, stable local currency, absence of currency controls, reliable lending institutions and convenient account operation from any part of the world make it one of the most attractive countries in which to arrange your banking services. By contacting SORP Group you will be able to get prompt, courteous, efficient assistance to open your corporate account as well as follow-up support in operating your account and in dealing with the bank’s officers.

Reasons why you need to open a corporate account with a UAE bank

Economic stability
of the UAE and the
country’s image

Zero inflation, absolute stability of the banking system, credibility it provides to business partners by not being included on any OECD or FATF blacklist.

Integration into
the global
financial system

Branches of the world’s major financial institutions are located in the United Arab Emirates and UAE banks are represented all over the globe.

Settlements in any
global currency without
currency conversion

A UAE bank account provides facilities for transactions in Dollars, Euros, Pounds Sterling, Yuans and many more, including settlements within the country.

Simplified KYC when
making settlements in
the national currency

In case the settlements with counterparties are made in the local currency (dirham), the bank’s due diligence procedure is performed with minimum requirements

Offsetting operations
not subject to any

Day-to-day company activities often require third party payments, so it is worth noting that such transactions are not viewed as suspicious by UAE banks.

UAE residents not
subject to exchange of
tax information

The UAE Central Bank policy is that banks of the country do not provide information about all financial operations of accounts within the automatic data exchange.

When opening a bank account in the UAE you might need the following SORP Group solutions

Registration of an onshore company in the UAE

Incorporation of a mainland (local) or free-zone (FTZ) company to open a corporate account and perform all the banking transactions required.

Comprehensive support for opening a bank account

Collating all necessary documents and preparing for KYC procedure, accompanying you to the meeting with an officer of the bank.

Company office mandatory to pass the bank’s KYC

SORP Business Center offers office spaces for rent to prove to the bank that the company has a physical office when opening an account.

Support in dealing with the bank

Communication provision so that the bank’s officers can easily make contact as required when dealing with transactions on a corporate account.

Justification for your banking transactions

Preparation of contracts, acts of acceptance etc., justifying the transactions, as well as auditor’s opinions to confirm the rationale of operations on the account.

Confirmation of your tax resident status

Meeting the legal requirements and completing procedures necessary to be fully protected against automatic exchange of financial information as provided by CRS.

Types of accounts offered by UAE banks

Depending on the residency status of the account holder, UAE banks provide a range of corporate account types (resident and non-resident versions) that have different requirements and conditions for opening and servicing.

Resident Bank Account

  • Full list of bank services and facilities is available, including cheque book, debit and credit cards and loan extensions.
  • Low threshold requirement: no deposit is required to open an account.
  • Intention to work with UAE partners and a valid residency visa for the account signatory are sufficient to open an account.
  • No need to submit any insurance or investment plans to open an account.
  • Simplified due diligence as the Immigration Service has already checked the individual.
  • Bank secrecy assures the protection of a resident signatory’s information.
  • An account is a fully functional tool for cash and settlement services.

Non-resident Bank Account

  • Takes longer to open, offers a reduced list of bank services and has limitations in online banking.
  • High threshold requirement: large deposit or confirmation of a million-dollar turnover is needed to open an account.
  • It is sufficient to own real estate and have partners in the UAE with preliminary partnership agreements to open an account.
  • In addition, an insurance or investment plan is also needed to open an account.
  • Extended due diligence of the signatory - checks for any similar business abroad, thorough inspection of the source of funds.
  • Information about a non-resident signatory is reportable to the authorities in the jurisdiction of the owner’s tax residency.
  • Such an account is effectively used as an e-wallet for one-off operations.

To open a corporate bank account, UAE banks ask you to provide:

Proof that the real center of the company operating the account is in the UAE

The bank needs to understand who the company is managed and controlled by, and where all banking transactions are performed from.

Confirmation of the account signatory’s resident status

Tax residency of the account signatory must be confirmed to avoid banking data disclosure under international automatic data exchange agreements.

A mandatory set of supporting documents needed to pass through KYC procedure

The bank’s KYC process requires applicants to confirm the source of funds, submit a business profile of the company and provide the account signatory’s CV.

Documents required to open
a corporate bank account in the UAE

The original passports of the account
signatory and the shareholders

Valid UAE residency visa of the account

Emirates ID of the account

Original company corporate documents and
the authority granted to the signatory

Bank statements of the account signatory
for the past six months

Confirmation of the actual address
of the company

Business profile of the company, describing
its activities

Information about 3 counterparties of the
company (sellers and buyers)

For companies older than six months -
several contracts and invoices

What UAE banks require to service
corporate bank accounts

Transactions into and out of the account should align with stated business activities

Banks want to see that the account transactions correspond fully with the activity that your company is licensed for.

Transactions must be supported by contracts and other evidence of validity

To ensure the account is used only for valid business transaction, banks ask for supporting documents - contracts, invoices, bills of lading, waybills etc.

The company must have a physical office with a UAE address

The company’s office where the business is managed and controlled from should coincide with the legal registered address of the company.

Timely notification of any changes in the key data of the company

Any changes in the constituent and legal documents of the company, its structure, composition of members etc. should be communicated to the bank.

Confirmation of annual renewal of licenses and permissions issued to carry out business activities

Banks monitor that all licenses and permissions, issued by the relevant authorities for the company to run its business, remain valid.

Ongoing validity of residence visas of the account signatories

Should the signatory’s residency visa expire, the bank may close the company’s account and/or change its status to a non-resident one.

SORP is your reliable partner, ready to assist you
in starting a successful business in the UAE

SORP Business Center

The SORP group of companies has its own Business Center - 54000 sq. ft of modern office space for licensing in the UAE and meeting the requirements of KYC and Economic Substance

Range of services

The company offers comprehensive solutions for businesses and shareholders from incorporation and opening business bank account in Dubai to obtaining UAE tax resident status.

Integrated solutions

We carry out turnkey works - we will draw up a development plan for your company, help you obtain all permits, analyse the requirements to open a business bank account in Dubai and find qualified personnel that meets the requirements of financial regulators

15 years of successful work

SORP is a well-known accounting consultant in Dubai. We have helped thousands of clients open corporate bank account in the UAE, build and develop businesses in the UAE

Protection and confidentiality

We will ensure the security of your investment, compliance with current legislation and confidentiality of information

Examination of documentation

Checking your company's concept for strategic and legal errors and for opening best business bank account in the UAE

Contact us on WhatsApp