Open the corporate account after obtaining your license and establishment documents, ensuring your trade license, company documents, and signatory KYC are complete.
Banks and fintechs offer varied onboarding speed, documentation requirements, and minimum balance policies; evaluate timelines and digital onboarding options before applying.
- Prerequisites: Hold a valid trade license, constitutional documents, and proof of authorized signatories and UBOs for KYC and AML checks.
- Documentation: Expect passport copies, visas/Emirates ID for signatories, MOA/board resolution as applicable, proof of address/tenancy, and basic information about business model and expected transactions.
- Application and compliance: Apply via the bank’s business portal, undergo due diligence on shareholders and controllers, and respond promptly to compliance queries.
- Timelines: Digital-first providers may approve faster, while traditional banks may take longer due to enhanced screening and in-person requirements.
- Operations: Upon approval the bank issues an IBAN, which is mandatory for electronic payments in the UAE
