Bank Account

It is not possible to remotely access any business bank account with UAE banks. The Central Bank requires physical presence when opening a Freezone Bank Account.

It is possible to obtain debit cards from most banks in the UAE when opening a Business Bank Account. However, in order to obtain a credit card, it is necessary to deposit a certain amount with the bank. Additionally, for Business Loans, your company must be at least 1 year old and demonstrate good turnover through audited reports of company operations profits.

Although we make every effort, we strongly advise using our services to establish your company in a manner that facilitates the easy opening of your bank account. This is because certain business activities can cause delays in the bank’s account opening process. Numerous factors are taken into consideration by banks before approving an account, making it impossible for anyone to guarantee its opening.

Each case undergoes scrutiny by various departments within the bank before an account can be opened.

In the event that the bank requires further information or clarification, they will reach out to you directly. Your chances of successfully opening an account will increase if you provide the bank with a comprehensive understanding of your business.

We have ample experience in assisting freezone companies with opening business bank accounts, so we can help ensure that your account application is prepared in a manner that facilitates a smooth and expedited process.

Each financial service provider (FSP) has its own internal procedures and timeframe for account opening, resulting in variations in the process. Nevertheless, the typical duration for opening a corporate account is around 4 to 6 weeks.

For the account opening, it is essential that the authorized signatory(s) of the company possess Emirates ID.

In the UAE, local financial service providers (FSP) typically have different requirements for maintaining a minimum balance. Generally, corporations are expected to keep a minimum balance ranging from AED 10,000 to AED 500,000. However, some FSPs also offer zero balance options with a minimum account maintenance fee.

In the UAE, local financial service providers (FSP) typically have different requirements for maintaining a minimum balance. Generally, corporations are expected to keep a minimum balance ranging from AED 10,000 to AED 500,000. However, some FSPs also offer zero balance options with a minimum account maintenance fee.

In the UAE, local financial service providers (FSP) typically have different requirements for maintaining a minimum balance. Generally, corporations are expected to keep a minimum balance ranging from AED 10,000 to AED 500,000. However, some FSPs also offer zero balance options with a minimum account maintenance fee.

A Virtual IBAN account, also known as a virtual account (VA), is a designated IBAN reference provided by a bank to enable the routing of incoming payments to an actual bank account. With the utilization of a virtual account, you have the capability to send and receive funds globally.

Typically, the IBAN will be received within a span of five working days subsequent to the submission and approval of the application.

By transferring the funds to the master account associated with the Virtual Account, companies can establish individual virtual IBAN accounts for their customers to facilitate payment transfers.

Under your company name, you will receive the virtual IBAN.

Under your company name, you do receive the virtual IBAN.

It facilitates both inbound and outbound SWIFT transfers in various currencies.