The Challenge
Due to strict compliance and anti-money laundering (AML) regulations, opening a corporate bank account in the UAE can be tough for new startups, especially if the shareholders are non-residents.
Traditional Banks vs. Digital Banks
1. Digital Banks (The Game Changer)
Wio Bank and Mashreq NeoBiz have revolutionized the process.
- Pros: Fully digital application, lower minimum balance (often zero), fast approval (2-5 days).
- Cons: Limited branch access (but rarely needed).
Recommendation: Start with Wio Business. It is currently the most startup-friendly option.
2. Traditional Banks
Banks like ENBD, FAB, and RAKBANK are prestigious but stricter.
- Requirements: Physical office (often), high minimum balance (AED 50k - 200k), proof of business experience.
- Timeline: 2 - 8 weeks.
Required Documents
- Trade License.
- Memorandum of Association (MOA).
- Passport, Visa, and Emirates ID of all shareholders.
- 6 months personal bank statement (from home country).
- Proof of address (utility bill).
- Business Plan / Company Profile.
Tips for Approval
Ensure your "Business Activity" on the license matches your actual business model. Maintain a healthy balance in your personal account to show financial stability.