Corporate bank account in Dubai

Dubai offers one of the most robust and secure banking systems globally, providing businesses with enhanced financial security and credibility. Corporate bank accounts enable seamless international transactions, access to competitive foreign exchange rates, and tax-free savings. Additionally, having a Dubai-based corporate account simplifies the process of managing payroll, supplier payments, and client transactions. The strategic location of Dubai also ensures businesses gain access to advanced banking technologies and a network of global financial partners.

Any company registered in the UAE, whether on the mainland, in a free zone, or offshore, is eligible to open a corporate bank account. However, eligibility criteria vary by bank and account type. Startups, SMEs, large corporations, and even high-risk industries like cryptocurrency or trading firms can apply, provided they meet the required compliance standards.
Aston VIP provides tailored guidance to ensure that each business type navigates the process successfully.

Banks in Dubai require comprehensive documentation to ensure compliance with regulatory and anti-money laundering (AML) standards. The key documents include:

• A valid UAE trade license.
• Memorandum of Association (MOA)
• Passport copies of all shareholders and directors
• Emirates ID copies (if applicable)
• Proof of residential address (utility bill or tenancy contract)
• Company profile or business plan
• Financial statements or projected turnover (for some banks) Aston VIP assists clients in compiling and submitting all necessary paperwork, ensuring a smooth application process.

The time required to open a corporate bank account depends on factors such as the complexity of the business structure, the type of account, and the specific bank’s compliance
procedures. On average, the process can take anywhere from 1 to 3 weeks. Some banks may expedite the process if all documents are complete and the business meets their
internal risk assessment criteria. Aston VIP works closely with banks to reduce delays and ensure timely approvals.

Yes, foreign companies and non-resident individuals can open corporate bank accounts in Dubai, but they must meet certain requirements. This often involves establishing a local UAE
entity or representative office, providing additional documentation, and fulfilling specific compliance checks.
Non-resident individuals may face stricter requirements, such as higher minimum balances or enhanced due diligence.
Aston VIP provides expert support to streamline the process for foreign entities and non-residents.

The costs of maintaining a corporate bank account vary depending on the bank, the type of account, and the services required. Typical costs include:

• Account opening fees (ranging from 1,000 to 5,000 AED depending on the bank)
• Minimum balance requirements (can range from 25,000 to 500,000 AED)
• Monthly maintenance fees (usually between 100 to 500 AED)
• Transaction fees for international transfers Aston VIP provides clients with a detailed cost breakdown to ensure transparency and help them choose the most cost-effective banking solutions.

Yes, most banks in Dubai offer multi-currency corporate accounts, allowing businesses to manage transactions in various currencies such as USD, EUR, GBP, and more. This is particularly beneficial for companies engaged in international trade or operating across multiple markets. Multi-currency accounts help reduce currency conversion costs and streamline global financial operations. Aston VIP helps clients select the best banks offering multi-currency services tailored to their business needs.

High-risk corporate bank accounts cater to industries considered higher risk by financial institutions, such as cryptocurrency trading, forex, or international remittance services. These accounts require more stringent due diligence, including enhanced KYC and AML documentation. Aston VIP provides specialised advisory services to help high-risk businesses compile the necessary paperwork, meet compliance standards, and secure banking solutions suited to their unique needs.

Most banks in Dubai require proof of a physical office as part of their compliance checks, as it demonstrates the legitimacy of the business. Virtual offices are generally not accepted
unless paired with specific free zone licenses. Aston VIP assists clients in finding compliant office solutions and ensures their documentation meets the bank’s requirements.

Aston VIP offers comprehensive support throughout the bank account setup process, including:

• Assessing the client’s business needs and recommending suitable banks
• Assisting with document preparation and submission
• Coordinating with bank officials to expedite approvals
• Offering ongoing advisory services for compliance and account management.

We also offer a money-back guarantee on all our banking packages. If we are unable to secure your approval with any
of the banks we work with, we will refund your package fee. Please note that this guarantee does not apply in cases where the client provides incomplete or fraudulent documentation, fails to meet the bank’s compliance requirements, or withdraws from the process prematurely.

By partnering with Aston VIP, clients gain access to expert guidance, reducing the complexities of bank account setup and ensuring a smooth, efficient experience. Aston VIP offers comprehensive support throughout the bank account setup process, including:

• Assessing the client’s business needs and recommending suitable banks
• Assisting with document preparation and submission
• Coordinating with bank officials to expedite approvals
• Offering ongoing advisory services for compliance and account management By partnering with Aston VIP, clients gain access to expert guidance, reducing the complexities of bank account setup and ensuring a smooth, efficient experience.