Business Bank Account Opening Services

Yes, in most cases. However, banks will often limit the facilities available to the company/individual. Typically, they will only allow the use of an internet banking facility for online transfers. The majority of banks will not provide credit or debit cards for non-residents.

Most local banks require a minimum balance to be maintained, which can vary dependent upon the particular bank and the particular type of account. Banks typically require the account to maintain an average monthly balance between AED 20,000 (approx. US$ 5500) and AED 150,000. If the average balance falls below the required amount, a nominal fee will be charged to the account.  

There is no set timeframe for this process. Each bank has its own internal procedure and timeframe for account opening. It generally takes approximately 2 to 4 weeks to open a bank account for an LLC or Free Zone company in the UAE. However, this is not guaranteed (especially in respect of Offshore Companies) because each application is subject to a bank’s internal compliance and management approval.

We work with the majority of commercial banks in the UAE. We also work with a number of local private banks. If your company does not require a local bank, we also work with a number of international banks in the Caribbean (St. Lucia, St. Vincent and the Grenadines), Mauritius, Malta, Isle of Man, Singapore and Qatar. All these banks provide multi-currency accounts, banking via the Internet, telephone or fax. Debit cards are available from most banks that we represent, depending on the type of account.

Yes, but only in the case of the account being opened in the UAE. We have agreements with offshore banks where we obtain the client’s signatures and verify their authenticity. However, all the information and documents required by the bank will have to be provided by the client.

As a corporate director of your company, Sovereign must assert full control of the company’s bank accounts. We provide multiple authorised signatories to the account to make sure your banking requirements are fulfilled, even if your dedicated administrator is on leave. This relationship between the beneficial owner and the corporate director is regulated by our standard Terms and Conditions of business. The authorised signatories will never act on their own accord. They will only act on receipt of express written consent and instructions from the beneficial owner.