Documents Needed to Open a Business Bank Account in UAE

Why Documentation Matters for UAE Business Bank Accounts

UAE banks operate under regulations set by the Central Bank of UAE (CBUAE) and enforce strict procedures to verify the identity, legitimacy, and financial activity of businesses. These requirements aim to combat fraud, money laundering, and terrorism financing, ensuring both banks and clients operate transparently. 

These documents prove the legal existence and registration of your business — these are typically the first documents requested by the bank:

• Valid Trade Licence (mainland or free zone).
  

• Certificate of Incorporation or Commercial Registration issued by the relevant authority.
  

• Memorandum of Association (MoA) and Articles of Association (AoA).
  

• Company Profile describing your business activity.
  

• Board Resolution or Power of Attorney authorising account opening and signer(s).
  

• Proof of Business Address — such as Ejari tenancy contract, utility bill, or Free Zone office lease.
  

Different banks may ask for slight variations on these, but having them ready upfront is essential.

Banks must verify every individual directly involved in the company, especially those authorised to sign transactions:

• Passport copies of all shareholders, beneficial owners, directors, and authorised signatories.
  

• Emirates ID copies for UAE residents.
  

• Residence Visa copies where applicable.
  

• Proof of address for individuals — recent utility bill, tenancy contract, or bank statement (usually within 3 months).
  

• Sometimes CV or professional profile of signatories is also requested as part of KYC.
  

These personal details help banks assess risk and confirm identities.

Beyond legal paperwork, banks want to understand how your business works, where funds come from, and what activities you conduct:

• Business Plan or Company Activity Overview.
  

• Source of Funds or Source of Wealth Declaration explaining where the funds originate from.
  

• Bank Reference Letters — especially for established companies.
  

• Past Bank Statements (3–6 months) for shareholders and/or the company (if available).
  

• Contracts, invoices, purchase orders, or MOUs that illustrate business transactions.
  

• Ultimate Beneficial Owner (UBO) information including ownership breakdown.
  

These help banks understand your business model, revenue expectations, and risk profile.

Proof of UAE Presence

Even for free zone or foreign-owned companies, UAE banks typically require documentation showing you have a physical or operational presence:

• Ejari tenancy contract (mainland office lease) or relevant free zone office contract.
  

• Utility bills in the company’s name (recent).
  

• Some banks accept virtual office agreements if compliant.
  

A clear local address helps confirm regulatory compliance.

Depending on the bank’s internal policies and risk assessment, you may be asked for:

• Certificate of Good Standing for established businesses.
  

• VAT Registration Certificate if applicable.
  

• Group structure chart or parent company documents for subsidiaries or branches.
  

• FATCA/CRS declarations for international tax compliance.
  

• Audited financial statements if required by the bank (especially for older companies).
  

These can vary by bank and business type but are common in deeper compliance checks.

Document Checklist for Business Bank Account (UAE)

Most UAE banks perform enhanced due diligence (EDD) for higher-risk sectors (like trading, crypto services, or consultancy). You may be asked for extra business documentation or evidence of contracts. 

Banks will also evaluate your compliance with AML/CFT rules and may request further paperwork during the review process.

Certain business sectors are classified as high risk under UAE banking and Anti-Money Laundering regulations due to the value, structure, or nature of their transactions. 

Companies operating in these sectors are subject to enhanced due diligence during bank account opening and ongoing compliance reviews. As part of these obligations, some businesses are required to register on the goAML system for regulatory reporting purposes.

Real estate businesses, including brokers, developers, and intermediaries, fall within this category. In addition to AML-related obligations, real estate companies—particularly those operating in Dubai—must comply with Real Estate Regulatory Agency requirements. RERA governs broker licensing, escrow arrangements, and transactional conduct, while AML frameworks focus on financial crime prevention. These requirements operate independently and must both be met.

Dealers in precious metals and precious stones, such as gold, diamonds, and high-value jewelry, are also considered high risk. 

Due to the high value and portability of these assets, regulators expect enhanced customer due diligence, transaction monitoring, and compliance with applicable AML reporting requirements. 

Other businesses commonly subject to heightened scrutiny include corporate service providers, auditors, accountants, trust service providers, and certain brokerage or intermediary activities. 

Classification is determined by business activity rather than company size or turnover, and directors remain responsible for compliance even when reporting functions are delegated.

Yes — but non-resident entities typically need certified and attested documents, including authentication at a UAE consulate and Stamp from the UAE Ministry of Foreign Affairs, to meet UAE banks’ compliance norms. 

What is the most essential document for a UAE business bank account?
The trade licence and proof of company registration are the core documents every bank requires. 

Do all shareholders need to provide personal documents?
Yes — passport, Emirates ID (for residents), and proof of address are typically needed for all directors, signatories, and beneficial owners. 

Is a business plan always required?
Many banks request a business plan or company profile to understand your business activity and growth projections. 

Can foreign companies open a bank account in UAE?
Yes, but additional document attestation and use of a local agent are often required. 

How long does it take to open a business bank account?
Timelines vary but can range from a few days to several weeks depending on documentation completeness and bank review. 

Do I need a physical office?
Most banks require some form of proof of business address — Ejari lease or utility bill — even if it’s a virtual office, though policies differ by bank. 

Are audited financials mandatory?
Not always — especially for new companies — but some banks may request them for established businesses.

Will banks check my personal credit or background?
Yes. UAE banks perform personal background and KYC checks on shareholders and signatories as part of risk assessment. 

Is a Power of Attorney required?
Yes, especially for foreign signatories or when the authorised signatory is not a shareholder.

Opening a business bank account in the UAE involves strict regulatory checks, precise documentation, and bank-specific compliance nuances. 

Fintrack Tax Consultants LLC guides businesses through every step — from preparing a complete, KYC-ready document set to liaising with banks and increasing your chances of seamless approval. 

Our expertise helps you avoid delays, additional requests, or rejections, so you can focus on what matters most — growing your business.