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Get more insight on how can an entrepreneur open a bank account

The United Arab Emirates has definitely become the must-watch region when it comes to investing, its multiple free trade policies, low taxes, and its geographical location (which allows trade by air, land, and water) have drawn the attention of more than one entrepreneur.

In this article, you will learn the importance of getting a bank account for entrepreneurs, the basic steps to get an account in a UAE bank, and how you can be chosen to get an account in the United Arab Emirates for your startup.

  1. How to open a bank account for entrepreneurs?
  2. What are the types of bank accounts for an entrepreneur in the UAE?
  3. What are the requirements to open a bank account for your entrepreneurship?
  4. Who is eligible to open a bank account for entrepreneurs in the UAE?
  5. Which benefits can you get from opening a bank account for your entrepreneurship?
  6. Why do you need to open a bank account, as an entrepreneur?
  7. How to open a bank account for entrepreneurs if you are a foreigner?
  8. In which way can we help you get to know more about opening a bank account for an entrepreneur?

1. How to open a bank account for entrepreneurs?


If you are an entrepreneur looking to start a new path by investing in the United Arab Emirates or with the formation of a new company, you will need a business account from a bank in the UAE to carry out all the transactions related to your company.

You can open a business bank account in the following way:

1.1 Opening a bank account online in the Arab Emirates

The process to open a business account online is quite easy, just go to the website of the chosen bank, fill out the application form, and submit all the required documents.

1.2 Opening a business account offline in the Arab Emirates

For successful entrepreneurs residing in the UAE, it may be more convenient to go directly to the branch of the selected bank.

To deliver the corresponding documents and receive personalized attention.

1.3 Opening a business account via phone call in the Arab Emirates

Another alternative for new entrepreneurs is to make a call with the contact number of the chosen bank. The bank representative will guide you through all the steps to open your account and answer all your questions.

2. What are the types of bank accounts for an entrepreneur in the UAE?

As in the rest of the world, you can open a personal account at the bank and use it for your personal transactions. However, you should know that in the UAE it is not allowed to conduct business through your personal account.

For this reason, successful entrepreneurs open bank accounts intended solely for the use of their companies.

When you open an account at a bank in the UEA, you can choose between a saving, current, and investment account.

2.1 Current Account

Firstly, the current accounts can be used every day, by choosing this type of account you will be able to make money transfers or financial transactions and you will be able to receive a debit card, a checkbook, and a credit card (if you reside in the UAE)

Secondly, these accounts can be held in the currencies of your choice (AED, USD, Euro, etc.)

Also, if you are opening a current account for your business, you must regularly maintain a specific minimum balance, but, at the same time, you will be given the freedom to transfer funds whenever you need.

2.2 Saving Account

These types of accounts usually offer higher interest rates than current accounts, but there is a certain limitation to access the funds.

Also, these types of accounts can be saved in the currencies of your choice and you can transfer wages to them.

2.3 Investment accounts

This type of account offers a higher interest rate than the accounts shown above. However, access to funds may be limited or unavailable.

When you open this account with an amount of money, the bank manages your portfolio and invests in certain financial instruments, which allow you to earn between 3-7% per year.

Must be remembered: This is an intrabank account, so it will not appear in the information displayed in your current or saving accounts. On a quarterly basis, the bank will send extracts of the account for your review.

Most successful entrepreneurs choose a current account, as it allows them to make transactions every day without funds limitation.

3. What are the requirements to open a bank account for your entrepreneurship?

In order to open a business account, the banks of the United Arab Emirates will require certain documentation. For example, Identity, documents related to business, the address proof, etc.

Following, you will see all the required documents:

3.1 Residence and identity proof:

  • Arab Emirates ID of shareholder representative (Original and Copy)
  • Shareholder representative’s Residence Visa
  • Valid passport of shareholder representative and company director (Original and Copy).

3.2 Business Related Documentation

  • Business plan or blueprint
  • Memorandum and articles of association
  • Sources of fund disclosure
  • Company extract (through the official registry of the company)
  • Existing contracts
  • Certificate of Incorporation
  • Registry of shareholders
  • Good standing certificate

3.3 Other Required Documents

  • Information related to the kind of activities to be performed on the account
  • Letter of reference through the business partners

4. Who is eligible to open a bank account for entrepreneurs in the UAE?


To open a business account and join the club of successful entrepreneurs who have invested in the United Arab Emirates, it is necessary to meet certain specifications of the bank of your choice.

Must be remembered: Each bank has its procedures and specifications, and the bank will notify you of each of them.

Here are some general specifications:

4.1 Minimum Initial Deposit

Each entrepreneur must deposit a specific amount of money before opening the account. Each bank has a different minimum fee and must be reviewed before starting the process.

4.2 Minimum Average Balance

In order to open and maintain a business account in the UAE, you must maintain a minimum amount of money in it.

This minimum amount, again, will depend on the bank.

4.3 Savings or current account

Some banks may require the investor to have a savings or current account in order to be eligible to open a business account.

4.4 Know your customer (KYC)

All successful entrepreneurs must fill out the Know Your Customer form to facilitate the account opening process.

5. Which benefits can you get from opening a bank account for your entrepreneurship?

Opening and maintaining a business account is extremely important for new investors since it facilitates the different operations related to their companies.

Next, you will know some benefits of opening a business account in the UAE:

5.1 Purchasing Power:

The business accounts have credit services that facilitate obtaining loans, creating a positive business credit that allows larger initial purchases.

5.2 Security and protection:

By keeping personal funds and business funds separate, this bank account offers absolute security. In this way, the account holders’ data remains secure.


5.3 Attractive Interest Rates:

Due to the number of investors who have decided to start their business in the UAE, banks offer good interest rates for new investors, thus creating a favorable situation for both parties.

5.4 Minimum Account Balance

Most banks offer a fairly low minimum amount to open a business account. In fact, some offer zero balance, which makes it easier for an entrepreneur to start a business.

5.5 Checkbook Facility

All banking entities in the UAE offer checkbooks in the name of the company, which allows variety in payment methods.

5.6 Online Access to the Funds

The entrepreneur who is in charge of the business account has the facility of being able to see their funds through the online portal of the bank. The entrepreneur can review his funds any day, at any time.

5.7 Multiple Currencies Accepted

As shown above, the business accounts accept different currencies, it is up to the entrepreneur to choose the currency of their preference. This can be, for example, AED, USD, Euros, etc.

6. Why do you need to open a bank account, as an entrepreneur?

Once the formation of the company is completed, the need for a bank account becomes imminent.

You will require a business account to receive and send money, make financial payments, and manage business transactions.

An entrepreneur must have a bank account for the following reasons:

6.1 To make investments

From time to time, an entrepreneur will find himself in the situation of making investments, a business account facilitates this process using reminders and standing instructions.

6.2 Banking services

Banks offer various services that facilitate the maintenance and survival of the funds that enter and leave that account.

6.3 Accuracy in Maintaining Records

Business accounts are able to handle almost all types of financial transactions, thus managing to maintain a large set of records. In this way, the payment of taxes, salaries, etc., on time is facilitated.

6.4 Managing Expenses

Having a business account is very helpful when managing expenses and planning strategies for future investments, taking into account the present time of the company.

Is important to realize that, every enterprise needs a very strong foundation to use as a support to overcome any situation that may present to the entrepreneur.

Without the support of a sustainable banking system, flourishing in the Arab Emirate economy can be a rough path.

7. How to open a bank account for entrepreneurs if you are a foreigner?

There are different ways to open a bank account in the UAE if you are a foreigner, but they are all conditioned by one thing: Your residence status.

To open a bank account as a foreigner, you must present your passport (along with copies of your passport photo) and a No-Objection Certificate (NOC) from your employer or the person sponsoring your Visa.

This last requirement indicates that you need a residence in the UAE to open an international or an offshore bank account.

In addition to your passport and NOC, banks will require other types of documentation, for example, Visa, Emirates ID Card (or the copy of your application, if you are waiting for the arrival). Secondly, you will need a document that states your employer or sponsor and your salary.

Finally, you will need proof of your address. For this, you will have to share your rental agreement and a recommendation letter from another bank.

8. In which way can we help you get to know more about opening a bank account for an entrepreneur?

Connect Zone is the agency qualified to accompany you in each step of the process of opening your bank account. In this way, you can invest safely and efficiently.

Our specialists will be in charge of carrying out all the legal and financial documentation, we work with several UAE banks to guarantee the best assistance and performance.

Also, if you are a foreigner, we have the best training to carry out the process of your resident VISA, so that you can work and open your bank account in the UAE.

If you want to know more about us, Connect Zone, and get more insights on how to open a bank account for entrepreneurs, you can call us at the following number +97143316688. Also, you can send us an email to where one of our representatives will contact you and answer all your questions.

Lastly, if you are looking for employment and want to become a part of our team, you can send your CV to No need to worry, your information will be safe with us, we will not share it or store it in our database.

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