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 UEA 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.

How to set up an industrial company in Dubai?

industrial company

The diversification of Dubai’s economy opened up a gap to new methods of income. Among them, the industrial company is an important asset in this Emirate. A strategic location, state-of-the-art equipment, and a successful market set Dubai a perfect center for establishing manufacturing companies of any category.

In this article, you will learn all about setting up an industrial company in Dubai. Plus the long list of business activities you can do. On the other hand, you will find out what steps to take to make the process run smoothly. Moreover:

  1. What types of activities are manufacturing companies in Dubai engaged in?
  2. Why should you start an industrial company in Dubai?
  3. Where is the best area in Dubai to start an industrial business?
  4. How to open an industrial business in Dubai?
  5. What can you do with an industrial license in Dubai?
  6. How much will it cost to form an industrial business and obtain an industrial license?
  7. How can we help you in the UAE VAT Registration process?

1. What types of activities are manufacturing companies in Dubai engaged in?


Dubai is famous for its wide economic activities’ diversity. Foreign investors see the Golden City as a zone for establishing manufacturing companies. That is to say, enterprises aimed at manufacturing products from raw materials, focusing on the use of machinery rather than human power.

Therefore, the idea of industrial companies is to create as many goods and services as possible through automated systems using the UAE’s tech developments. On the other hand, there are multiple types of activities performed by industrial companies in Dubai. These can be:

  • Base metal engineering
  • Chemicals
  • Transportation
  • Food and beverage
  • Machinery
  • Mining
  • Energy
  • Textile

There are other types of companies that work with product manufacturing in Dubai like clothing, hardware equipment, or hydrocarbons. However, companies linked to oil, gas, and telecommunications do have some restrictions when it comes to 100% ownership. Of the rest, all manufacturing companies keep the same benefits, rights, and duties.

2. Why should you start an industrial company in Dubai?

Dubai is a world-class financial center. Any foreign entrepreneur wishing to start an industrial company in Dubai should know the following key points about business setup in Dubai:

  • Strategic location: Dubai is a city with two of the best international airports and world-class infrastructure allowing investors to access the city with ease.
  • Local and foreign talent: There is a wide range of local professionals ready to run the machinery of a manufacturing company. Furthermore, the UAE’s pro-migration policy allows entrepreneurs to access a highly trained pool of foreign talents from anywhere in the world.
  • Foreign Investors market: Dubai is one of the best investment cities in the world. Therefore, UAE authorities have flexible policies for company formation. Consequently, the rules and guidelines allow investors to establish themselves with ease and have high levels of productivity.
  • Broad customer base: Dubai’s large population, coupled with its successful market, allows access to a wide variety of customers. In addition, its strategic location allows access to consumers in the Middle East, Africa, and South Asia which may allow for future expansion into other markets

2.1 Other key points to consider are:

  • One of the lowest tax rates within the Middle East territory
  • Easy access to logistics equipment and means of transport for products and goods
  • Economical foreign and domestic labor force.
  • High-class infrastructures such as business centers, warehouses, and offices
  • Low cost of resources and energy sources. In addition, Dubai promotes green manufacturing. Resulting in an environment that seeks to promote more environmentally conscious companies.
  • Constant market development and growth. Providing new opportunities for local entrepreneurs.

3. Where is the best area in Dubai to start an industrial business?

Throughout Dubai, there are multiple Free Zones dedicated to business start-ups like Dubai Multi Commodities Centre (DMCC). However, if your vision is to start an industrial business, it is best to do it in Dubai Industrial City.

Since its launch in 2004, Dubai Industrial City (DIC) is home to more than 500 operational local and international companies. Thanks to its robust infrastructure, tech resources, and competitive enterprise structures and services, DIC aims to be a hub for manufacturing companies to grow with ease.

The DIC is located between Al Maktoum Airport and near Jebel Ali Port. In addition, the area has total free traffic driveways connected to Sheikh Mohammed Bin Zayed Road and Emirates Road. It allows access to different types of company structures such as LCC structure, branches, and subsidiaries according to the owner’s license.

Likewise, the DIC guidelines permit maintaining 100% foreign ownership; it has no personal income or corporate taxes and allows full repatriation of invested/generated assets and capital.

4. How to open an industrial business in Dubai?

Although there are very few restrictions for opening an industrial business in Dubai, the procedure is quite simple. All you have to do is to follow the next 10 steps to the letter:

4.1. Choose the type of industry

To get started in the Dubai industrial market, it is necessary to define your industry sector. In other words, choose the appropriate product you would like to develop.

4.2. Find a local partner

Secondly, you should look for a local partner to help you establish your Gulf business easily within the UAE. In this way, you will gain an ally within Dubai who can advise you 24/7.

4.3. Pick a trading name

The next step is to select a name that fits your corporate identity and Dubai’s guidelines on the subject. Remember to avoid abbreviations, religious references and, if you use a proper name, it should be that of the owner or a shareholder.

4.4. Initial approvals

To get started, you must obtain initial approval from the Department of Economic Development (DED). You will need to provide a copy of your passport and your detailed business plan to open your industrial company in Dubai. This will allow you to get approval on your trading name and future requirements.

Likewise, it is important to note that you will require some extra permits according to the type of business. For example, some industrial activities may be harmful to humans and the environment. Therefore, it is necessary to obtain additional approvals before setting up in Dubai.

4.5. Post Approval Memorandum of Association

After obtaining approval for the product and trading name, it is time to sign the Memorandum of Association (MoA). For clarification, a draft of the MoA should be taken to the notary’s office for owners and shareholders to sign before submitting it to the DED.

4.6. Get a signed NOC

After submitting the required documents, you must obtain a NOC. The No Objection Certificate will allow you to start your manufacturing company operations as soon as possible. For this, you will need a NOC from the Ministry of Economy and Trade. You can obtain it by attaching the necessary documents.

4.7. Locating a commercial space

Choosing a warehousing space or a commercial office is critical. You must choose a location and look for a space to rent or buy. One of the biggest advantages that Dubai has is the wide variety of spaces equipped for industrial businesses.

Also, remember to look for a space that meets the construction measurements according to Dubai regulations. To get a trade license further on, virtual offices are not permitted.

4.8. Ejari and tenancy contract

After choosing the commercial and warehousing space, you must obtain your Ejari registration, the tenancy contract, and a barcode for future reference. Each one will be unique and unrepeatable.

4.9. Last requirements and approvals

Depending on the type of activities and products, you will need to obtain additional permits. For example, obtain approval from the Dubai Municipality and a NOC from the civil defense. This will help you to obtain an industrial clearance.

Similarly, depending on your product, you will also need different approvals. For instance, food control, narcotics department, or Dubai police could be some of the cases.

4.10. Get a valid trade license

Once all the requirements have been met, the only thing left to do is to opt for a trade license. In the case of manufacturing companies in Dubai, the most advisable is to opt for an industrial license.

4.11. Apply for a residential visa

Because you will need a physical workspace, it is essential that you apply for a visa. Depending on your purchasing power it can be a short-term visa, i.e. 3 years, or a Golden Visa which has a longer duration.

5. What can you do with an industrial license in Dubai?


There are three different types of trade licenses in the UAE (industrial, professional, and commercial) and each covers a different set of activities.

Therefore, the industrial license allows its holder to work within the manufacturing industry with freedom focusing on sectors such as food, textiles, metallurgy, heavy equipment and engines, hydrocarbons, and paper.

Getting an industrial license is the final step before opening an industrial business in Dubai because it is the one that guarantees that the business owner has fulfilled all the requirements to operate in the UAE. The license is yearly renewable

5.1 How can you get an industrial license in Dubai?

Among the steps to follow are:

  • Obtain the appropriate permits from the Dubai authorities.
  • After three months from the receipt of the authorization, you must apply for your license through DED.
  • The DED intermediary will notify you of the status of your license within 15 days.
  • Obtain a permit from the city council to build or modify the manufacturing business space. You will also need approval from the Chamber of Commerce and Industry, the Industrial Registry, and the Ministry of Health.
  • Submit the required documents according to the specifications

6. How much will it cost to form an industrial business and obtain an industrial license?

Dubai’s policies ensure that the company formation process is fast and cost-effective for both foreigners already resident in Dubai and newcomers.

In this regard, the total cost of manufacturing company formation can vary from AED 9,000 to AED 15,000. On the other hand, the license fee can range from AED 10,000 to AED 50,000 annually.

7. How can we help you to set up an industrial company in Dubai?

To sum up, starting an industrial business in Dubai is a perfect option to enter the Emirati market. If you know your product well and have a structured business plan, it is possible to start operations in a short time. At Connect Zone we have more than 20 years of experience helping local and foreign investors to set up their business in Dubai.

Our team is ready to assist you during every stage of the company formation. In addition, we can provide you with bookkeeping services, VAT registration systems, and consultancy services. Likewise, if you are interested in long-term residency in the UAE, we also offer specialized visa services to help you obtain your residency quickly, easily, and cost-effectively.

Would you like to contact Connect Zone to help you set up an industrial business in Dubai Mainland or Free Zone? If you have any questions, call us on +97143316688. Likewise, you can email us at, and you will talk to one of our representatives who will answer your questions.

In addition, to receive extra information attach your CV or resume to There is no need to worry, your personal information will not be stored or shared.