UAE corporate bank account
Both local and international Clients determined to secure a corporate bank account solution in UAE can take advantage of our professional background and experience in the Emirates. Healy Consultants’ expert banking team will be happy to provide a hassle-free A to Z solution.
Please read below for further information regarding corporate banking services in UAE.
UAE banking sector
- The banking sector is UAE is considered young, but quickly catching up to nearby financial hubs, such as Tel Aviv, due to i) increased business influx in UAE since the past decade, ii) branch coverage (more than 900 branches in UAE and iii) availability of international banking groups;
- Enjoying high credit rating ratings of Aa2 by Moody’s, the banking sector in UAE is regarded as stable and remains an oasis of confidence in a generally unstable region of the World;
- The sector assets represent US$662 billion by Q3 2016, with 53% held by 4 major local banks. Furthermore, the UAE currency dirham is pegged to the US dollar as a fixed rate of US$0.27 per 1 AED since 1997;
- Positively, the growth of the banking sector (190% in 2016) is much faster than the growth of GDP;
- A new VAT legislation will be introduced in late 2018, and is expected to affect severely the UAE banking sector by introducing higher short-term costs for the banking Clients. Positively, standard bank loans may not be affected by the VAT scheme;
- 6. Lastly, deposits in UAE are insured by the Central Bank, but not by a traditional (European) deposit guarantee scheme, but by one-sided, unlimited UAE Government deposit approval scheme.
UAE corporate bank account
- There are 46 licensed banks in UAE and only 9 bank representative offices of foreign banks;
- There are four major banks in UAE that hold half of the total banking assets, namely: i) Emirates NBD, ii) National bank of Abu Dhabi, iii) First Gulf Bank and Abu Dhabi Commercial Bank. For quality Islamic banking, Healy Consultants recommends our Client to open a new corporate bank account with these banks;
- Important licensed banks in UAE, part of international banking conglomerates include: i) HSBC Middle East UAE, ii) BNP Paribas Dubai and iii) ABN Amro. They offer high-quality banking facilities and online banking platforms, and are recommended to Clients which already have established relationships with these banks in their home countries.
Healy Consultants’ UAE corporate banking services
Healy Consultants Group PLC supports our local and international Clients secure quality multicurrency corporate bank accounts in UAE. While challenging, our expert corporate bank account opening team will efficiently project manage this extensive process to minimize compliance burdens, imposed by UAE banks.
Please read below for further information:
- In most cases, and depending on our Client’s business activity and preferred bank, Healy Consultants will project manage the corporate bank account opening within 4 business weeks, all going well;
- Negatively, there is a 75% probability that the bank’s internal compliance team may request our Clients to travel to a bank branch in UAE. In such case, Healy Consultants will apply a fee discount of US$950;
- Furthermore, international Clients will be requested to legalize and translate a set of corporate documentation, which may amount to US$5,000 in Government and notary fees, and increase engagement timelines dramatically;
- Once the corporate bank account is activated, most UAE banks are expected to fully enable internet banking service within two weeks thereafter, allowing our Client to manage their local and international transfers;
- As a standard business practice, the UAE bank will proceed to courier independently to our Client a complete banking kit, including: i) account terms and conditions and ii) online banking activation and token device kit.
Ongoing banking support
Most UAE banks offer a moderate array of traditional and more modern banking facilities, and financial instruments. Most of our Clients request Healy Consultants to facilitate and introduce them to a partner UAE bank in order to increase the probability of credit instruments approvals.
Please read below for further information:
- Many of our Clients request Healy Consultants to prepare a quality application of a target UAE bank, in order to timely secure i) extended credit lines, ii) increased business credit card overdraft, iii) bridge or revolving loans. Please contact our UAE Banking Specialist for inquiries regarding these services and related fees;
- Unfortunately, UAE banks maintain a stringed due diligence background and due diligence checks for local and foreign companies;
- This said, Healy Consultants can optimize this process by preparing a detailed business plan on behalf of our Clients. Further documents required include: i) recent referral from qualifying body, ii) financial analysis study and iii) recent financial statements (audited) and iv) SWOT Analysis.
Steps required to open a UAE corporate bank account
Healy Consultants will follow closely these steps to ensure hassle-free compliance approvals and issuance of corporate bank account numbers from our Client’s preferred bank:
- Firstly, Healy Consultants and our Client will agree on the optimal domestic, international or Islamic banking oriented institution in UAE. Healy Consultants will introduce our Client to our preferred relationship managed in order to initiate KYC process and compliance review;
- Secondly, following company formation, Healy Consultants will prepare a detailed business plan on our Client’s behalf, significantly increasing the probability of corporate bank account approval;
- In most cases, Healy Consultants will i) attend branch office or Skype video conference meetings, ii) project manage the translation and legalization of a set of corporate documents and iii) supply supporting due diligence and bank forms certified according to the bank’s special requirements;
- Where required, our UAE team will accompany our Client for a 1 hour interview in Dubai required to verify signatures and appoint specific signatory rights;
- As a last step, when the account is opened and activated, our preferred UAE bank will courier to our Client a complete banking kit, complete with online banking security device (token).
Exchange controls and other regulation
- Apart from few reporting standards, the UAE Central Bank does not impose specific restrictive currency exchange control regulations;
- Both residents and non-residents are allowed to open bank accounts and hold funds and deposits in multiple foreign currencies, including AED, €, US$ and £;
- There are no restrictions on the amounts of funds held in a personal or corporate bank account in UAE.
International Banking options
Read more about Global banking options.
Frequently asked questions
I am interested in UAE business banking solutions. Which banks would you recommend?Although several local UAE business bank account options will be available, Healy Consultants recommends that all our Clients opt for international banks including HSBC, Standard Chartered, Citibank and Barclays. These banks are renowned for providing good customer service, which will be essential when starting a new business in UAE.
I want to know how to open an offshore bank account in UAE; what do I need to do?For opening an offshore bank account in the UAE, our Clients will not be required to register a local company. However, the KYC procedures will be more stringent than when opening a bank account for a resident company. Please refer to our section above to read our bank account opening guide for UAE companies.
I want to use Islamic Banking services in UAE. Can Healy Consultants help my firm?Yes. Healy Consultants will assist our Clients with their Islamic banking needs.