Dubai corporate bank account

bank account application in DubaiHealy Consultants Group PLC helps our Clients with a full range of Dubai corporate banking services, including assistance with opening a Dubai business bank account, an offshore account, a merchant account and a brokerage account.

Dubai is one of the leading financial centres in the world. As a result, banking in Dubai has assumed greater importance over the recent years. The important deliberations whilst considering Dubai corporate bank account opening, include:

Dubai corporate banking services overview

  • Dubai bank account applications

    1. Our corporate banking team has an excellent relationship with international and local banks in Dubai and will undertake the necessary banking steps on our Client’s behalf. Healy Consultants Group PLC works with internationally recognised banks such as HSBC, Barclays, Standard Chartered, Citibank and major UAE Banks such as Emirates NBD, Emirates Islamic, Noor Bank, Mashreq Bank and United Arab Bank to provide corporate banking services of the highest standards;
    2. A comprehensive corporate bank account opening application must be supported with detailed information on the company’s activities (including proof of business setup company in Dubai such as examples of contracts, invoices etc.), information on the company’s Clients and suppliers;
    3. UAE banks require background information about the applicant’s management team (shareholders and directors) and financial projections. Our corporate banking team will assist in preparing the necessary company documents for the opening of the corporate bank account to the bank’s satisfaction;
    4. Unfortunately, before the bank account numbers are issued, our Client must travel to UAE for a one-hour interview with the bank officer. No exceptions;
    5. Our firm will prepare the necessary Dubai bank account application forms and attend the bank interview together with our Client. Healy Consultants Group PLC is one of the few global professional firms to provide this service;
    6. Please note that it will take 2 weeks for our corporate banking team to prepare the complete Dubai account opening application/proposal for submission. Healy Consultants Group PLC’s fees to assist you with Dubai corporate bank account opening is US$4,950;
    7. Following submission of the Dubai bank account application, the bank typically requires a minimum of 5 weeks to review and approve the proposal and provide bank account numbers. The bank then issues Internet passwords and an ATM card within the subsequent 2 weeks;
    8. Every UAE bank will request our client to provide the legalized and attested company documents before the company account can be opened. Therefore, to save our Client’s time, Healy Consultants Group will preliminary confirm with our preferred bank the documentation our Client need to attest during engagement.
  • Dubai bank regulations

    1. The UAE government requests the local banks to implement strict ‘Know Your Client’ procedures as a part of their corporate banking policy. Therefore prior to bank account opening, our Client will be required to submit information regarding the company’s activities as well as its shareholders and directors’ details;
    2. Dubai banks are slow. While our team endeavours to ensure that our Client’s corporate banking experience in Dubai is positive and efficient, normally we do not recommend Dubai bank accounts to our Clients when building global corporate structures;
    3. As a result, it is difficult for international companies to open a Dubai corporate bank account or a Dubai merchant account. The banks will require all the corporate documents to be notarized and legalized in the country of incorporation and attested by the Ministry of Foreign Affairs in Dubai. Therefore our Client should budget for additional fees re notarizations and attestations;
    4. Unfortunately, before the bank account numbers are issued, our Client must travel to UAE for a one-hour interview with the bank officer. No exceptions;
    5. The bank must receive the complete set of documents requested by the bank within 3 weeks from Client’s trip to Dubai. Failing to timely supply the same, the bank will cancel the application and we will need to re-apply again for bank account opening. Client will need to travel again to Dubai for a one-hour interview;
    6. Citibank in RAKIn addition to the information required by the bank, Healy Consultants Group PLC requires additional Client due diligence documents to better assist our Clients with their Dubai banking requests.
  • Dubai currency exchange controls

    1. As a global financial centre, Dubai does not impose any foreign currency controls, nor does it restrict foreign individuals and companies from opening personal or corporate bank accounts;
    2. However, Dubai does impose certain reporting standards i.e. all incoming travellers must fill a declaration if they bring amounts equivalent or higher to US$27,226.
  • Dubai offshore banking

    Emirates NBD

    Although opening an offshore bank account in Dubai can be more difficult than in any other major financial markets like Hong Kong or Singapore, Dubai offshore banking is still a preferred option for some of our Clients, because:

    1. Offshore banking in Dubai is an increasingly secure, stable, and reliable banking option and can help gain a strategic presence in an emerging financial market;
    2. Clients can track their transaction worldwide via internet banking, which is offered with most of the offshore bank accounts;
    3. Offshore banking in Dubai is flexible and doesn’t have any restrictions on funds transfers.
  • Dubai brokerage account

    Mashreq bank

    A Dubai brokerage account is a popular solution for Clients seeking a trading platform in the Middle East. Although Middle East stock exchanges are less developed than those in Europe, the US, or Asia, changes are taking place and there has been an increase in turnover volumes and demand for Dubai brokerage accounts.

    1. Setting up a brokerage account in Dubai also allows Clients to trade on European and American stock exchanges;
    2. Some of the most dynamic emerging markets are in the Gulf. Media reports suggest that fund managers are seeking investment opportunities in Dubai, Abu Dhabi, Bahrain, and Qatar. So, setting up a brokerage account in Dubai is an excellent vehicle through which our Clients can tap into these markets;
    3. Some of the services offered when setting up a Dubai brokerage account include equities trading in the Middle East, an optimal cash account, a margin trading account, FX and futures margin trading, securities borrowing and lending, funds and unit trusts, fixed income investments, research products including daily and weekly updates, company research reports, and sector focus reports;
    4. A Dubai brokerage account may be subject to the following charges: brokerage commissions, data fees, stock transfer charges, value-added services such as charges for real-time price quotes and research tools, interest rates for margin loans, and management fees for discretionary accounts.
  • Fees

    • Healy Consultants Group fees to assist our Clients with corporate bank account opening and Dubai brokerage account opening is US$4,950 each. Our Dubai experts will handle the Dubai applications from start to finish;
    • The fees above do not include i) expenses to cover our Client’s trip to Dubai nor ii) notarization and attestation fees nor iii) bank’s charges and opening fees (if any);
    • View PDF

  • Trade finance

    • Dubai banks are willing to provide finance to local companies if the following conditions are met by the aspiring companies: i) submission of a good business plan, ii) availability of security, iii) experience of the business owners, iv) auditing of the financial statements of the last three years, v) availability of a realistic feasibility study and vi) report of the project’s strength and weaknesses analysis (SWOT);
    • Trade finance includes i) bank guarantees ii) letters of credit iii) finance against trust receipt as well as iv) document against payment and against acceptance;
    • Corporate finance in the form of a loan, overdraft or simply preferential credit terms.

Frequently asked questions

External readings

Contact us

For additional information on our corporate banking services in Dubai, please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi