What the Central Bank requires of banks
- Open a low-risk SME account within 3 business days once standard due diligence is satisfied.
- Publish clear lists of the documents they need.
- Block an opening deposit, with your consent, until all checks are complete.
- Record every SME request, including those pending more than 30 days, and report them to senior management.1
Documents banks ask for
| Document | Notes |
|---|---|
| Trade licence | Valid, with the Chamber of Commerce certificate where it applies |
| Memorandum and articles | Free zone companies give the certificate of incorporation and share certificate |
| Passports, visas, Emirates IDs | For directors, partners, key shareholders and signatories |
| Board resolution or power of attorney | When the signatory is not the owner |
| Proof of address | Tenancy contract or a utility bill from the last 3 months |
| Beneficial owner details | ADIB asks for the ID of every owner above 10% |
Choosing a bank
Many banks set a minimum monthly balance and charge a fee below it. The National Bank of Fujairah, for example, asks for a monthly average of AED 25,000 and a physical presence in the UAE. Make sure names, addresses, ownership and activities match across the licence, the memorandum and the lease before you apply.2,5
Timeline and timeframe
Each step in order, with the processing time the authority publishes. Green steps are handled by a government authority.
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Licence and Emirates ID readyBefore you apply
Banks ask for the licence, constitutional documents and the owners' Emirates IDs.3
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Application and due diligenceDepends on your documents
The bank reviews ownership, activity, expected turnover and source of funds.1
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Account opened3 business days
The Central Bank standard for a low-risk SME once due diligence is satisfied.1
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If it takes longerTracked after 30 days
Banks must record requests pending over 30 days and report them to senior management.1
Questions
Do I need to be in the UAE to open the account?
It depends on the bank. Some require a physical presence or a meeting with the signatories; NBF lists a physical presence in the UAE as a requirement for its business account.5
Can a setup provider guarantee a bank account?
No. Each bank decides after its own compliance checks. A provider can prepare the file and introduce you, but the decision is the bank's.1