How to register an offshore license in the UAE?
Why is it difficult to open a business bank account in UAE?
Companies may find it difficult to open a bank account in UAE for different reasons.
There is a common misunderstanding that it is not possible to open a bank account in UAE, if your company is registered in a freezone, which is inaccurate and a myth.
If a business owner that has a company in UAE told you that they registered a company in a free zone in UAE but was not able to open a bank account.
It may be easy to jump to a conclusion, that freezone companies in UAE cannot open a bank account, but this is untrue for a number of reasons.
There are more than 40 reasons in UAE across the seven Emirates in Dubai, Abu Dhabi, Al Ain, Ras Al Khaimah, Sharjah and Ajman, Fujairah and Umm Al Quwain.
Industry leading multinational companies such as Fedex, Facebook, Dell are all located in freezones, to claim that it is not possible to open bank account for freezone companies is simply untrue.
However, it is easy to understand why certain business owners may jump to this claim.
Like any other country, banks in UAE have their own list of preferred clients, this includes:
- Preferred nationalities (high risk vs low risk)
- Preferred business activities (Also high risk vs low risk)
- Business model (Such as countries where you would do this to and from.)
- Minimum account balance*
*Every bank have different levels of relationship managers, these relationship managers are responsible for different groups of customers and will only open accounts for customer within that group.
Relationship managers are generally separated into a following groups:
- High account balance
- Insurance and investment
- Loans
Consider the below three scenarios:
- A manager responsible for onboarding clients with high account balance into their portfolio, will not be interested if the customer is only looking to purchase investment or insurance products in order to open the bank account.
- For clients who are unable to maintain a high account balance it is possible to turn. purchase investment or insurance products offered by the banks in lieu of maintaining a high account balance.
- Certain relationship managers are able to open an account with no insurance products purchased nor a high balance to be deposited into the bank account, they simply need the client to take a loan with the bank.
Factors involved in opening a corporate account for companies in UAE varies from one customer to another, and could be any combination of the above points.
While it is possible to open an account with low account balance and no relationship manager for low risk activities that has a simple structure setup, high risk business activities and/or high risk nationalities will find it difficult to open a bank account in UAE, and therefore will want to obtain the assistance of a relationship manager.
How BUH Consulting can assist
Our bank account opening team will work with you to understand your requirements, needs and business profile.
Accordingly, relationship managers from various banks will be assigned to work with you in the bank account opening application, these relationship managers are highly motivated to open your bank account, as it counts towards their monthly sales target.
Which bank is the easiest to open a business bank account for companies registered in Dubai, Sharjah, Al Ain, Abu Dhabi, Ajman, Ras Al Khaimah, Fujairah, Umm Al Quwain Freezone and Mainland?
It is important to note that submitting a bank account application does not guarantee banking account opening, therefore it is important to apply at every single bank.
BUH Consulting has longstanding working relationship with bankers from every major and minor bank in UAE and can obtain an answers within hours instead of waiting weeks and perhaps months.
With relationship managers at every single bank, that are attentive, your bank account will be opened in no time.
It is possible to open account for companies that are registered in both free zones and mainland in UAE with the following bank listed below.
- Abu Dhabi Commercial Bank
- Abu Dhabi Islamic Bank
- Ajman Bank
- Al Hilal Bank
- Al Maryah Community Bank
- Bank of Sharjah
- Bank Melli
- Bank of Baroda – Indian nationals only
- Bank of Sharjah (BOS)
- Bank Saderat
- Commercial Bank International
- Commercial Bank of Dubai
- Dubai Islamic Bank
- Emirates Investment Bank
- Emirates Islamic
- Emirates NBD
- First Abu Dhabi Bank
- Habib Bank A.G Zurich
- Invest Bank
- Mashreq
- National Bank of Fujairah
- National Bank of Ras Al-Khaimah PJSC
- RAKBANK
- National Bank of Umm Al-Quwain
- Ruya Community Islamic Ban
- Sharjah Islamic Bank
- United Arab Bank
- United Bank Limited
- Wio Bank
- Zand Bank
All companies registered in freezones in UAE are eligible to open a business bank account including:
- Abu Dhabi Airport Free Zone (ADAFZ)
- Abu Dhabi Global Market (ADGM)
Abu Dhabi Ports Company (ADPC) Free Zones –No such freezoneAl Sila’a Free Zone– Part of Abu Dhabi Airport FreezoneAl Zahia Free Zone –Part of Abu Dhabi Airport FreezoneAjman China Mall Free Zone –Contrary to popular belief, there is no free zone by this name, and it is part of Ajman Freezone.- Ajman Free Zone (AFZ) – The only free zone in Ajman.
- Ajman Media City Free Zone – Is now known as Ajman Freezone
Corniche Free Zone –No such freezone in UAE- Dubai Airport Free Zone (DAFZA)
- Dubai Auto Zone Freezone
- Dubai Biotechnology and Research Park (DuBiotech) – Now known as Dubai Science freezone and is part of the TECOM group
- Dubai Cars and Automotive Freezone (DUCAMZ)
- Dubai Media City (DMC) Freezone
- Dubai Ports Company – No such freezone in UAE
- Dubai Production City Freezone
- Dubai Design District (d3) Freezone
- Dubai Flower Centre Freezone
- Dubai Gold and Diamond Park Freezone
- Dubai Healthcare City Freezone (DHCC)
- Dubai Internet City Freezone (DIC)
- Dubai International Academic City Freezone (DIAC)
- Dubai International Financial Centre Freezone (DIFC)
- Dubai Industrial City Freezone
- Dubai Knowledge Park Freezone (DKP)
- Dubai Logistics City Freezone
- Dubai Maritime City Freezone (DMC)
- Dubai Multi Commodities Centre Freezone (DMCC)
- Dubai Outsource City Freezone
- Dubai Science Park Freezone (DSP)
- Dubai Silicon Oasis Freezone (DSO)
- Dubai South Freezone (formerly known as, Dubai South Logistics District, now also known as Dubai World Central “DWC” or Al Maktoum International Airport freezone).
- Dubai Studio City Freezone
- Dubai Textile City Freezone
Dubai Wholesale City Freezone(Dubai Industrial Park) – No such freezone- Fujairah Creative City Freezone
- Fujairah Free Zone (FFZ)
Fujairah Oil Industry Zone (FOIZ)– No such freezone in UAEFujairah Port– No such freezone in UAE- International Free Zone Authority(IFZA) – Used to be located in Fujairah, now in partnership with Dubai Silicon Oasis
- Dubai International Humanitarian City Freezone (IHC)
- International Media Production Zone Freezone (IMPZ)
- Jebel Ali Free Zone (JAFZA)
- Khalifa Industrial Zone Abu Dhabi Freezone (KIZAD)
Khalifa Port Free Trade Zone– Now part of KIZAD Freezone group- Meydan Free Zone
- Masdar City Free Zone
Musaffah Port Free Zone– Part of Abu Dhabi Airport FreezoneRAK Investment Authority (RAKIA) Free Zone– Now known as RAKEZ – Ras Al Khaimah Economic Zone- RAK International Corporate Centre Freezone (RAK ICC)
- RAK Maritime City Free Zone
RAK Media City (RAKMC) – This freezone no longer existRas Al Khaimah Free Trade Zone (RAK FTZ) – Is now known as RAKEZ- Ras Al Khaimah Economic Zone (RAKEZ)
- Sharjah Airport International Free Zone (SAIF Zone)
- Sharjah Healthcare City Freezone (SHCC)
Sharjah Human Resources Development Free Zone (SHRD)– No such freezone- Sharjah Media City Freezone (Shams)
- Sharjah Publishing City Freezone (SPC)
- Sharjah Research, Technology, and Innovation Park Freezone (SRTIP)
Sharjah Technology and Innovation Park(STIP) – Now known as Sharjah Research, Technology, and Innovation Park Freezone- Umm Al Quwain Free Trade Zone (UAQFTZ)
- twofour54 Freezone
Zayed Port Free Zone– No such freezone
Mainland LLC, Sole Establishment, Civil Partnership companies from each Emirate in UAE can also open bank accounts at banks listed previously, this includes all businesses registered with:
- Dubai Department of Economic Development
- Sharjah Department of Economic Development
- Abu Dhabi Department of Economic Development
- Ajman Department of Economic Development
- Al Ain Department of Economic Development
- Fujairah Department of Economic Development
- Ras Al Khaimah Dubai Department of Economic Development
- Umm Al Quwain Dubai Department of Economic Development
How BUH consulting can assist
Our team will work with you to understand your requirements, eligibility criteria and apply for your business and personal bank account with the most suitable banks and assign relationship managers from various that can onboard your account for your company.
Contact information
For a tailored solution, contact us to discuss about your requirements.
Email: – sam@buh-consulting.com
Phone: +971585086656
Whatsapp: +971585086656
Telegram: BUHConsultingAE