Trade License: Evidence of your company’s official UAE registration. This paper is sourced from the Department of Economic Development (DED) or a free zone authority.
Certificate of Incorporation: A certificate of incorporation is a document that certifies your company’s legal standing and is issued upon its establishment.
Share certificates: Documentation of ownership and allocation of shares within the business.
Memorandum and Articles of Association: Comprehensive details on your business’s goals, objectives, and standards of operation. This covers the duties and entitlements of directors and shareholders.
Identity documents: Emirates IDs and passports belonging to the firm’s management and shareholders. Some banks may also need visa copies.
Board Resolution: A formal letter from the company’s board of directors approving the bank account’s establishment and designating the signatories. It must be properly signed, stamped, and sent on business letterhead.
Proof of Address: In certain situations, the company and each shareholder must verify their addresses. Tenancy agreements or utility bills are frequently accepted. 

You can submit your application to the selected bank once you have completed the necessary paperwork. Usually, you can do this in person at a branch, but occasionally, you can do it online via the bank’s online banking platform. You must complete several forms with information about your firm and how it operates during the application process. Some banks may require a deposit at the time of application submission. 

The bank will carry out a KYC procedure to confirm the information submitted and guarantee adherence to national and international laws. This entails extensive background investigations on the business, its owners, and its directors. Throughout this procedure, be ready to supply further information or supporting evidence upon request from the bank. To stop money laundering and the funding of terrorism (AML/CFT), the KYC procedure is essential. 

Following the conclusion of the KYC procedure, the bank will assess your application and determine. If your application is accepted, the bank will inform you and activate your account. The duration of this procedure may vary between several days and several weeks, contingent upon the bank and the intricacy of your company’s organization. You could be asked to meet with bank representatives to finalize the arrangements and sign the requisite agreements. 

According to some banks in the United Arab Emirates, a minimum amount must be kept in the business account. The amount varies depending on the bank and the account type you selected. Make sure you make the necessary deposits to keep your account active. Certain banks could provide flexibility with the minimum balance requirement for young companies or startups. 

You will get the required account information and access credentials as soon as your account is authorized. Checkbooks, debit cards, and login credentials for internet banking are usually included. After that, you may begin making payments from your company bank account for purchases, salaries, and other business-related purposes. To ensure effective account management, familiarize yourself with the bank’s mobile app and online banking platform. 

Following the creation of your company bank account, it is essential to continue adhering to local and bank policies. Keep the bank informed of any changes to your company’s ownership or organizational structure regularly, and ensure all necessary reports and paperwork are submitted on time. There may be account closure or restriction for noncompliance. It’s also good to keep abreast of regulatory changes affecting your bank’s operations.