Corporate Banking

Banks in the Emirate of Dubai are divided into two categories – local “Emirati” banks and branches of foreign banks. There are over 50 banks represented in Dubai, albeit recent years has seen consolidation of many of the Emirati Banks. It should be noted that all banks in Dubai are regulated by the Central Bank of the UAE.

Having a bank account is essential for almost every company, regardless of whether it operates onshore or offshore. For UAE Mainland Companies with a valid Trade License, opening a corporate bank account in the UAE is typically a straightforward process. However, the specific customer due-diligence and identification requirements may vary depending on the size and nature of the business. On the other hand, opening a bank account in Dubai for an offshore company has become more challenging, although not entirely impossible.

Generally, the process for opening a bank account in Dubai is as follows:

Global protocol and government initiatives against tax evasion, money laundering and terrorist financing have obliged the Central Bank to impose enhanced customer due diligence procedures on all new account applications. As a result, Dubai banks have had to adopt a case by case risk-based approach to account opening. The Banks must further understand the customer’s primary business areas, currencies involved, anticipated volume of deposits, the level of revenues and its main customers and suppliers.