Key Takeaways
- Expect to hand over the trade licence, the company's founding documents (MOA or AOA), a board resolution or power of attorney, and passport and Emirates ID copies for owners and signatories (Emirates NBD and Mashreq, October 2026).
- Mashreq NEO BIZ Pro costs AED 99 a month and has no minimum balance. FAB's Business Basic page asks for an AED 10,000 minimum average monthly balance, and FAB's fee FAQ shows AED 50,000.
- Having a licence doesn't mean a bank will take you. Central Bank guidance, in force since 7 November 2025, says banks should not open or keep a relationship when they can't complete their customer checks.
- Residence rules vary by product. The paid RAKEZ account opening service wants the main signatory's residence visa, and applicants living abroad have to go to the bank to sign.
- Quick timings on bank websites, like Wio's 3 working days, assume an eligible applicant with complete papers. No bank page gives an approval rate.
Opening a business bank account in Dubai means getting through one bank's document checklist, and every bank writes its own. Your trade licence, the document that lets your company do business, is only one item on it. Balances and fees vary from plan to plan, going by what bank websites showed in October 2026. No one can promise you'll be approved. What you can do is hand in papers that the bank's compliance officer, the person who vets new customers, can check without coming back to you.
What banks ask for
Each bank posts its requirements on its own website, and the lists overlap a lot. Hold your papers up against each one before you pick a bank.
- Emirates NBD, digital onboarding: passport and Emirates ID copies for every partner and signatory, the licence or certificate of incorporation, the memorandum or articles of association (MOA or AOA, the founding contract and rules of the company), a power of attorney or board resolution, and a bank statement.
- Mashreq NEO BIZ: the trade licence, the memorandum of association, a board resolution if one applies, proof of the company's address, the partners' identity documents and, where relevant, bank statements.
- Wio Business: the trade licence, proof of address, an ID scan with a recorded verification, and details of any other partners.
- The account opening service of the Ras Al Khaimah Economic Zone (RAKEZ), run by an independent provider and not linked to one bank: certified incorporation documents, a company profile, passports and CVs of the shareholders, six months of personal bank statements for each shareholder, and the Emirates ID and residence visa of the main signatory.
Emirates NBD wants identity copies for all partners and authorised signatories, the people allowed to sign for the account. That can be more people than the one filling in the form. Mashreq's list also includes proof of company address and, where applicable, bank statements (Mashreq NEO BIZ, 2026).
Bank types, traditional, digital and Islamic
Traditional banks such as Emirates NBD, First Abu Dhabi Bank (FAB) and RAKBANK have branches and give business customers a relationship manager. With a digital bank you apply online. Wio Business handles the whole process digitally.
Emirates NBD's Business Banking Connect is a package for start-ups and professional licences that only need online access (Emirates NBD, October 2026). If you want Islamic banking, which follows Sharia principles, you can look at the Digital Business Package from Emirates Islamic or at Ruya, an Islamic digital bank.
Emirates Islamic only offers its digital package to new customers with a single signatory (October 2026). Read who a plan is meant for before you decide. The cheapest plan on a page may not suit the way your company is owned.
Published minimum balances and fees
Use this table to compare plans, but treat it as a snapshot. Each row shows what the bank's website said in October 2026, and these figures change often.
| Bank and product | Minimum balance shown | Monthly fee shown | Eligibility shown |
|---|---|---|---|
| Mashreq NEO BIZ Pro | None | AED 99 | Owned by individuals; ask the bank about ownership through other companies |
| Mashreq NEO BIZ Pro Plus | None | AED 199 | Same as NEO BIZ Pro |
| Wio Business, two plans | No minimum stated | 99 and 249 per month | Fully digital onboarding |
| Ruya Business | None | AED 79 subscription | Islamic digital bank |
| FAB Business Basic | AED 10,000 on the product page; AED 50,000 in FAB's fee FAQ | See FAB's fee guide | Not shown on the page |
| Emirates Islamic Digital Business Package | AED 10,000 average monthly balance | Not on the page | New customers with a single signatory only |
| RAKBANK Business Current Account | 25,000 average monthly balance, no currency given | In RAKBANK's Service and Price Guide | Not shown on the page |
| RAKBANK RAKstarter | No minimum balance fee | Not on the page | Described as a zero-balance account |
| Emirates NBD Business Banking Connect | See the schedule of charges | See the schedule of charges | Start-ups and professional licences, online access |
Many plans without a minimum balance charge a monthly fee instead. Plans that do set a minimum average balance can charge you when your balance drops below it, and the bank's fee guide gives the amount. Look at the monthly fee and the minimum balance together.
On 1 October 2026 RAKEZ announced an offer with RAKBANK for eligible RAKEZ licence holders. It lists a zero minimum balance and a reduced monthly fee of AED 49 for the first 12 months. There's also a transfer-fee offer that runs until 31 October 2026.
What the licence type and activity change
The kind of licence or permit you hold decides which accounts you can open. RAKEZ says holders of its freelancer permit can't open a corporate bank account (RAKEZ, page stamp December 2025). The Dubai Multi Commodities Centre (DMCC) says bank support for its FreelanceUAE licence, through partner bank Wio, needs a valid UAE visa. DMCC also lists its visa packages as temporarily on hold (October 2026).
Your licence activity, the exact business you're allowed to carry out, matters just as much. The Central Bank of the UAE (CBUAE) publishes extra guidance on cash-intensive businesses, on real estate and precious metals, and on trade-based money laundering (CBUAE rulebook).
Ownership plays a part too. Mashreq's key facts statement for NEO BIZ is described as excluding layered ownership, where a company is owned through one or more other companies. If another company holds yours, ask Mashreq whether you still qualify. With any bank, the activity on your licence should match the business you describe to it.
Free zone companies have an extra hurdle. On 25 December 2025 the Dubai Free Zones Council noted the bank account problems free zone companies were facing. It said shared risk standards were being worked out with stakeholders. For the Central Bank's warning signs in full, see the guide to rejected bank accounts.
Non-resident signatories and visits
Residence rules depend on the product, and several banks don't publish any. Emirates NBD's digital account FAQ says its digital option is open to companies where at least one signatory lives in the UAE. Emirates Islamic's Digital Business Package asks for residence visa copies for every shareholder (October 2026).
The paid RAKEZ account opening service is separate from the RAKBANK offer. It asks for the main signatory's Emirates ID and residence visa. If you're outside the UAE you can start with a phone or video call, but you have to visit the bank to sign. ADCB publishes its own terms, so its business account page is the place to see who can apply.
Mashreq, Wio, Zand and FAB don't give any residence rule for shareholders or signatories on their product pages. Ask each bank in writing before you pay for a product. If you're setting up remotely, the guide to setting up from abroad walks through how it works.
Speed claims on bank pages
Wio says set-up can take as little as 3 working days. RAKBANK, through RAKEZ, says eligible RAKEZ licence holders can open an account in about an hour (October 2026). Both describe the best case, an eligible customer whose papers are complete.
No bank page gives an approval rate. None gives a total time from licence to a working account either. One missing document, or one open question from the compliance team, pushes the date back. Leave room for that when you plan your licence date and the date of your first invoice.
What to prepare before you apply
If your licence is a standard one and your ownership is simple, you can often apply on your own through a digital bank. Get these things ready first.
- Write a one-page company profile covering the activity, customers, suppliers, countries and the money you expect to move each month.
- Gather passport, Emirates ID and visa copies for every owner and authorised signatory.
- Have proof of where the money comes from. Vague statements and large sums landing in a new company are Central Bank red flags.
- Make sure the licence activity, your website, your contracts and the profile all describe the same business.
- Read the product's eligibility conditions and residence rule and compare them with how your company is owned.
- Open the account in the company's name, never in an owner's personal name.
Two beliefs catch people out. The first is that a licence guarantees an account. It doesn't, because Central Bank guidance says banks should not open or keep a relationship when they can't complete their due diligence. The second is that a personal account will do for the company. It won't. Sellers on noon, for example, can't submit personal bank details, and the bank name must match the legal registered name (noon Seller Help Center, 2026).
Outside help is most useful when you're checking your papers before applying, and it's best from someone who knows what banks will accept. An accounting firm can get the financial side ready, and a lawyer can document who owns what. Neither can promise you the bank's decision. To see where the bank account comes in the setup process, read the step-by-step guide to opening a company in Dubai.
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