No, you cannot remotely open a business bank account with a UAE bank.

When opening a Freezone bank account, the Central Bank requires that you be physically present.

Most UAE banks allow debit cards when you open a business bank account with them, but you must deposit money with the bank to obtain a credit card. In addition, business loans are only available if your company has been in operation for a year and you can demonstrate your operations, profits, audit reports, and other financial records.

Although we make every effort, we strongly advise that you set up your business with us so that we can set it up so that opening your bank account will be simple. This is because banks take longer to register your company account because of a few business activities.

Since the bank has complete control over account approval, no one can guarantee that your account will be opened because they take into account a variety of criteria.

Before the account is opened, each case must be reviewed by a few different bank divisions.

The bank will get in touch with you directly if it has any queries or wants clarifications.

You have a better chance of opening an account if you provide the bank with a clearer picture of your company.

Since we have helped other freezone businesses open business bank accounts, we have sufficient knowledge of the necessary paperwork and requirements to prepare your account application so that it opens your business account quickly and easily.

Since every financial service provider (FSP) has different internal processes and account opening timelines, the process differs for each FSP. However, it usually takes four to six weeks to open a corporate account.

Yes, in order to open an account, the authorized signature or signatories must present their Emirates ID.

Depending on the FSP, the majority of local financial service providers (FSP) in the United Arab Emirates have different minimum balance requirements. Corporates are often required to keep a minimum balance between AED 10,000 and AED 500,000. However, there is a minimum account maintenance cost associated with zero balance privileges.

Yes, you can begin the account opening process from a distance. However, depending on your preferred financial service provider (FSP), you might need to be physically present in the United Arab Emirates in order to complete the verification criteria.

Unlike traditional FSPs, digital FSPs have a fully online onboarding process.

An IBAN reference provided by a bank to enable incoming payments to be routed to a real bank account is known as a virtual account (VA) or virtual IBAN account. You can send and receive money anywhere in the world with a virtual account.

Usually, five working days after the application is submitted and accepted, the IBAN is sent.

The money will be transferred straight to the Virtual Account's master account. Businesses can build and assign a separate virtual IBAN account to each of their clients using this master IBAN account so that payments can be sent and received.

Multiple IBAN numbers for the same account are feasible.

Indeed, the virtual IBAN is issued to you in your business name.

Yes, both incoming and outbound SWIFT transactions in a variety of currencies are supported.