Business bank account requirements in the UAE
Summary
The Central Bank of the UAE (CBUAE) does not publish a single checklist of documents for every business account. Its anti-money laundering guidance sets out what licensed financial institutions (LFIs) must collect and verify about a company customer, and each bank then decides which documents it asks for. This guide describes the minimum information CBUAE guidance expects, and what banks may request beyond it.
Each bank sets its own requirements
CBUAE guidance asks institutions to use a risk-based approach. It says verification of a company’s identity “should be risk-based” and that institutions “should perform their own assessments” of how to meet their obligations. In practice, two banks can ask for different documents for the same company. The lists below describe what the guidance refers to, not what every bank will ask for. A bank’s own application page or branch is the source for its current list.
What the CBUAE guidance expects banks to collect
Under the AML-CFT Decision (Article 8(b)), as described in CBUAE guidance, an institution must collect and verify, from reliable and independent sources:
- The company’s name, legal form and Memorandum of Association.
- The address of its headquarters or principal place of business. If the company is a foreign entity, the name and address of its legal representative in the UAE.
- The Articles of Association or similar documents approved by the relevant authority in the UAE.
- The names of the people holding senior management positions.
The guidance adds that, in standard cases, verification should rely on government-issued or certified documents, such as business licences and notarised copies of the Memorandum of Association. Where risk is lower, a bank may use non-documentary sources such as public company registries, but the guidance says consulting a registry does not replace collecting the documents the law requires.
People behind the company
A company can act only through a natural person, so the bank must check that the individual acting for the company is authorised to do so, and carry out due diligence on that person.
The bank must also identify the beneficial owners. For a company, that means verifying the identity of every individual who, alone or jointly with others, holds a controlling ownership interest of 25% or more. If no individual reaches that level, the bank identifies the individual in a senior management position. A beneficial owner must be a person: another company cannot be the beneficial owner, and the bank traces ownership through the chain of companies until it reaches individuals. Banks must also understand the company’s ownership and control structure.
For a UAE company, the guidance says the bank may ask for the beneficial ownership report the company has submitted to its company registrar (under Cabinet Decision No. (58) of 2020), but this does not replace the bank’s own identification of owners.
Purpose of the account and the business
Banks must understand why the account will be used and what the company does, so they can build an expected-activity profile. This is why applications commonly include questions about activities, customers, suppliers and expected transactions.
Additional documents banks may ask for
The guidance lists measures a bank may apply where it needs more assurance, for example for higher-risk customers or where it does not fully understand the business:
- Invoices supporting incoming and outgoing transfers.
- The company’s Economic Substance Report.
- Proof of a valid business licence for licensed sectors.
- Payroll documents and other business records.
- Share certificates or contracts evidencing ownership.
- Financial statements and banking references.
- Visits to business premises and interviews with staff, or references from other businesses.
Source of funds and source of wealth information may also be requested in these cases.
What it costs
Fees, minimum balances and account charges are set by each bank and are not in the CBUAE guidance used here. For setup costs of the company itself, use the comparison tool on this site.
Common pitfalls
- Treating a third-party checklist as binding. The requirements that apply are the ones the chosen bank states.
- Assuming a registry entry replaces documents. The guidance says registry checks do not replace the documents required by law.
- Not having ownership details to hand. If a company is owned through other companies, the bank must trace ownership up to individuals.
- Overlooking that an institution may not open an account where it cannot complete due diligence (see the guide on why business bank accounts get delayed).
Check the current position
Figures, rules and guidance change, and banks update their forms. Check the Central Bank of the UAE and the relevant bank directly before relying on this guide.
Figures and details in this guide are as stated on the cited official pages as of 6 October 2026.
Sources
- https://www.centralbank.ae/media/tdikym4m/amlcft-guidance-for-licensed-financial-institutions-providing-services-to-legal-persons-and-arrangements.pdf
- https://www.centralbank.ae/media/zhgjanp0/cbuae-guidelines-on-aml-cft-for-fis-june-2021_1.pdf
This information is general; rules and fees can change. Check current details with the relevant authority.
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