Bank Account Opening Support

a) Procedure to Open a Corporate Bank Account

1. Choose the bank
   Select a bank based on minimum balance requirements, fees, supported     currencies, and services.
2. Prepare company documents
   Gather all incorporation and legal documents issued by your mainland or free zone authority.
3. Submit application + KYC forms
   The bank will require full company details, ownership structure, and     information on all shareholders and authorized signatories.
4. Compliance / Due Diligence Review
   The bank verifies the company’s activities, ownership chain, source of     funds, and legitimacy of operations.
   - Additional documents or explanations may be requested.
5. Approval & Account Activation
   Once approved, the company must deposit the required minimum balance. The bank then issues the IBAN and activates online banking and cards if applicable.

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b) Documents Required for Corporate Accounts

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1. Company Document

• Trade License
• Certificate of Incorporation / Registration
• Memorandum & Articles of Association
• Shareholder Register
• Board Resolution authorizing account opening and appointing     signatories
• Office lease agreement or Ejari (proof of business address)
• Company stamp
• Financial & Activity Documents

• Business plan or company profile
• Proof of business activity (contracts, invoices, purchase     orders, website, marketing materials)
• Last 6–12 months of company bank statements (if the company is     new, a projected financial plan may be requested)
• Proof of source of funds / initial capital

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2. Shareholder & Signatory Documents

• Passport copies
• Visa copies (if applicable)
• Emirates ID copies (if applicable)
• Personal bank statements (usually 3–6 months)
• Utility bill or address proof (sometimes required)

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c) Timeline

• Standard corporate account: 7–15 business days after submitting     complete documents.
• More complex structures (foreign shareholders, offshore     ownership): 3–8 weeks.
• High-risk industries or unclear activity: can take longer due     to extended compliance checks.

Note: Timelines vary by bank and are not guaranteed.

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d) Common Reasons for Rejection or Delays

1. Incomplete or inconsistent documents
   Missing company documents, outdated statements, or mismatched information.
2. Unclear business activity
   Weak or vague business plan, no contracts, or no evidence of real     operations.
3. High-risk business sectors
   Activities such as crypto, trading companies without physical operations,  or cross-border remittance require tighter scrutiny.
4. Complex ownership structure
   Offshore holding companies or multi-layered ownership trigger enhanced due diligence.
5. Insufficient proof of source of funds
   Bank cannot verify where the company’s money comes from or the financial background of shareholders.
6. Poor shareholder profile
   Inconsistent personal bank statements, no financial history, or lack of professional background.
7. No physical presence
   Some banks require a physical office, local address, or in-person meeting with signatories.
8. Failure to meet minimum balance requirements
   Corporate accounts often require maintaining a high minimum monthly balance.
9. Adverse compliance checks
   Any red flags in World-Check, sanctions, or negative media.

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Key Notes

• Corporate accounts require stronger justification of business     activity compared to personal accounts.
• Banks prefer companies with real operations, local presence,     and clear financial trails.
• Free zone companies with virtual offices may face stricter     reviews.
• Providing complete documents and transparent answers reduces     delays.

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