Bank account opening procedure for UAE Free Zone Companies, Establishments and Branches of Foreign Companies

Documents required for the opening of a bank account for a Free Zone Company which is already established:

- A Free Zone Establishment (FZE) with a single shareholder:

• A copy of the Trade License;
• A passport copy of the shareholder (including the visa page or the immigration entry stamp page);
• An original Bank Reference Letter;
• A copy of the Certificate of Incorporation (please note that this document will not be required if the company is established in Ras Al-Khaimah  Investment Authority- RAKIA or RAK Al-Khaimah  Free Trade Zone – RAKFTZ);
• A copy of the Beneficiary’s resume.

- A Free Zone Company (FZC) with more than one shareholder:-

• A copy of the Trade License;
• Passport copies of all shareholders (including the visa page or the immigration entry stamp page);
• An original Bank Reference Letter for all shareholders;
• Passport copies of all shareholders (including the visa page or the immigration entry stamp page);
• An original Bank Reference Letter for all shareholders;
• A copy of the Certificate of Incorporation (please note that this document will not be required if the company is established in Ras Al-Khaimah  Investment Authority- RAKIA or RAK Al-Khaimah  Free Trade Zone – RAKFTZ);
• A copy of the Share Certificate;
• A copy of the  Memorandum & Articles of Association;
• A copy of the Board Resolution indicating the person authorized to open, operate and close the bank account;
• A copy of the resume of the authorized signatory.

Documents required for the opening of a bank account for a Free Zone Company which is under formation:

- A Free Zone Establishment (FZE) with a single shareholder:-

• An original letter from the Free Zone Authority (addressed to the bank) acknowledging the company and requesting to facilitate the opening of its account. The share capital details and the owner’s name must also be mentioned in the letter;
• A copy of the Certificate of Incorporation (please note that this document will not be required if the company is established in Ras Al-Khaimah Investment Authority- RAKIA or RAK Al-Khaimah Free Trade Zone – RAKFTZ);
• A passport copy of the shareholder (including the visa page or the immigration entry stamp page);
• An original Bank Reference Letter;
• A copy of the Beneficiary’s resume;

- A Free Zone Company (FZC) with more than one shareholder:

• An original letter from the Free Zone Authority (addressed to the bank) acknowledging the company and requesting to facilitate the opening of its account. The share capital details and the owner’s name must also be mentioned in the letter;
• Passport copies of all shareholders (including the visa page or the immigration entry stamp page);
• An original Bank Reference Letter for all shareholders;
• A copy of the Certificate of Incorporation (please note that this document will not be required if the company is established in Ras Al-Khaimah  Investment Authority- RAKIA or RAK Al-Khaimah  Free Trade Zone – RAKFTZ);
• A copy of the Share Certificate;
• A copy of the  Memorandum & Articles of Association;
• A copy of the Board Resolution indicating the person authorized to open, operate and close the bank account;
• A copy of the resume of the authorized signatory.

Documents required for the opening of a bank account for a Branch of a Foreign Company :

• A copy of a UAE Trade License;
• A copy of the Certificate of Incorporation of the Parent Company*;
• A copy of the  Memorandum & Articles of Association of the Parent Company*;
• A copy of the Share Certificate*;
• An original Bank Reference Letter  in favor of the shareholder and the authorized signatory;

*All documents mentioned above marked with an asterisk MUST be notarized and attested by the UAE Embassy and by the UAE Ministry of Foreign Affairs. (We can assist you with the legalization of the documents by the UAE Ministry of Foreign Affairs, if required).

Documents required for the opening of a bank account for a corporate company outside the Free Zone (Offshore):

• An original letter from the Department of Economic Development (addressed to the bank) acknowledging the company and requesting to facilitate the opening of its account. The share capital details and the names of the owner and the director must also be mentioned in the letter;
• Passport copies of the shareholder/s (including the visa page or the immigration entry stamp page);
• An original Bank Reference Letter  in favor of the shareholder/s;
• A copy of the Certificate of Incorporation (if available);
• A copy of the Memorandum & Articles of Association.

Note:

-      Time frame for opening  one of the above bank accounts is 3-4 days upon presentation of all of the  above documents;

-      All documents issued outside the UAE must be notarized & attested by the UAE Embassy or Consulate in the country of origin & the Ministry of Foreign Affairs in the UAE.

For any further information or any assistance/consultancy on the procedure, do not hesitate to contact us