When opening a corporate account in the UAE, you can choose between a traditional bank and a digital one. They differ in approach, speed and requirements.
Traditional banks
These are universal banks with branches and a wide range of products: loans, trade finance, guarantees.
Advantages:
- A full range of business services
- Counterparty trust
- Access to credit products
Disadvantages:
- Stricter requirements and a longer review
- A minimum balance is often required
- Higher requirements for the real presence of the business
Digital banks
These are banks or fintech services with online applications and account management through an app.
Advantages:
- Faster application and review
- A convenient app and multi-currency support
- Suitable for start-ups and small businesses
Disadvantages:
- A limited range of products
- Limits on transactions and turnover volume
- Unavailable for some types of activity
How to choose
- Define which operations you need: payments, merchant acquiring, trade finance
- Estimate your expected turnover
- Check whether the bank works with your industry
- Clarify the balance and fee requirements
- Prepare the business description and documents
A common strategy
Many companies open a digital account for quick operation and later add a traditional bank for more complex operations. To avoid problems after opening, read the article Why Banks Close Accounts.
We select a bank for your profile: the account opening service.