Applying for a bank account in the UAE: Why business activity matters on your trade license

The UAE is also home to a diverse set of industries – trade, tourism, healthcare, and manufacturing. All these make UAE an attractive launchpad for those looking to start their own business. 

The UAE has a mix of local and foreign banks that serve the financial needs of businesses. Banks in the UAE are famous for providing a high level of privacy, which provides another level of protection for corporate customers. 

Businesses can apply for a corporate account with international banks. For small enterprises or startups, it may be ideal to apply for an account with a local bank as they offer more flexibility. 

Opening a bank account to conduct any kind of business is relatively straightforward. However, you need to be privy to the different measures and regulations when it comes to corporate banking activities. 

Here are a few things to note when starting a corporate bank account:

Specifying your business activity on your trade licence

Businesses can only conduct any type of activities after registering and getting a licence. This is one of the first steps when starting a business in UAE. The licence serves as validation for the bank to recognise your business. Without a licence, banks may not recognise your business and approve your account. 

You can choose from different types of licences, but what matters is that your business activity matches the licence you’re applying for. This is especially important if you are applying for a bank account. 

For example, if you are planning to sell products online, you may need an e-trader licence. This reflects that your business activity will be conducted through social media. A commercial licence may be more appropriate for business activities that require importing products abroad and selling them online. 

In case your business activity does not reflect what is on your trade licence, this may cause issues with your bank. This is why you need to make sure your business activity matches what is indicated on your licence. Specifying this clearly may help increase the chances of getting approval from a bank.

Different types of business licences

Choosing the right business activity is not only important in applying for a bank account, but also for obtaining the right licence. 

  • Commercial – If you are selling products, whether online or retail, you may need a commercial licence. 
  • Industrial – This often includes businesses that specialise in manufacturing goods. 
  • Professional – If you are running a marketing, events, or similar types of consultancy services, a professional licence may be more appropriate. 

The more accurate you are with your business activity, the less trouble you will face when opening a bank account. The right business activity and licence will make it easier for the banks to understand the nature of your business, so be sure you have proper documentation. 

Getting assistance for opening your bank account

The regulations and documentation involved in opening a corporate bank account can be confusing for those who are just starting out their business. You do not have to handle everything on your own, though. 

Our team at ExpressPRO can help in opening your corporate bank account to make sure all the details and the right documents are submitted. This takes away the extra burden in setting up your business, so you can focus on more important aspects. 

One of the biggest advantages of getting assistance from our team is we can connect you with trusted banks. We can help you choose which one is most suited to your business and can best serve your needs when it comes to financing and managing your account. 

We will handle the paperwork and communicate with the banks on your behalf. We will basically act as your representatives so you can dedicate more time and effort into setting up your business. 

Ready to open a bank account for your business in the UAE?

If you are planning to set up a corporate bank account for your business, we are here to help. Contact our team and learn how to get started. Fill out the form below so our team can assist you with your business setup and bank account opening.

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Alexandra Papanikolaou
Alexandra Papanikolaou
08:14 23 Oct 24
Highly recommend ExpressPRO for their exceptional PRO services! From start to finish, the team was professional, efficient, and incredibly responsive. They took care of all the paperwork and government processes seamlessly, saving me so much time and hassle. Whether you’re setting up a new business or managing ongoing requirements, ExpressPRO makes it all easy and stress-free. Their attention to detail and dedication to customer satisfaction really sets them apart. Five stars all the way! Many thanks to Vasilios for coordinating the whole process!
Espiritu Santo, Princess Genne Norilei C.
Espiritu Santo, Princess Genne Norilei C.
16:54 15 Oct 24
Great service from Hanna and Bryan. Thank you for assisting me with my golden visa application.
reignuelle delacruz
reignuelle delacruz
16:53 15 Oct 24
Thank you Irshad and Bryan for helping me with my company set up. The service you provided is exceptional.
Lei Cruz
Lei Cruz
15:49 15 Oct 24
Amazing service. Thank you Paul and Bryan.
Maya Acueza
Maya Acueza
06:16 09 Oct 24
From the moment I reached out for an initial consultation, the team was incredibly responsive and professional. They took the time to understand my business idea, asking insightful questions that helped clarify my vision. This step was crucial, as it set the tone for the entire process. I felt like I was in good hands right from the start. Bryan and Paul are amazing!!
Jhomz Sibuma
Jhomz Sibuma
07:39 05 Oct 24
Setting up our company with express pro was a smooth and hassle-free experience. From the initial consultation to obtaining the trade license, their team was extremely professional and knowledgeable. They guided us through every step, handling all the paperwork and processes efficiently. We appreciated their quick responses to our queries and the transparency they maintained throughout. Highly recommend express pro for anyone looking to establish a business in the UAE. Thank you to Bryan and Paul.
Jerry Mae Samante
Jerry Mae Samante
07:34 05 Oct 24
I had an excellent experience working with express pro for my business setup. The entire process was seamless, and their team provided exceptional support from start to finish. They handled everything, from documentation to approvals, with great efficiency. What stood out was their clear communication and attention to detail, ensuring there were no surprises along the way. If you're looking for a reliable partner to help you set up your company, I highly recommend express pro. Their expertise made all the difference! Thank you Mr. Paul and Bryan.
Nehal Ababsi
Nehal Ababsi
15:54 25 Sep 24
The company is giving not bad costumer service but they need to be more honest and clear with their clients. they knew I was looking for License and Residency in Dubai but they covered that and it was done in RAK (which is much cheaper). They also promised to finish it in up to 12 days it took almost 3 months to complete it.But there is good people there, specially Mr. Furqan (PR) from Pakistan has helped me with finishing processes faster and easier way. He is really good and supportive. Hope the company strategy will change and to fool people.
Fadi Marashli
Fadi Marashli
05:30 13 Sep 24
Since the first phone call to discuss your inquiries you can feel that the team cares about offering you the service you need, more than upselling. Everything is seamless and the team goes above and beyond to make sure all services are provided to the highest level. I have had nothing but positive experience with ExpressPRO since 2022. They are the absolute best!
DAISUKE TAMO
DAISUKE TAMO
11:15 12 Sep 24
I am very satisfied with the service and the kindness of the staff. It was excellent in every way.
Glennith Dela Cruz
Glennith Dela Cruz
10:40 12 Sep 24
Working with your team has been a pleasure. Everyone has a thorough understanding of the UAE business landscape and has provided invaluable insights for our operations. Bryan Basilio is the ace of the company. Excellent customer service!
Julie Jopson
Julie Jopson
10:37 12 Sep 24
I can't thank you guys enough for your service. You made the whole process so stress-free! Thank you Mr. Bryan.
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