Bank account for a free zone company
Why do banks treat my free zone company as higher risk?
The situation
Banks follow Central Bank due diligence rules. Companies with no office, no staff and foreign owners look higher risk, so banks ask for more evidence.
The law
- Federal Decree-Law 10 of 2025: Customer due diligence and beneficial owner identification
What it means for you
Show the bank real activity: signed contracts, invoices, a website, and where the money comes from. A UAE resident visa for the owner and a physical presence help. Example: a new DMCC trading firm with supplier contracts and a resident manager usually opens faster than a flexi-desk holding firm with no UAE resident owner. Some fintech business accounts accept smaller companies faster.
What to do
- Get the owner's residence visa and Emirates ID done first.
- Prepare contracts, invoices and a business plan.
- Explain source of funds in writing.
- Apply to a bank and a fintech account in parallel.
We can do this for youFree zone company setup: choosing between DMCC, JAFZA, IFZA, Meydan, RAKEZ, ADGM and others, licence, visas and tax status: AED 3,500