What are the types of Free Zone Bank Accounts in Dubai?

When setting up your business in a free zone, you can opt for zero tax liabilities and select from three types of free zone bank accounts.  Moreover, each type of account serves a different purpose, enabling you to choose the one that best suits your business needs.  

Current Accounts 

For daily transactions, a current account is an ideal option as it includes a visa or master card and a checkbook. This account enables you to manage payrolls in multiple currencies and receive or dispatch client payments. Additionally, it provides a convenient method for handling your day-to-day transactions. 

Savings Account 

If you are looking to earn higher interest on your funds, a savings account can be an excellent option. These accounts offer a significantly higher interest rate compared to current accounts, although there may be penalties for withdrawing funds. Furthermore, it also provides the option for fixed or variable interest rates and support for international currencies. 

Requirements for Opening a Freezone Bank Account 

To open a free zone bank account, there are specific requirements including: 

• All shareholders must be physically present when submitting signed documents. 
• Foreign entities must have all necessary documents certified at the consulate of the emirate where the company is registered. 
• The documents must also be certified by the UAE Ministry of Foreign Affairs. 
• While it is possible for a foreign entity to open a bank account in the UAE, incorporating it with a local company is often easier and more cost-effective. 

Documents Required for Opening a Freezone Bank Account 

To open a free zone bank account, the following documents are required: 

• A complete set of company formation documents, such as a trade license, MoA/local agent agreement, and civil partnership agreement. 
• An office rental agreement. 
• Residency visa and Emirates ID. 
• Six months’ personal bank account statement. 

Once you submit the signed documents, you must wait for compliance approval. After that, your preferred bank will open your free zone bank account with all approved documents.