Business banking and finance in the UAE

A UAE company opens its business account with a bank licensed by the Central Bank of the UAE (CBUAE). Before the bank opens it, the bank checks who owns and controls the company and how it will use the account. For small and medium businesses, CBUAE rules in force since 13 September 2026 require a bank to open a low-risk customer’s account within 3 business days of a complete application.

Time to open an SME account

3 business days (delay up to 2 weeks)

Under the CBUAE SME Customer Protection Regulation (Circular 2/2026, effective 13 September 2026), which applies to banks and finance companies licensed by the Central Bank, a bank must open a low-risk SME customer's account within 3 business days of receiving a complete application; if other valid reasons delay it, the delay may not exceed 2 weeks and the bank must explain it, and it may open the account with limited transactions meanwhile.

What banks check

A company’s beneficial owners are the people who own or control 25% or more of its capital or votes, or control it by other means, under Cabinet Decision No. 109 of 2023. Every company keeps a register of them and files it with its registrar. Banks look at the owners, the people who sign and the business itself as part of their know your customer checks, and each bank sets its own list of documents. If other valid reasons delay an SME account, the delay may not exceed two weeks, and the bank must explain it. Some banks and apps open accounts online, as explained in digital business banking, and owners who live abroad face checks of their own, covered in business accounts for non-resident owners.

Fees, balances and changes

Fees and minimum balances are set by each bank, so there is no market rate, and our guides do not present one bank’s price as typical. The CBUAE rules require a bank to give an SME customer a Key Facts Statement before it provides a product, and at least 60 calendar days’ written notice before it changes the terms or the fees.

Finance for small businesses

The CBUAE defines micro, small and medium businesses by sector, number of employees and revenue, using the limits in Cabinet Resolution No. 22 of 2016. A small trading business, for example, has up to 50 employees or revenue of up to AED 50 million. Business loans, credit cards for companies and company credit reports are explained in the business credit guides on thecreditzone.ae.

Payments in other currencies

The dirham is pegged to the US dollar at USD 1 = AED 3.6725. A bank’s own rate for converting a payment can differ from the official rate, and the USD to AED converter shows what the difference costs.