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Free zone company bank account opening comes after the licence, and it is the one step your zone cannot finish for you. A corporate bank account in the UAE can mean an AED 25,000 average balance at RAKBANK or no minimum at all on Mashreq's NEO BIZ Pro, which costs AED 99 a month. The bank decides whether to take you on. Your free zone can introduce you, and some zones sell that help as a service.
Which UAE banks publish business account fees and minimum balances?
These figures come from each bank's own page. Packages change, so check the page before you apply.
| Bank and account | Minimum balance | Monthly fee |
|---|---|---|
| RAKBANK Business Current Account | AED 25,000 average a month | See the bank's price guide |
| Mashreq NEO BIZ Pro | None | AED 99, no fall below fee |
| Mashreq NEO BIZ Pro Plus | None | AED 199, with 3% a year interest on the current account |
| Wio Business Essential | Not stated on the page | AED 99 |
| Wio Business Grow | Not stated on the page | AED 249 |
| Ruya Bank zero balance account | None | AED 79, as listed by Innovation City |
Source: RAKBANK, Mashreq NEO BIZ and Wio business pages, and the Innovation City FAQ for Ruya Bank, checked .
We could not confirm Emirates NBD and ADCB figures from their own pages, so they are left out. None of the pages above say anything specific about free zone companies.
Do free zones help open a bank account?
| Free zone | Bank help |
|---|---|
| SPC Free Zone | Banking assistance AED 2,000, about 3 working days; partners include Mashreq, Emirates NBD, RAKBANK, Wio and FAB |
| Expo City Dubai | Bank account assistance AED 2,000 |
| Meydan Free Zone | Promises an IBAN, 26+ banking partners |
| DMCC | Bank account opening included in Prime Plus; 0% instalments through Wio |
| RAKEZ | Bank account eligibility on Biz Starter; assistance in the AED 2,500 upgrade |
| UAQ Free Trade Zone | Partners NBQ, Emirates Development Bank and Wio; help inside packages |
| Ajman Free Zone | Bank letter issued with the licence |
| Innovation City | Partners include RAKBANK, Ruya, Wio; licence needed first |
Source: each zone's FAQ, package or services page, checked .
A zone introduction is not an approval. The bank still runs its own checks on your activity, your owners and where the money comes from, and it can say no.
What agencies charge for bank account help
Two agencies publish bank account opening fees of about AED 3,670 to AED 23,900 (published prices of 2 agencies, checked ). The lower figure is one agency's fee for a Wio corporate account. The higher is the same agency's fee for a traditional UAE bank. The other agency's corporate account price falls inside that range, and it helps with digital banks for free. Compare that with a zone service at AED 2,000 before you pay for more.
How we help
Send us your zone, your activity, where the shareholders live and the bank you prefer, if any. We pass it to a licensed partner who prepares bank files for companies in that zone. They quote their fee in one figure before they start. We are an independent directory and not a bank, so we cannot open an account or promise one.
What documents do banks ask for?
- Trade licence, MOA and share certificate
- Passport, visa and Emirates ID of each owner and signatory
- Proof of address for owners
- A short business plan: what you sell, to whom, expected turnover
- Contracts, invoices or a website showing real activity
- Source of funds for the opening deposit
How do I open a corporate bank account for a free zone company?
- Pick two or three banks that suit your balance and activity.
- Ask your zone for a bank letter or introduction.
- Prepare the file: licence papers, owner documents, business plan.
- Apply online or through the zone's partner contact.
- Attend the bank meeting or video call.
- Fund the account and activate online banking.
Why do UAE banks reject business account applications?
- Applying to a bank whose minimum balance you cannot hold, then paying fall below fees.
- Sending a business plan that does not match your licence activities.
- Applying to several banks at once with different stories.
- Paying an agency large fees for a digital bank you could apply to directly.
Once the account is open, tax registration usually comes next: see VAT registration. For other running costs, read free zone hidden costs. Fill in the form on this page and a partner replies with a price.
Sources
- https://www.rakbank.ae/en/business/everyday-banking/accounts/business-current-account : RAKBANK minimum balance
- https://www.mashreq.com/en/uae/neobiz/banking-solution/daily-banking-solutions/business-account/neo-biz/ : Mashreq NEO BIZ fees and balance
- https://wio.io/business : Wio Business plans
- https://innovationcity.com/faq : Innovation City partner banks and Ruya Bank account
- https://www.spcfz.ae/faqs/ : SPC banking assistance and bank meeting
- https://assets.ctfassets.net/r2cfrvo3y08m/1bWGzdfXIymtBqyTMW1LW1/b61ed77fa9b3d3210f5842c6462574e6/28042025_ECDA_Services_Catalogue_-_Fees.pdf : Expo City bank assistance
- https://www.meydanfz.ae/ : Meydan banking partners
- https://dmcc.ae/business/business-setup-packages : DMCC bank account opening and Wio instalments
- https://rakez.com/en/promotions/biz-starter-package : RAKEZ bank eligibility and upgrade
- https://uaqftz.gov.ae/banking-partners : UAQ FTZ partner banks
- https://afz.gov.ae/en/start-your-business.html : Ajman Free Zone bank letter
- https://uppersetup.com/services/bank_account_opening : agency bank account fees
- https://www.uniwide.com/company-formation-in-uae-dubai/cost-of-services/ : agency bank account fees
