I. Opening a Business Bank Account in ADCB Bank UAE: Practical Insights and Expert Guidance

One of the most frequent challenges foreign investors and entrepreneurs face when doing business in the United Arab Emirates (UAE), and especially in Dubai, is opening an international business bank account.

It is a common scenario: a client invests time and resources to establish a company in a Free Zone in Dubai, only to later discover that opening a robust, reliable, and truly international business bank account is not as straightforward as expected. Many find themselves limited to fintech banks or digital-only solutions, which lack the full trust and global reputation of traditional local banks.

This is where the Abu Dhabi Commercial Bank (ADCB) stands out. ADCB is widely recognised as one of the UAE’s leading local banks, with a strong international presence, excellent compliance standards, and a reputation for reliability in handling cross-border business transactions.

In our practice at Familly Law Office, we frequently assist clients in navigating this process smoothly. Below, I explain the procedure in detail for those considering opening a business bank account with ADCB Bank UAE — an option I strongly recommend to clients who wish to build a credible and secure banking foundation for their UAE entity.

• Step 1: Register a Company in the UAE

The very first step is to establish a legal entity in the UAE. This can be done in one of many Free Zones or directly in the Mainland.

In our experience, we strongly recommend the DMCC Free Zone in Dubai for most businesses. DMCC is widely recognised as the most prestigious and versatile Free Zone in the UAE, offering licenses for a broad range of activities — from general trading and services to digital businesses, crypto trading, and consultancy.

DMCC provides a highly streamlined remote company formation process. The necessary documentation is submitted to the Free Zone Authority, and due diligence checks are conducted, including security clearances by the Dubai Police. Once approved, the company is incorporated fully remotely, with no need for the shareholder to be physically present in the UAE during incorporation.

• Step 2: Obtain a UAE Residence Permit

Once the company is incorporated, the next requirement is for the shareholder (or appointed director) to obtain a residence permit in the UAE. Unlike company registration, this step requires physical presence in Dubai, as biometric data and medical tests must be completed locally.

Thanks to our well-established connections with relevant Dubai Government authorities and local security offices, we can typically secure the client’s residence permit within 7 working days from the moment of arrival in the UAE.

• Step 3: Prepare for Opening a Business Bank Account at ADCB

With a registered company and valid residence permit in hand, the client is now eligible to open a business bank account.

We handle the complete preparation of all required bank forms, which serve as part of the bank’s Know Your Customer (KYC) process. This documentation generally includes:

• Company Registration Certificate
• Company Memorandum & Articles of Association
• Business License issued by the Free Zone or Department of Economic Development
• Office Lease Agreement in Dubai (virtual or physical)
• Passports of all shareholders and directors (PDF scan)
• Proof of residential address for each shareholder/director in their home country
• A brief business plan or activity description, if requested

We coordinate directly with our designated contacts at ADCB Bank and schedule an in-person appointment at a selected ADCB branch. During this meeting, the client submits the signed bank forms and any supporting documents.

• Step 4: Remote Finalisation of the Account Opening

One of the most significant advantages of working with ADCB is that, unlike many other UAE banks, the remainder of the account opening process can be completed remotely.

After the branch visit, the client may return to their home country. From that point forward, communication with the bank proceeds via email and secure digital channels.

ADCB’s compliance department may request additional documents depending on the shareholder’s nationality, company license type, or nature of the intended transactions. Commonly requested items include:

• Personal bank statements (last 6 months)
• Proof of source of funds or proof of ownership of other assets globally
• Additional information about expected incoming and outgoing payments

Once the bank’s compliance team completes its review, the business bank account is officially opened, and the client receives secure e-banking credentials.

II. Key Advantages of ADCB Compared to Other UAE Banks

Many entrepreneurs are unaware that several other local banks require a more complicated final verification step. For instance, some banks insist on physically delivering a ‘welcome package’ to the registered company office in Dubai, which means the director must remain in the UAE until this step is complete.

At ADCB, this is not required. This practical benefit saves clients time and travel costs, especially for international business owners who do not intend to reside permanently in Dubai.

Moreover, while the initial account must be opened in the local currency (AED), it is possible to add international currencies (EUR, USD, GBP, CHF, etc.) later, subject to the bank’s approval and the client’s proof of foreign currency transactions. Unlike some European jurisdictions, in the UAE, multicurrency accounts are not automatically granted — a good banking advisor ensures this is handled properly.

How We Can Assist

Our firm provides end-to-end support — from company formation and residence permit applications to complete bank account opening assistance with ADCB Bank UAE and other reputable banks in the UAE.

We know the local compliance requirements, have established relationships with bank officers, and guide our clients every step of the way, significantly increasing the chances of a successful and hassle-free banking setup.

Contact

If you are planning to expand your business to Dubai and wish to secure a robust international banking solution, feel free to reach out for a confidential consultation. We are available to discuss your specific case and guide you through each step — from selecting the best Free Zone to activating your international business bank account with ADCB Bank UAE.

III. Information and procedures regarding the opening of a business bank account in the UAE (Dubai) by a lawyer for international law:

• Business Bank Account in Dubai 

In order for a company to start business in Dubai, it must have an open business bank account in one of the digital and local banks in Dubai. Account types are local AED business bank account and international business bank account in currency AED, USD, EUR, CHF.

• Business ebanking and business account in Dubai

The first step is to open a business bank account in the Bank, and only after that is the process of activating ebanking, depending on the bank you choose.

With ADCB Bank, you immediately get a username and password and install the application and you can use e-banking.

At WIO Bank (digital bank), the procedure is different, first approval is obtained for opening a business bank account and then, in order to activate ebanking, the bank sends an employee to the address of the client’s company headquarters, on that occasion the director must be present in the office. The bank employee reads the director’s residence ID and verifies it, then hands him the “Welcome Package” and then business ebanking is activated. This is the difference between ADCB Bank, where immediately after approval to open a business bank account, the client can activate ebanking without being in UAE, while with Wio Bank, if the director of the client is not in the UAE, then the director must come to the UAE and be at the company’s headquarters and receive a welcome package from the bank in order to activate business ebanking.

This is a very important thing because it saves a lot of time and money for the client who does not have to wait a long time in the UAE for the opening of a business bank account, but with ADCB Bank, as soon as he submits the documents to the bank branch, he can immediately leave Dubai and wait for the opening of the Dubai account.

• Documentation necessary for opening a business bank account in Dubai

As for the documentation submitted to the bank, it is as follows:

1. Business License,
2. Passport of shareholder/director,
3. Proof of residence of shareholder/director,
4. Residence ID of shareholder/director,
5. Memorandum of association,
6. Tenancy Contract for office,
7. Expected annual business turnover,
8. Name of any other business owned by you in UAE or anywhere else,
9. KYC information in enclosed format,
10. Informations do shareholders and directors have companies outside UAE and if so, should they submit proof of ownership and name banks in which they have a business bank account,
11. Sometimes the bank requests reports for the previous 6 months for the business bank account from the client’s company outside UAE,
12. Sometimes the bank requests turnover on the personal account for the previous 6 months, 
13. Other documentation depending on the license for which the client wants to register the company, e.g. if the company is registered and has a trading license, then it must have a lease agreement for the warehouse.

• Procedure for opening a business bank account in Dubai

Step one: The first step is to register a company in a Free Zone or Register a company in Dubai Mainland

Step two: The second step is to obtain a residence permit ID

Step three: The third step is to open a business bank account 

The first step is completed online within 7-14 days.

After that, the client comes to the UAE for 7 working days to obtain a residence permit ID, which is a condition for applying to open a business bank account.

When the client receives a residence ID, we prepare official forms from the bank in contact with the bank and schedule the submission of documentation at one of the ADCB Bank branches.

After that, the client is free to wait for the opening of a business bank account outside the UAE. 

In the further procedure, depending on the free zone in which the client opened the company, depending on the citizenship of the shareholder and director, depending on the complexity of the company’s ownership structure, depending on the business license of the UAE company.

The bank, the bank officer, we as consulting lawyers, the client exchange documentation and everything necessary to open the account.

The process can last from 7-14 days (in more complex situations and more).

• AML and KYC and Banks in the UAE 

Sanctions Banks in the UAE, Transfers to and from Russia and opening companies and business accounts in the UAE when shareholders are Russian citizens

Russian citizens can be shareholders-directors-managers of companies in the UAE and can open international business accounts in the UAE.

A bank that specifically works with companies in the UAE whose shareholders are Russian citizens is ADCB Bank.

Through this bank, Russian citizens who have opened a company in the UAE can open an international business bank account and do business with Russia without problems or restrictions.

This also allows for when Russian companies are shareholders of a UAE company for a resident UAE company to open a business bank account whose shareholders are Russian companies.

Of course, this is a slightly more complicated procedure because additional documentation must be submitted when it comes to shareholders of UAE companies of Russian companies because UBO must be obtained from Russian companies. Here the following documentation is submitted:

– extract from the register for Russian companies that are shareholders of UAE companies

– extract from the register for Russian companies that are shareholders of these Russian companies up to UBO

– documentation proving the residence of directors and shareholders (For Russian citizens, this is a Russian internal passport, for European Union citizens, this is a personal ID with an address, and an electricity bill for real estate owned by the shareholder and director showing the residence address of the shareholder and director can also be taken into account.

– extract from the business account for the last 6 months for the Russian company that is a shareholder of the UAE company

– passport of shareholders and directors

• Activation of businesses ebanking in Dubai (UAE) in ADCB Bank and Wio Bank

After the process of opening a business bank account in the Bank comes the activation process of business e-banking and that process depends from bank to bank.

The process of activating business e-banking in ADCB Bank is much easier than when it comes to other banks. When a client opens a business bank account in ADCB Bank, he receives a username and password with which he can access the application via phone or laptop. And it is ready to make payments and receive payments.

The situation is different, for example. with WIO Bank and a business bank account in that bank. When a business bank account is opened at WIO Bank, there is also another part of the procedure related to the activation of business e-banking. With WIO Bank, when an account is opened, an appointment is scheduled at which a bank or ARAMEX delivery employee comes to the company’s headquarters, and a director with a Residnece ID from the UAE must be present there, for verification purposes and for the delivery of the so-called Welcome Package. 

This is different from ADCB Bank and very significant. 

For example, with ADCB Bank, after the client submits the documents to the competent branch of ADCB Bank, he can return to his country of residence and wait for the account to be opened, and he does not have to return to the UAE to activate banking. While the procedure is different with WIO Bank, the client does not have to submit documentation for opening an account in WIO Bank because it is submitted electronically, but after opening a business account, he must be present at the office of the company headquarters to receive the welcome package and activate business e-banking.

IV. A real example from the practice of a client who opened a business bank account in Dubai in order to receive dividends from a Russian company.

The client, a Russian citizen, opened a company in Cyprus in 2010. 

A company in Cyprus opened a company in Russia and to be 100% shareholder and send founding capital to Russian Company to build Shopping Mall in Crimea. When the war started, Russia introduced its package of sanctions to the countries of the European Union, and since then, for example, Cyprus in this case is considered an enemy country and the Russian State has forbidden that a Russian company can pay a dividend to a shareholder who is a Cypriot company.

To solve this situation, we did the following. We registered a company in Dubai for the client, and opened a business bank account in ADCB Bank. 

That Dubai company sent 90% of the shareholders of the Russian company. And now that Russia has not imposed sanctions on the UAE and does not consider the UAE an enemy country. This allowed the Russian Company to pay a dividend to the shareholder, which is a UAE company. And this whole problem is solved.

This article has been prepared by Attorney Igor Bogićević, a specialist in international law and the head of the department responsible for legal matters concerning cross-border money transfers, as well as the establishment of business bank accounts in both Dubai and Serbia.

V. Business Bank Account in Serbia – The connection between the UAE and Serbia as a convenience for clients affected by sanctions for easier money transfer

• Serbia has also become a very attractive location for foreign nationals to open business accounts in Serbia. 

  Some of the reasons are:

  – easier AML when opening an account and receiving and sending money

  – easier KYC. Certain banks in Serbia do not ask so many questions to clients when opening accounts and receiving and sending transfers. No business plan is required. It is necessary to fill out the documentation in a certain way, and submit all the documentation that is necessary. Depending on which country the shareholder and director is a citizen of, and on the country in which the company that wants to open a non-resident account in Serbia is registered, the choice of bank also depends

  – there are banks in Serbia that do business with Russia, China, Africa, the European Union, Great Britain, America and all other countries of the world. To mention clients who want to open a business account in Serbia and do business with Russia and China, we have a special department of our office that deals with these issues and recommends banks that can send and receive money from Russia and China without problems, in the currencies RUB, RSD, Yuan.

VI. Non-Resident Business Accounts in Serbia — A Strategic Solution for Companies Cooperating with

There is a special opportunity to open non-resident business bank accounts in Serbia with certain banks that allow international companies to maintain smooth financial operations — even when doing business with Russia.

This option is particularly valuable for Russian companies and foreign entities that cooperate with Russian partners, as it enables them to:

• Pay invoices to Russian companies
• Receive payments from Russia
• Operate in RUB (Russian ruble), RSD (Serbian dinar), or CNY (Chinese yuan)

Certain banks in Serbia still maintain the technical and regulatory capacity to send and receive funds to and from Russia, despite global sanctions and SWIFT restrictions.

Context: SWIFT Sanctions on Russia

Following the escalation of sanctions in 2022 and 2023:

• March 2, 2022 – The EU, UK, US, and Canada excluded seven major Russian banks (e.g., VTB, VEB) from the SWIFT system
• June 3, 2022 – Sberbank was added to the EU’s SWIFT exclusion list
• March 20, 2023 – The Bank of Russia (Russia’s central bank) was fully disconnected from SWIFT

As a result, international financial flows involving Russia have become severely restricted in most jurisdictions.

• Serbia is not part of the EU or NATO sanctions regime, and has maintained neutral financial channels with Russia.
• Several Serbian banks have experience and internal approvals to handle payments to and from Russian banks.
• Transactions in RUB, RSD, and CNY are possible, bypassing traditional USD/EUR corridors.
• Ideal for companies engaged in trade, consulting, IT, logistics, and intermediary operations with Russian partners.

If you are a company or consultant working with Russian clients and need a compliant, secure, and effective financial structure — we can assist you with opening a non-resident business account in Serbia, including all documentation, tax clearance, and compliance guidance.