How to Open a Company Bank Account with First Abu Dhabi Bank in the UAE
Opening a company bank account in the UAE, specifically with First Abu Dhabi Bank (FAB), can be a streamlined process if you know the requirements and procedures. This blog post will walk you through the essentials for opening an account, FAB’s branch locations across the UAE, and other pertinent details.
Requirements to Open a Company Bank Account with FAB
To open a corporate bank account with FAB, you’ll need to meet specific requirements and provide documentation based on your business structure. Here’s what you’ll need:
1. Legal Business Documentation
- Trade License: Issued by the Department of Economic Development (DED) or relevant authority.
- Memorandum of Association (MOA): Detailing the ownership structure.
- Certificate of Incorporation: Proof that your company is legally recognized.
- Share Certificate: If applicable, indicating ownership stakes.
- Board Resolution: Authorizing the opening of the account and designating signatories.
- Power of Attorney (POA): If an authorized representative is appointed to manage the account.
2. Identification Documents
- Passports of Shareholders and Signatories: Clear, color copies are typically required.
- Emirates ID of Shareholders and Signatories: Applicable for UAE residents.
3. Business Information
- Business Plan: Outlining the nature of the business, operations, and revenue models.
- Bank Statements: For existing businesses, typically for the last six months.
- Company Profile: A detailed description of the company’s activities, management, and structure.
4. Additional Requirements for Foreign Entities
- Attested Copies: Foreign companies might need attested documents from the UAE embassy in their home country.
- Local Sponsor Details: Information and documents related to a local sponsor or agent, if applicable.
FAB’s Policies for Corporate Accounts
1. Minimum Balance Requirements
- FAB requires maintaining a minimum balance in the account. The exact amount may vary based on the type of account and the services availed. Failure to maintain this balance can lead to monthly penalties.
2. Transaction Fees
Fees are applicable for various services, such as international wire transfers, cheque issuance, and cash withdrawals beyond certain limits. FAB provides detailed fee structures upon account setup.
3. Account Maintenance
- Regular account maintenance is essential to avoid discrepancies. This includes ensuring updated contact details and KYC information.
4. Security and Compliance
- FAB adheres to stringent security protocols to safeguard your funds. Compliance with local and international regulations (such as AML and KYC) is mandatory.
Branch Locations in the UAE
FAB has an extensive branch network across the UAE, ensuring accessibility for corporate clients. Here are some of the prominent locations:
Abu Dhabi
- FAB Headquarters: 1 Al Qurm Business Park
- Salam Centre: Salam Street
- Khalifa One Centre: Khalifa Street, Tower One Building
- Bateen Centre: Street 9, FAB Al Bateen Mall
- Al Ain Centre: Ali Ibn Abi Taleeb Street
Dubai
- Sheikh Zayed Centre: Sheikh Zayed Road near Equity Metro Station
- Dubai Hills Mall: Dubai Hills Mall, First Floor, Al Khail Road
- Avenue Mall: Avenue Mall, Nad Al Sheba
Sharjah
- King Faisal Road Branch: Buhaira Centre, G-Floor, Al Reem Plaza
- Sahara Centre Branch: Sahara Centre
Other Emirates
- Ras Al Khaimah Branch: Al Khor Rd – Dafan Al Khor
- Fujairah Branch: Fujairah Educational Zone – Hamad Bin Abdulla Rd – Al Ghurfah
- Ajman Branch: Masfout Street
Additional Services Offered by FAB
1. Business Accounts
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2. Credit Facilities
- Overdrafts, loans, and lines of credit to support business growth.
3. Trade Finance
- Solutions like letters of credit, guarantees, and documentary collections.
4. Cash Management
- Efficient cash handling and payment solutions for businesses of all sizes.
5. Foreign Exchange Services
- Competitive rates and hedging solutions for international transactions.
Steps to Open a Company Bank Account with FAB
- Initial Consultation: Visit a FAB branch or contact their business banking team to discuss your requirements.
- Document Submission: Prepare and submit all required documents.
- Application Review: FAB will review your application and may request additional information or documentation.
- Account Approval: Once approved, you’ll receive details about your new account.
- Account Activation: Complete any remaining formalities, and your account will be ready for use.
Conclusion
Opening a company bank account with First Abu Dhabi Bank in the UAE is a structured process that ensures compliance with local regulations and provides robust financial solutions for businesses. With a comprehensive network of branches and a wide range of services, FAB is well-equipped to cater to the diverse needs of corporate clients.