Yes, a newly licensed company in Dubai can apply for a business bank account even if it has no trading history. A bank will still review the company, its owners, authorised signatories, intended activity and initial funding. Mbank says new UAE trade licence holders, including free zone companies, may apply for its Basic Business Account. Its published tariff lists no monthly maintenance fee, no annual fee and no minimum average balance. Account approval remains the bank’s decision.
Here are the documents to prepare before your first invoice and the charges to compare.
Bank terms reviewed on 24 September 2026. Confirm the current tariff and your company’s eligibility with the bank before applying.
Can a Company Apply Before Making Its First Sale?
Yes, where the bank accepts newly formed businesses. Mbank explicitly says that both new and established UAE companies can open a business account and that valid free zone trade licences are included. That establishes eligibility to apply; it does not guarantee acceptance.
Explain the activity, likely customers and suppliers, expected payments and source of initial funds. Label forecasts clearly.
Ask whether the chosen bank accepts your activity and ownership structure.
What Does “Free” Actually Cover?
The word free can refer to different parts of a banking package:
| Phrase | What it means | Question to ask |
| No account-opening fee | The bank does not charge for opening the account | What happens after activation? |
| No minimum balance | No minimum average amount must be maintained | Is there a monthly subscription? |
| No monthly fee | No recurring maintenance charge for that plan | Which transactions cost extra? |
A zero-balance business account can still carry a monthly charge. A plan with no monthly fee can still charge for transfers, debit cards, cash deposits, cheques or other services. A consultant’s service charge, if any, is separate from the bank’s charges.
Which Bank Plans Can a New Company Compare?
The following figures come from current official bank pages. They illustrate different approaches to pricing; they are not an exhaustive list or a recommendation for every business.
| Published bank plan | Monthly account charge | Balance and feature notes |
| Mbank Basic Business Account | Free | No minimum average balance; AED accounts only. [1][2] |
| Mashreq NEO BIZ Pro | AED 99 | No minimum balance and no fall-below fee; monthly charge applies. [3] |
| Wio Business Essential | AED 99 | Includes 10 free local transfers per month; check further usage charges. [4] |
| Emirates NBD Business Banking Connect | AED 249 | No minimum monthly average balance; limited branch access. [5] |
Compare currencies, transfers, payroll, cards and cash access alongside the monthly fee. Mbank Basic currently offers AED accounts only.
Example of Costs Beyond the Monthly Fee
Mbank’s Basic Account tariff lists AED 5.25 for cash deposits through specified exchange houses and AED 52.50 for a branch-teller cash deposit. It lists charges for certain transfers and debit cards as well. Although the first cheque book has no issuance charge, the tariff states that issuing cheque books requires a AED 10,000 statement balance. The tariff says its charges include 5% VAT.
Estimate your likely annual cost using actual planned transactions.
Documents to Prepare After Receiving Your Licence
Begin with the final documents issued for your legal structure. Mbank and Mashreq publish lists that include:
- Valid trade licence.
- Certificate of incorporation, if applicable.
- Memorandum of Association and amendments, if applicable.
- Board resolution or other evidence of banking authority.
- Shareholders’ passport copies and Emirates IDs, as required.
- Proof of business address.
- Bank statements or other supporting information when requested.
Check that names, ownership and addresses agree. If your legal form has no MOA, ask which incorporation document the bank accepts.
Who Can Open and Operate the Account?
The shareholder who fills in the online form may not be the person with legal banking power. Check the MOA, amendments, board resolution and any power of attorney to identify who can open the account and approve transactions. Confirm whether authority is individual or joint.
Where signatures are joint, tell the bank before starting a digital application.
What If There Are No Invoices or Company Bank Statements Yet?
Do not create invoices or claim previous sales merely to make an application look stronger. Say the company is newly licensed and has not traded yet. If a bank requests a company statement that cannot exist, ask what alternative evidence it accepts.
Depending on the business and what is genuinely available, useful context may include a short business plan, signed customer agreement, purchase order, supplier correspondence, website or explanation of how founders are funding startup costs. A projection should be labelled as a projection, not historical turnover. The bank decides which documents satisfy its review.
Prepare to explain the source of initial funds. For example, if a founder will contribute savings, identify the actual source and keep relevant evidence available if requested. If funding is a loan, describe the lender and terms accurately. UAE Central Bank guidance requires banks to understand the purpose of the relationship and beneficial ownership and, where necessary, source of funds.
How to Apply: A Practical Checklist
- Shortlist suitable plans. Check whether the bank accepts your mainland or free zone legal form and activity.
- Compare the full tariff. Review opening, monthly, minimum-balance, transfer, cash, card and cheque charges.
- Review company documents. Confirm that licences, ownership and signatory powers are current and consistent.
- Prepare a brief business profile. Describe planned services or products, counterparties, estimated transactions and initial funding.
- Submit through the bank’s official channel. Upload clear documents and complete identity checks.
- Answer follow-up questions promptly. Distinguish confirmed contracts from planned sales.
- Confirm activation and terms. Check the approved package and limits before adding bank details to customer invoices.
The bank may request a call, further evidence or an in-person check.
How Long Can Opening Take?
There is no single timeline for every new company. Wio advertises getting businesses up and running in three working days, but that is an advertised onboarding timeframe, not a guarantee for a particular applicant. Missing documents, unclear banking authority and additional checks may take longer.
Wait for activation before giving customers the account details.
Speak With KIF Consultancy
KIF Consultancy can help your newly licensed company compare published bank terms, organise formation papers, review signatory evidence and prepare accurate responses to banking questions. We can help you plan the application; the bank makes the approval decision.
Discuss your new company bank account in Dubai: call or WhatsApp +971 58 121 3467, email info@kifconsultancy.com, or visit kifconsultancy.com.
Frequently Asked Questions
1. Can I apply immediately after receiving my trade licence?
You may apply when the bank accepts your company type and you have its required documents. Mbank says new trade licence holders can apply.
2. Is trading history required?
Not in every case: Mbank expressly accepts applications from new companies. A bank may still ask how the business will operate and how its first deposits will be funded.
3. Can a free zone company apply?
Yes, where the chosen bank accepts it. Mbank’s FAQs specifically include UAE free zone companies with valid trade licences.
4. Is the account completely free?
Not necessarily. Mbank Basic lists no monthly or annual account fee, but its tariff includes charges for some transactions and services.
5. How long can approval take?
It varies. Wio advertises three working days for onboarding, while extra verification or missing information may extend an individual application.
