FAB Business Account Opening for SMEs and New Companies

At the time of research FAB listed several business accounts for SMEs on its website, including an entry-level Business Basic account and higher tiers named Business Advantage and Business Preferred. The higher tiers include extras such as a dedicated relationship manager or more free services.

Each tier has its own minimum monthly average balance and its own charges if the balance falls below that level. For the entry-level account, check the current figures before you apply. Higher tiers require a much larger average balance.

FAB publishes Key Facts Statements and a fees schedule for business accounts. We recommend you read the current version for the tier you choose, because figures can change and the bank's documents always take priority over any summary.

Before you compare FAB with a digital bank, think about the next two years rather than the first month. If you expect letters of credit, payroll for a growing team or financing, a large bank relationship can save you a second account opening later. If you only need to receive client payments and pay a few suppliers, a lighter account may be enough for now, and you can add FAB when the business grows.

For a new company, the bank does not yet have trading history to review, so it looks at the people and the plan. It wants to know who the owners are, what experience they have in the activity and where the starting capital comes from.

The bank also checks whether your expected transactions match your licence. If your licence says general trading, it may ask which goods, which suppliers and which countries. If you provide services, it may ask for contracts or proposals with clients.

Substance matters too. A real office, staff on visa, a working website and signed contracts all show that the business operates in the UAE. Not every company has all of these at the start, but each one helps.

In our experience, delays at large banks usually come from incomplete ownership information, unclear source of funds or documents that are expired or do not match. Corporate shareholders in other countries add extra steps, because the bank needs documents for each layer of ownership.

High-risk activities, or links to countries under sanctions or close monitoring, can also lead to longer reviews or a decline. The bank decides according to its own policy, so we cannot change that, but we can make sure your file answers the obvious questions before they are asked.

Opening the account is only the start. Banks continue to monitor accounts, and they may ask for updated documents when your licence, visa or Emirates ID is renewed, or when your activity changes. Keeping these up to date with the bank helps you avoid restrictions on the account.

It also helps to keep your average balance in line with the tier you chose and to use the account for the activity you described at opening. If your business changes a lot, for example you start trading with new countries, tell the bank early rather than waiting for it to ask.