Interesting facts:
Full versionThe reasons vary. Some people liquidate a company and close the corporate account as part of the process. Others simply found a bank with better terms. Others are moving away and no longer need the account. In any case, the procedure is standard—there are no particular complications involved.
One point should be clarified right away: if you liquidate a company in the UAE, you can't simply abandon it. Closing a corporate account is a mandatory step in liquidation; it's a legal requirement, not an internal bank policy.
First, you need to sort out the funds in the account—withdraw them in cash or transfer them to another bank. Technically, the bank is obligated to return the remaining balance itself, but this will take up to seven days. It's easier to do this yourself in advance.
Clarify the cost of opening company, corporate or personal bank account, obtaining a residence visa, or another question regarding business in Dubai, UAE:
Before submitting the application, it's worth checking with a consultant to ensure there are no outstanding balances. Most often, this is an unpaid service fee—a small amount, but if it's not closed, the process will be delayed. After that, submit the application at any branch, bringing your passport. If the account is empty, it will be closed the next day. If there are still funds in the account, the next day after they are debited.
There is also another scenario: the bank closes the account itself if the client hasn't used it for more than two years. In this case, a written warning will be sent first, and if no response is received within two months, the account will be closed automatically.
Here, the procedure is slightly more complicated, and specific bank requirements may vary. But in general, the logic is the same: corporate documents plus identification of the applicant. It's best to contact a bank representative in advance and clarify the full list—this will save time.
One detail that is often overlooked: if an account is closed within the first six months or the first year, the bank may charge an additional fee. At Emirates NBD, it's AED 100 for closing within the first six months. At Mashreq Bank, it's AED 500. Noor Bank only charges a fee during the first year of service. The amounts are not critical, but it's worth knowing in advance.
Overall, closing an account with a UAE bank is not difficult. The main thing is not to leave debts on him and not to delay the process if the decision has already been made.
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