Opening a bank account for a UAE free zone company
By Malik, Founder · Prices checked
The licence is the easy part. The account is where files stall, and the banks decide on criteria the free zones do not control.
A licence lets you exist. A bank account lets you invoice. No free zone opens the account for you, and the banks decide on their own criteria. Two digital banks publish their conditions for small companies in enough detail to be compared: Wio Business and Mashreq NEOBiz. Everything below is read on their own pages and documents. Where they say nothing, we say so.
Side by side, as published
Fees are the banks' own schedules, Wio May 2026 and Mashreq July 2026, before value added tax where the bank adds it. Neither bank publishes which free zones it accepts.
The documents, as listed by Mashreq
Trade licence, memorandum of association, board resolution or power of attorney naming who operates the account, proof of a UAE address, passport, visa and Emirates ID of every owner and signatory, and the last three months of bank statements. Mashreq says no initial deposit is required. Wio publishes no list and says the process runs from trade licence to proof of address inside the app.
Why an application is declined, in the bank's own words
Mashreq publishes three reasons: the owners or signatories could not be fully identified or verified; the bank does not support the business industry; or Central Bank compliance prevents it from banking the business. Read them backwards and you have the checklist: complete identity documents for every owner, an activity the bank understands, and nothing in the file that a compliance officer has to guess.
The order that works: licence, visa, then the account
Both banks want a UAE resident behind the account, the holder at Wio, at least one signatory at Mashreq. A founder who is still abroad therefore needs the residence visa before the account, not after. That is why the number of visas matters in our questionnaire: a zero-visa licence is cheaper on paper and can leave you without a way to open the account. Keep the lease or flexi-desk agreement, it is the proof of address the banks ask for.
Answer the questionnaire with the visas you need, the price shown will include them
What neither bank publishes
Anything on this list, ask us: we get the answer from the free zone.
Sources
- Wio Business, product page
- Wio Business, schedule of fees, May 2026
- Wio Business, key facts statement, version 7, August 2025
- Wio Business, standard terms, September 2022
- Mashreq NEOBiz, account page
- Mashreq NEOBiz, FAQ
- Mashreq NEOBiz, schedule of charges, July 2026
- Mashreq NEOBiz, key facts statement, July 2026
Questions
Can I open a business bank account in the UAE without a residence visa?
How much does a business account cost at Wio or Mashreq NEOBiz?
Do these banks accept every free zone?
All prices and terms come from the free zones and may change at any time without prior notice. Free Zone Radar cannot be held responsible for any change, error or omission. Always confirm the final price and terms in writing before you sign or pay.
