Banks · corporate account

Zand Bank business for a new free zone company.

What the bank publishes about products, eligibility and the process, and where the research found no answer.

Typical opening time: 5-15 business days total (approval may be within 72 hours after document submission) (source: alsamainvest.com, velmontcrest.ae, zand.ae)

Free zones accepted or refused

Routinely accepts many free zones including IFZA, DMCC, RAKEZ, SHAMS, Meydan, Sharjah Publishing City, Sharjah Media City, ADGM, DIFC; subject to eligibility criteria (source: velmontcrest.ae)

Digital experience

Fully digital onboarding via Zand Corporate app or website; video call KYC; no branch visit required; IBAN issued within app in 2-5 working days after video call (source: velmontcrest.ae, zand.ae)

Products for a new company

Product	Minimum balance	Monthly fee	Source
Business Essential	0	200	source
Business Plus	20,000	not published	source

Eligibility

UAE-incorporated businesses (mainland and free zones) may apply, subject to bank's eligibility criteria and regulatory requirements (source: zand.ae) source
Applicant must be at least 21 years old (source: zand.ae) source
Specific eligibility by company type not publicly disclosed; free zone and foreign-owned companies must confirm with bank (source: zandotc.com) source

Documents

Valid Trade License (source: zand.ae) source
Memorandum of Association (MOA) and any amendments (source: zand.ae) source
Board Resolution (if applicable) (source: zand.ae) source
Emirates ID and passport copies of shareholders/authorized signatories (source: zand.ae) source
Proof of address (source: zand.ae) source
Recent 3 months bank statements (source: zand.ae) source
Additional documents may be required depending on legal structure and business nature (source: zand.ae) source

The process

step 1
Submit enquiry via website or call Contact Centre; provide company details, license, and required servicescan be done remotely
step 2
Submit documents and undergo due diligence/KYC checks (digital upload)can be done remotely
step 3
Set up users (Maker/Inputter and Authoriser) and authority matrix for account operationscan be done remotely
step 4
Fund the account and send first payment; beneficiary addition may take up to 24 hourscan be done remotely

Nationalities or activities restricted

Crypto exchange/brokerage without VARA or ADGM authorisation
Money services businesses without Central Bank licensing
MLM companies
Gambling
Adult entertainment
Arms trading
Exchange houses
Gold bullion trading without DMCC platinum membership
Unregulated investment advisory
Dual-use goods or sanctioned-jurisdiction flows (additional documentation required, approval not guaranteed)

Pain points founders report

Eligibility criteria not publicly detailed, requiring pre-application enquiry (source: zandotc.com)
Document requirements may vary and not fully listed; additional documents may be requested (source: zandotc.com)
Compliance checks can flag inconsistencies causing delays (source: velmontcrest.ae)
Certain business activities are restricted and will be declined (source: velmontcrest.ae)
Adding a new beneficiary takes up to 24 hours (source: zandotc.com)

What the research does not settle

No public list of accepted nationalities for foreign owners
Monthly fee for Business Plus account not disclosed if minimum balance not maintained
No information on partner program for business formation providers
Exact document list for free zone foreign-owned companies not specified beyond general FAQ
Approval time for complex structures or enhanced due diligence not provided

Sources

Zand Bank, SME Bankinghttps://www.zand.ae/en/products/sme-bankingread 2026-10-20

Frequently Asked Questions (FAQs)https://www.zand.ae/site-assets/files/Business-Banking-FAQs.pdfread 2026-10-20