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Why Your Bank Application Will Be REJECTED (Dubai)

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In the bustling landscape of Dubai’s business environment, securing a bank account for your company is not just a formality—it’s a necessity for operational functionality. Whether you’re in the process of setting up your business or already established but facing banking hurdles, understanding the intricacies of the banking system is crucial.

Why Bank Account Opening Matters?

Your business’s legitimacy hinges on its ability to send and receive money, making a functioning bank account imperative. However, the process of opening one isn’t always straightforward. Without the right guidance, you risk facing rejections and delays, which can impede your operations and growth prospects.

What if a bank in the UAE rejects to open an account for you?

While the process of opening a bank account in the UAE is typically straightforward, encountering the unexpected message “Sorry, we cannot open an account for you” can be disheartening. Such scenarios, while uncommon, may occur due to standard procedures banks follow to assess potential clients and associated risks. 

Additionally, each bank has its own set of regulations concerning customer profiles, activities, transaction minimums, and account balances. Consequently, banks, both in the UAE and globally, exercise discretion when opening accounts, subject to meeting specific customer criteria. 

Whether you’re navigating the process of opening a bank account in the UAE or have experienced rejection, this article provides invaluable insights into common scenarios leading to account denials and offers guidance on avoiding such setbacks.

Why might a bank in the UAE refuse to open an account for you? 
Building trust is crucial in any business deal, and banks are no exception. Just as you’d want to know about a potential partner’s reliability, banks need to assess your trustworthiness before granting you an account. They do this by asking for various documents that prove your income stability, lack of debt, and more.
This information can be divided into two main parts: details about you, the client, and information about your money movements. The first part includes your personal information, address, company documents, and the nature of your business activities. The second part focuses on your finances—where your money comes from, how often and for what purpose you’ll be making transactions, your average account balance, and documentation related to your business activities.
This information is crucial both when you’re opening the account and throughout your relationship with the bank. For example, if you initially tell the bank that you’ll be primarily involved in trading between specific countries, but later start engaging in entirely different types of commercial transactions, you need to inform the bank about these changes. If you fail to do so, the bank may reject your account application.
To understand why this happens, consider the reverse scenario: imagine you’re looking for information about a bank’s reliability, but the bank refuses to provide it. You’d likely be hesitant to trust that bank, right? 
Similarly, banks need certain information to trust you and ensure that you’re a reliable client.
What should be done so that the bank in the UAE does not refuse to open an account or block it in the future?

How can you make sure a bank in the UAE won’t say no to opening an account or close it later on? Well, banks have to be careful because they face risks. They use a strategy called “KYC” (know your client) to learn as much as possible about potential clients. If the bank finds any doubts about your reliability, they might refuse to open an account or even close an existing one.

Sometimes, people don’t understand why banks do this. They think it’s unfair and makes banks seem cold-hearted. But actually, banks want lots of clients because more clients mean more money from fees and loans. So, it’s not in their interest to turn people away.

Banks reject accounts to protect themselves and their clients. A bad reputation could lead to big fines or losing their license, which would be bad for everyone involved.

To make sure your account stays open, it’s important to give the bank all the documents and information they ask for, and to do it on time. This helps them trust you and reduces the chances of any problems later on.

When a bank in the UAE rejects to open an account?

When a bank in the UAE says no to opening an account, it’s because they look at many things to decide if you’re a good fit. Sometimes, even if you seem reliable, they’ll still say no. Here are some reasons why:

  • You don’t give the bank the papers they need, or you don’t have them at all.
  • Another UAE bank already closed your account because of suspicious activity.
  • You won’t meet with a bank person when they ask. This meeting is needed to open an account.
  • You can’t show where your money comes from or what business you did before.
  • You can’t keep enough money in the account, or you don’t move money around enough.
  • In the UAE, some people, like foreign politicians or rule-breakers, can’t use banks. If you’re on this list, the bank will say no.

If any of these things happen, the bank will say no to your account. They won’t say why exactly because it’s against the law.

How to get ready and avoid problems when opening a bank account?

If you have even the smallest doubt that a bank may question your trustworthiness, it is better to prepare in advance. Check all the necessary documents and make sure that the information provided is complete and accurate. You can also check in advance information about yourself from open sources. Check your company, yourself (as a private person), directors of your company and your partners.

It is also recommended to provide the available additional documents about your business – recommendations, contracts, etc. The more information about yourself you provided to the bank, the easier it is for the bank to verify your trustworthiness.

And what to do if your business is just beginning, you had no time to get your customers, and have very few operations? Do not worry, just describe in detail the nature of your business at a meeting with a bank representative. The more detailed and accurate your information is, the more trust you will have.

Another important aspect to which it is important to pay attention is the answers to the questions of the representative of the bank. During the interview, a bank representative will ask you questions, evaluating you and your business. Our advice is simple – be honest and do not worry about confidentiality, the protection of personal data is guaranteed by law.

Dubai’s New Online Bank (WIO Guide)
Initiating the WIO Bank Account Setup
To begin the WIO Bank account setup, download the app from the App Store. With separate apps for personal and business accounts, we focus on the latter. The process involves entering personal details, selecting your role in the company, and providing your company name, aligned with your business license.
Business types WIO supports
  • Sole proprietors or individuals with sole authorisation to open and operate a bank account for their company.
  • Businesses with joint authorisation to open and operate a bank account for their company.
  • Freelancers with a freelancer permit issued by a licensing authority.
Business types WIO can’t support
  • General traders with no physical presence
  • Jewelry and bullion trading
  • Money exchanges
  • Cryptocurrency exchanges / trading
  • Unlicensed financial institutions
  • Trusts
  • Auction houses or antiques
  • Gambling establishments
  • Charities and foundation
Monthly account fees
  • The monthly subscription fee will be charged 30 days after opening your account.
  • Start using Saving Spaces on or before March 31, 2024 and earn 3% interest per annum ON THE FIRST 90 DAYS on all Saving Space balances; earn 1% interest per annum thereafter. The interest will be credited to your Saving Space on the first day of the following month.
  • Once you upgrade to Grow plan, you can enjoy its benefits immediately. You’ll be charged AED 249 on your next billing cycle date.
Uploading Essential Company Documents
  • WIO Bank requires essential documents for verification, including:
  • Your trade license
  • Memorandum of association (MOA) 
  • Proof of address for your business
  • Passport size photograph
  • Referral Code and Additional Assistance
Use our referral code: C094 while opening your WIO bank account. We can provide you with one-on-one consultation on banking.
The Importance of Professional Assistance

Working with a seasoned team not only saves you time and effort but also enhances your credibility in the eyes of banks. By leveraging their industry connections and expertise, you gain access to invaluable insights and tailored solutions. Whether it’s securing lease agreements or navigating complex banking protocols, their guidance can make all the difference.

Why Choose Us?

At GenZone, we specialize in helping businesses navigate the intricacies of the Dubai business landscape, including the banking sector. With a track record of success and a deep understanding of local regulations, we ensure a seamless banking experience for our clients. From initial consultations to ongoing support, we’re committed to your business’s success.


Don’t let banking hurdles derail your Dubai business ambitions. Book a consultation with us today, and let’s embark on this journey together. With our expertise by your side, you can navigate the banking landscape with confidence and secure the foundation your business needs to thrive in Dubai’s dynamic market.

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