Yes, you can open a USD business bank account for your UAE offshore or free zone company — fully remotely, with no branch visit required. Hollis & Co. provides FDIC-insured USD accounts for UAE-incorporated businesses (RAK ICC, JAFZA, Ajman, and others) through Column N.A., Member FDIC.
Why UAE companies need a USD bank account
UAE offshore and free zone entities — particularly those incorporated through RAK ICC, JAFZA, or Ajman — are frequently used for international business operations, holding, and consulting. USD is the standard currency for cross-border invoicing, and a USD business account lets you receive client payments, pay international vendors, and integrate with platforms like Stripe. Without a proper USD account under your UAE entity, you're relying on workarounds that create compliance and operational headaches.
The problem with traditional banks
Banking for UAE offshore and free zone entities is more complicated than it appears from the outside.
- Not every UAE bank works with offshore entities: Many domestic UAE banks decline offshore or free zone entities altogether, or require the entity to have UAE-domestic activity before they'll open an account.
- Face-to-face meetings often required: UAE banks frequently require in-person ID verification at a branch, which is a barrier for founders based outside the UAE.
- Offshore companies face domestic banking restrictions: UAE offshore entities are generally not permitted to conduct UAE-domestic banking activity, narrowing the list of banks willing to work with them.
- Fees and minimums vary widely: Monthly minimum balance requirements and fee structures vary significantly by bank and entity type.
- Strict AML/CFT documentation: UAE banks operate under robust AML and CFT frameworks. Applications often require detailed source-of-funds explanations and, for more established companies, audited financial statements.
What documents you need
- 1Certificate of Incorporation from the relevant registry (RAK ICC, JAFZA, Ajman, or equivalent)
- 2Memorandum and Articles of Association
- 3Government-issued photo ID and proof of residential address for every director and beneficial owner
- 4Precise business description: what the company sells or provides, who its customers are, what jurisdictions money comes from and goes to, and how funds flow through the account
How to open a USD account for your UAE company
- Prepare your corporate documents. Ensure your Certificate of Incorporation is current and your M&A reflects the current ownership and directorship.
- Gather KYC materials for all individuals. Passports and proof of address (bank statement or utility bill within 90 days) for every director and beneficial owner.
- Apply with Hollis & Co. Submit your application fully remotely — no branch visit, no UAE address requirement, no in-person verification.
- Get approved and start banking. Complete applications are reviewed in days. Once approved, your FDIC-insured USD account is ready for international wire transfers, vendor payments, and payment platform integrations.
How long does it take?
UAE domestic banks typically take 4–8 weeks to process offshore entity applications, with multiple rounds of documentation requests and no guaranteed approval. Some applications are declined without explanation after weeks in review. Hollis & Co. processes complete applications in days, not weeks. The key is submitting a complete documentation package upfront.
How much does it cost?
Hollis & Co. charges a $1,500 setup fee and a $1,200 annual fee for UAE companies. There is no minimum deposit required to open or maintain the account.
Frequently Asked Questions
Can a RAK ICC company open a USD bank account without traveling to the UAE?
Yes. Hollis & Co. is fully remote — no branch visit, no in-person ID verification, and no requirement to be physically present anywhere. RAK ICC, JAFZA, and Ajman entities are all supported.
Does Hollis & Co. accept UAE free zone companies, or only offshore entities?
Both. Hollis & Co. supports a range of UAE entity types including RAK ICC, JAFZA, and Ajman offshore companies. If you're unsure whether your specific structure qualifies, get in touch and describe your setup.
Do I need a UAE bank account before I can open a USD account abroad?
No. A Hollis & Co. USD account is a US-based business bank account for international operations. It's independent of any UAE domestic banking relationship and does not require you to already have a UAE bank account.