The local banks are subject to real obligations in terms of checking on company owners, but also on the activities they intend to carry out.
It is also necessary to count a very large number of new companies created each month in the Emirates, this goes hand in hand with the analysis of thousands of files to be examined (this stage cannot be automated).
These reasons explain the rather long file processing times (2 to 5 months).
It is nevertheless important to look at this question with a certain amount of hindsight, bearing in mind that it currently takes at least a year to open a business bank account in Panama.
Finally, it is frequently found that bank advisors require large cash deposits and insurance subscriptions, in return for opening the account.