GOFIRM
Mashreq

Bank account opening

Mashreq account in the UAE: NEO BIZ or Business Banking

Mashreq has operated in Dubai since 1967. It offers businesses two routes: digital NEO BIZ with an online application and plans with no minimum balance, and Business Banking with a personal manager — from AED 50,000. For both, the bank expects at least one partner or POA holder of the company to be a UAE resident.

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AED 0
Balance on NEO BIZ Pro and Pro Plus — with a fee of AED 99 and 199 a month
AED 50,000
Average balance on NEO BIZ Prime and Business First
1 resident
A partner or POA holder who is a UAE resident: the bank’s requirement
9 currencies
AED, USD, EUR, GBP, CAD, AUD, NZD, JPY, SAR

Other banks in the UAE

Emirates NBDEmirates IslamicAbu Dhabi Islamic Bank (ADIB)Dubai Islamic Bank (DIB)United Bank Limited (UBL)RAKBANKBanque Misr
All banks in the UAE

In short

Mashreq has two ways in for business: digital NEO BIZ with an online application — no balance required on Pro and Pro Plus, with fees of AED 99 and 199 a month — and Business Banking with a personal manager from AED 50,000. Both require at least one partner or POA holder to be a UAE resident.

Checked 18 October 2026 · Elizaveta Germash

Cost of a mistake

Debits blocked

Without the renewed licence, NEO BIZ charges AED 300 a month after 30 days, switches off the chequebook after 90 and blocks all debits after 180.

How to avoid it

Mashreq opens fast — if the structure is simple and there is a resident

Mashreq has two strict conditions for a company account: at least one partner or POA holder must be a UAE resident, and the owners must be individuals only, with no companies in the chain. If both are met, the remaining choice is between digital NEO BIZ and Business Banking.

  • NEO BIZ — online application

    The application takes 10 minutes, the account number and IBAN come right after submission, and the account can be used once the bank completes its review. NEO BIZ is not opened for offshore companies.

  • Business Banking — with a manager

    First, Premium and Platinum plans: an average balance from AED 50,000 to AED 350,000, a dedicated , inward letters of credit and documentary collections.

  • Freezone and offshore — a surcharge

    In Business Banking, free zone and offshore companies pay AED 250 a month for account management on top of the plan. A mainland company does not pay this surcharge.

  • Licence — never overdue

    On NEO BIZ, 30 days after the licence expires — AED 300 a month, after 90 days the chequebook is blocked, after 180 days — all debits.

Expert tip

If the company has no UAE resident at all, we do not apply to Mashreq: first a residence visa for a partner or a resident POA holder. Otherwise we pick a bank that works with non-residents.
Elizaveta GermashElizaveta GermashLawyer · Bank accounts

Bank dossier

Mashreq: who it opens for, how and with what restrictions

Mashreq

Mashreq

Bank in Dubai since 1967 · NEO BIZ and Business Banking

  • Resident among the partners
  • Individual owners only
  • 9 currencies
  • NEO BIZ online application
Open to
Companies with a UAE licence; owners — 100% individuals, no layered structures
Resident
At least one partner or POA holder on the account is a UAE resident
Age
All owners, partners and signatories — over 18
Currencies
AED plus EUR, CAD, USD, GBP, AUD, NZD, JPY, SAR; a foreign-currency account with an IBAN is opened online
Opening
NEO BIZ — online, account number and IBAN straight away, transactions after the bank’s review
NEO BIZ turnover
For companies with turnover of up to AED 100 million a year
Card
Visa, one per company and only for a single-signatory account; not issued to POA holders
Default limits
NEO BIZ — AED 100,000 a day online; Business Banking — AED 5 million; changed under the articles or by board resolution
Cooling-off period
5 working days from signing the application — you can withdraw from the account; on NEO BIZ with no closing fee

Terms and tariffs — per the NEO BIZ KFS (September 2026), the Business Account KFS (July 2026), the NEO BIZ and Business Banking schedules of charges and mashreq.com pages, checked on 18 October 2026. Business tariffs exclude 5% VAT, personal ones include VAT. The bank decides whether to open the account.

Who it suits

Who it suits — and when to choose something else

A good fit if

  1. 01A partner or POA holder is a UAE resident with an Emirates ID.
  2. 02The company’s owners are individuals only, with no companies in the structure.
  3. 03You need an account quickly and without branch visits — NEO BIZ with an online application.
  4. 04You can keep from AED 50,000 for free account service and a personal manager.
  5. 05You need accounts in several currencies: USD, EUR, GBP, CAD, AUD, NZD, JPY or SAR with an IBAN straight away.
  6. 06You will need inward letters of credit and documentary collections — both NEO BIZ and Business Banking offer them.

Consider something else if

  1. 01The company has no UAE resident at all — neither among the partners nor among the POA holders.UBL
  2. 02One of the owners is a company: Mashreq does not accept layered structures.UAE
  3. 03The company is offshore and needs a digital account: NEO BIZ is not opened for offshore companies, and Business Banking charges an AED 250 monthly surcharge.
  4. 04There is no company yet: the bank needs a licence and articles, and the account needs a resident among the partners.Mainland

Mashreq tariffs

Six plans side by side: balance, fee and transfers

NEO BIZ Lite — AED 200 a month and AED 40 per transfer abroad — is not in the table: it costs more than Pro Plus. Amounts follow the bank’s schedules of charges as of October 2026, excluding 5% VAT; the bank decides whether to open the account.

Average balance

AED 50,000

Monthly fee

AED 0

AED 200 if the balance falls short

Transfer abroad online

AED 25

Personal manager

Digital service

limited branch service

Benefits

What you get

Conditions checked before applying

We check whether a partner or POA holder is a resident and whether any owners are companies. If the company doesn’t qualify, we don’t waste time on an application.

A plan that fits your payments

We work out a month on each plan: subscription fee, balance, number of transfers abroad and teller visits. The difference between plans is hundreds of dirhams a month.

Documents that don’t come back

Licence, articles, board resolution, proof of the company’s address — Ejari, a lease or a utility bill — and 3 months of statements.

A resident, if there isn’t one

If the company has no resident, we plan a residence visa for a partner or the appointment of a resident POA holder — before applying to the bank.

Deadlines after opening

We remind you about licence renewal and KYC updates: at Mashreq, delays mean a fee, a blocked chequebook and debits, and then closure.

A personal account for the owner

Mashreq opens a savings account for a non-resident on a passport and a 2-month statement from the country of residence — we prepare that too.

Let’s discuss the details

NEO BIZ or Business Banking — which is cheaper?

Tell us your average balance, number of transfers abroad and company type — we will work out the monthly cost on each Mashreq plan.

Process

7 steps from the first conversation to the result

Every step is visible in the client portal: what’s happening now and whether we need anything from you.

Steps on your side: 3 of 7

We handle it · 2Needed from you · 3Bank · 2

  1. A UAE resident among the partners or POA holders, individuals as the only owners, the type of company. Here we also decide between NEO BIZ and Business Banking.

Documents

What to prepare for Mashreq

Information

Documents

Ready

0 / 11

The lists follow Mashreq’s KFS and web pages; the bank may ask for additional documents. Documents issued outside the UAE need a translation and attestation if the bank asks for it.

Timing and budget

What makes up the budget

The Mashreq budget is made up of a subscription fee or minimum balance, transfers and branch transactions. Tariffs follow the bank’s schedules of charges, indicative as of October 2026; amounts exclude 5% VAT, the bank has the final say.

  • NEO BIZ planDepends onPro — AED 99 a month, Pro Plus — AED 199, Lite — AED 200, with no balance requirement. Prime — no fee with an average balance of AED 50,000, AED 200 a month if it falls short.WhenMonthly
  • Business Banking balanceDepends onFirst — AED 50,000, Premium — AED 150,000, Platinum — AED 350,000 on a monthly average. If it falls short — AED 400, 550 and 650 a month.WhenMonthly
  • Freezone and offshore surchargeDepends onIn Business Banking, free zone and offshore companies pay AED 250 a month for account management — on any plan.WhenMonthly
  • Mashreq Biz online bankingDepends onIn Business Banking — AED 55 a month on First, AED 45 on Premium, free on Platinum. Mashreq Business Online token — AED 750 one-off and AED 120 a year.WhenMonthly
  • Transfers abroadDepends onNEO BIZ: AED 25 on Prime and Pro Plus, AED 40 on Lite, AED 50 on Pro — no free transfers. Business Banking via Mashreq Biz — AED 55, 25 and 25; at a branch — AED 70, 60 and 40. Incoming — free.WhenPer transaction
  • Branch transactionsDepends onNEO BIZ — 2% of the amount or AED 200, whichever is higher. Business Banking — the first 5, 7 or 10 transactions a month free, then AED 20, and AED 40 after the twentieth.WhenPer transaction
  • Closing within the first 6 monthsDepends onNEO BIZ — AED 100, and free during the cooling-off period — 5 working days from signing the application. Business First — AED 500, Premium — AED 250, Platinum — AED 400.WhenOn closing
  • Residence visa for a partnerDepends onIf the company has no UAE resident, the account cannot be opened without a visa or a resident POA holder. This is a separate budget: government fees, medical test, Emirates ID.WhenBefore applying
  • Document preparation and supportDepends onOur work: checking conditions, choosing the plan, the document set, replies to the bank’s requests. The scope depends on the structure.WhenAt the start of work

After opening

Mashreq deadlines after opening: what gets blocked and when

Per Mashreq’s KFS and schedules of charges as of October 2026; amounts exclude 5% VAT.

0123456789101112months from account opening

5 working days

Cooling-off period

From signing the application you can withdraw from the account; on NEO BIZ with no closing fee.

30 days without funds

Empty account

If a Business Banking account has no funds for 30 calendar days, the bank closes it.

If missed: account closure

180 days from opening

No transactions, and a closing fee

The bank may close a NEO BIZ account with no transactions for six months. Closing the account yourself within 6 months costs a fee.

If missed: NEO BIZ — AED 100; Business Banking — AED 250–500

Every month

  • All month

    Average balance

    NEO BIZ Prime and Business First — AED 50,000, Premium — AED 150,000, Platinum — AED 350,000.

    If missed: AED 200 on Prime; AED 400, 550 and 650 in Business Banking

Every year

  • 30 days after the licence expires

    NEO BIZ: renewed licence to the bank

    After 90 days the bank switches off the chequebook, after 180 days it blocks debits on all accounts.

    If missed: AED 300 a month

  • 60 days after the licence expires

    Business Banking: renewed licence to the bank

    From day 61 to day 89 — AED 250, from day 90 to day 119 — AED 400, after that — AED 600 every 30 days. After 90 days the chequebook is blocked, after 180 days — debits.

    If missed: AED 250–600

On event

  • KYC data has expired

    Update KYC

    Business Banking: after 45 days the chequebook is blocked, after 90 days — debits.

    If missed: after 180 days — account closure

  • NEO BIZ Express turnover — AED 10 million a year

    Mandatory KYC review

    Without it, the bank may switch off the chequebook, block debits or close the account with notice.

    If missed: at AED 20 million — transfers, cash and cheques blocked until KYC is updated

  • 12 months without transactions

    Dormant account

    In Business Banking — if there were no customer-initiated transactions on the company’s accounts.

    If missed: AED 25 a month

Getting it right

Common mistakes — and how to avoid them

Click a card to see how to do it right · 0 of 7 open

  1. 01 What people often do

    Applying when the company has no UAE resident — “maybe they’ll approve it”.

  2. 02 What people often do

    Applying with a company whose shareholder is another company.

  3. 03 What people often do

    Choosing NEO BIZ Lite as the simplest plan.

  4. 04 What people often do

    Choosing a plan by the subscription fee alone.

  5. 05 What people often do

    Renewing the licence and not sending it to the bank.

  6. 06 What people often do

    Opening a Business Banking account and funding it “when needed”.

  7. 07 What people often do

    Expecting a debit card for a POA holder or with two signatories.

FAQ

Expert answers

Elizaveta Germash — Bank accounts

No. For both NEO BIZ and Business Banking, the bank requires at least one partner or POA holder on the account to be a UAE resident. If there is no resident, we first arrange a visa for a partner or appoint a resident POA holder. If neither works, we pick a bank that opens accounts for non-residents, such as UBL.

Elizaveta Germash · Bank accounts

Sources

  1. Mashreq — NEO BIZ
  2. Mashreq — NEO BIZ Key Facts Statement
  3. Mashreq — NEO BIZ Schedule of Charges
  4. Mashreq — Business Account Key Facts Statement
  5. Mashreq — Business Banking Schedule of Charges
  6. Mashreq NEO BIZ — multi-currency accounts
  7. Mashreq — important guidelines for business customers
  8. Mashreq — about us

Deadlines, amounts and rules are based on these sources as of the check date. Rules change: check with us before deciding.

Often goes with this

What else you may need

Bank Accounts

UBL

No UAE resident in the company: UBL opens accounts for companies and individuals remotely, through us.

Bank Accounts

RAKBANK

Another UAE bank for a company with residents: RAKstarter with no minimum balance and a business account from AED 25,000.

Company Registration

Mainland

A mainland company: in Mashreq Business Banking it does not pay the AED 250 monthly surcharge charged to free zone and offshore companies.

Next step

Is Mashreq right for your company?

Describe the owners, the business and which of you lives in the UAE. We will say whether the company meets the bank’s conditions and work out which NEO BIZ or Business Banking plan comes out cheaper.

Elizaveta GermashElizaveta GermashLawyer · Bank accounts
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