Account opening stalls for one reason more than any other: the compliance file does not explain where the money comes from and where it goes.
The pack that works
- Trade licence, MOA and incorporation certificate, plus the shareholder chain up to the ultimate beneficial owner.
- Passport copies, Emirates ID and residence visas for every signatory.
- Six months of personal or group bank statements showing source of wealth.
- Signed contracts, invoices or LPOs from at least two named counterparties.
- A one-page business plan with expected monthly turnover and the countries you will send and receive funds from.
What triggers extra review
High-risk jurisdictions in the payment corridor, general trading licences with no defined product, and a registered address that is a mailbox with no staff. None of these are fatal - but each one needs an explanation in the file rather than a question raised after submission.
Expect two to six weeks with a complete pack. The firms quoting six months are usually describing their own resubmission cycle.
