Why does the UAE have a longer review time and higher fees than other jurisdictions?

The UAE is classified as a FATF-enhanced jurisdiction, which requires Hollis and Column N.A. to apply Enhanced Due Diligence to every application — additional documentation (the EDD questionnaire and Trade Licence) and review steps that other jurisdictions don’t require. The $1,500 setup and $1,200 annual fees reflect that additional compliance workload, not a different service tier.

What is the EDD questionnaire and who has to complete it?

The Enhanced Due Diligence questionnaire is a standard set of additional compliance questions required for every UAE entity, regardless of whether it’s a Free Zone, Mainland, ADGM, or DIFC structure. It’s a normal part of opening any UAE-domiciled account with a US banking partner.

What's the difference between an ADGM/DIFC entity and a Mainland or Free Zone entity for banking purposes?

All four structures are accepted under the same UAE review process and documentation requirements. ADGM and DIFC entities are reviewed within 24 hours of complete submission; Mainland and Free Zone entities fall within the standard 1-2 business day UAE window.

Does every UAE entity need a Trade Licence to open a Hollis account?

Yes — a valid Trade Licence is required for all UAE entity types (ADGM, DIFC, Free Zone, and Mainland) as part of standard incorporation verification.

Can a UAE holding company or SPV open a Hollis account, or is this only for operating companies?

Both. Holding Company/SPV and Holding Company/Prescribed Company structures are explicitly supported alongside standard Operating Company entities.

Hollis & Co

All jurisdictions

🇦🇪Enhanced KYC

US Business Banking for ADGM and DIFC Companies

USD banking for UAE holding companies, SPVs, and operating entities — enhanced KYC review within 1-2 business days.

Why this matters

UAE entities — whether structured under ADGM, DIFC, a Free Zone, or Mainland — increasingly need independent USD treasury infrastructure rather than routing everything through correspondent banking. That's especially true for holding companies and SPVs sitting above US portfolio companies, and operating companies billing US customers directly. Because the UAE is a FATF-enhanced jurisdiction, Hollis applies additional Know Your Customer review to every UAE application — this means slightly more documentation and a 1-2 business day review window rather than same-day, but it also means the account that comes out the other side is built on a compliance foundation that holds up to scrutiny from day one. Hollis & Co, through its partnership with Column N.A., is one of the few US banking partners that reviews ADGM and DIFC entities within 24 hours of complete document submission.

United Arab Emirates — Enhanced KYC jurisdiction. Review time: 1–2 business days.

The United Arab Emirates is FATF-monitored. Enhanced Due Diligence (EDD) applies to all UAE-incorporated entities.

ADGM and DIFC entities receive expedited review due to their robust regulatory frameworks.

Mainland LLC structures may require additional ownership chain verification.

All documents must be accompanied by a valid Trade License and passport of all UBOs.

Entity Types

Holding Company / SPVHolding Company / Prescribed CompanyOperating CompanyOnshoreFreezone

Review Time

1–2 business days

Requirements, fees & timeline

Required Documents

·Certificate / Articles of Incorporation
·Tax Identification
·Ownership & Control
·Directors / Control Persons
·Articles of Association
·Passport (valid)
·Proof of address

Fees

Setup fee

$1,500

Annual fee

$1,200

Domestic wire

$20

SWIFT wire

$30

FX spread

+0.75%

Incoming wires

Free

Annual maintenance fee waived if your account maintains an average daily balance of $250,000 or greater across the 365 days prior to your renewal date.

Frequently asked questions

Hollis & Co., Inc. (“Hollis & Co”) is a financial technology company, not a bank. USD deposit accounts and banking services are provided by Column N.A., Member FDIC. Deposits are eligible for FDIC insurance up to $250,000 per depositor, per ownership category, through Column N.A. Use of the Hollis & Co. platform is subject to eligibility requirements and terms of service.