Back in 2022, an ADGM SPV with one low risk owner, set up to hold shares ahead of a tech company's IPO, could spend a long time in a bank's KYC review, or be turned down. Foundations and SPVs were still new structures, and most UAE banks were not familiar with them. Today more banks know how they work, and starting with a bank that already serves ADGM companies makes the process easier.
One such bank is Vision Bank, licensed and regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). It focuses on corporate banking for companies registered in ADGM, and InBusiness has opened accounts there for family foundations, ADGM SPVs and holding companies.
Why was it hard to open a bank account for an ADGM foundation or SPV?
In 2022, foundations and SPVs were still new to most UAE banks. Onboarding teams were not familiar with them, the KYC took a long time, and some banks chose not to onboard them at all. This happened even when the risk was low, for example an SPV set up for a marketing business with a low risk UBO, or an SPV created for the IPO of a tech business.
Part of the reason is that these structures look different from the operating companies banks usually check. They often have no office or staff of their own and no trading history, and:
- A foundation has no shareholders. It has a founder, a council, beneficiaries and, in some cases, a guardian. The bank has to work out who controls it and who benefits from it.
- An SPV often sits between a parent company or a foundation and the business it holds, so the bank has to look through several layers to reach the ultimate beneficial owner (UBO).
Today more UAE banks are familiar with ADGM foundations and SPVs than in 2022. A bank still has to understand who controls the structure and why it exists, so a clear file still makes a difference.
Who owns Vision Bank and who regulates it?
Vision Bank Limited is wholly owned by Gulf Islamic Investments (GII) and is licensed and regulated by the FSRA in ADGM. It is a Prudential Category 1 Islamic Financial Institution, and it calls itself the only homegrown Category 1 Islamic bank in ADGM. As of October 2026, the FSRA public register shows:
- Legal name: Vision Bank Limited, private company limited by shares
- Former name: Anglo Gulf Trade Bank (AGTB) Limited
- Regulator: Financial Services Regulatory Authority (FSRA), ADGM
- FSP number: 170016
- Licensed since: 4 December 2018
- Regulated activities: Accepting deposits, providing credit, advising on investments or credit, and Islamic financial business (added 13 February 2024)
- Clients: Corporate clients only. The licence does not allow it to deal with retail clients.
- Owner: Gulf Islamic Investments (GII), sole shareholder
- Address: Al Maqam Tower, ADGM Square, Al Maryah Island, Abu Dhabi
How has the ownership changed since 2018?
The bank started as Anglo Gulf Trade Bank (AGTB), a digital trade finance bank set up in 2018 by Mubadala, the Abu Dhabi sovereign wealth fund, together with AGTB Holdings, a company controlled by the Rowland family. In 2021, Mubadala started looking for a new partner to replace the Rowland family. In June 2022, GII bought 100% of the bank from Mubadala, and the bank now operates as Vision Bank.
GII is a Shari'ah compliant alternative asset manager, established in 2014 and headquartered in the UAE. As of September 2026, it manages over USD 3 billion. As the sole owner, GII provides the bank's shareholder capital and has representation on its board.
Why does the ownership matter for your account?
A foundation or SPV often holds family wealth or the shares of a whole group, so it makes sense to know who stands behind the bank. Vision Bank has one named owner, an FSRA banking licence and a public register entry you can check yourself on adgm.com.
Why does Vision Bank work for ADGM foundations and SPVs?
Vision Bank focuses on corporate banking for companies registered in ADGM, so foundations, SPVs and holding companies are its normal clients. In our experience, its onboarding team knows how these structures are set up, and the questions focus on the structure and the UBO rather than on why there is no office or staff.
As of October 2026, the bank offers business accounts, client money accounts and deposit products, and it works on Shari'ah compliant principles. In September 2026 it also launched trade finance for SMEs.
We have worked with Vision Bank from the beginning, after ADGM introduced us to the bank. Since then we have opened accounts there for our clients' family foundations, ADGM SPVs and holding companies.
What documents does a bank ask for to open an account for an ADGM foundation or SPV?
Each bank has its own list and can ask for more. This is where we usually start for a foundation or SPV in ADGM. All documents must be in English or come with an English translation.
For a foundation
- Charter and bylaws
- Certificate of registration
- Passport and details of the founder, every council member, the guardian if there is one, and the beneficiaries
- Source of wealth of the founder, and where the assets given to the foundation came from
- Structure chart showing what the foundation holds, such as shares in companies, property or investments
- A short letter on the purpose of the foundation, for example family succession or holding a family business
For an SPV
- Certificate of incorporation and commercial licence
- Articles of association
- Registers of shareholders, directors and beneficial owners
- Structure chart up to the UBO, with every layer in between
- Documents of a corporate shareholder, legalized up to the UAE Ministry of Foreign Affairs (MOFA) if the bank asks for it
- A short note on what the SPV is for, for example holding shares in an operating company or an IPO
- Passport, CV and source of wealth of the UBO
- Registered office agreement with the Company Service Provider
How can you avoid delays when opening the account?
Most delays come from a structure the bank cannot read quickly, not from the risk itself. Before we send anything to the bank, we:
- prepare one structure chart that shows every layer from the account holder to the UBO, with ownership percentages
- write a one page note on why the foundation or SPV exists and where its money will come from
- collect source of wealth documents for the founder or UBO before the bank asks
- check that names, dates and percentages match across the charter, the registers and the passports
- discuss the case with the bank before the formal application, so the bank confirms it can consider it
Account opening is always subject to bank approval, and no adviser can promise the result. The timeline depends on the bank and on how complete the file is.
How does InBusiness help ADGM foundations and SPVs open a bank account?
We prepare the file, present the case to the bank, fill in the bank forms and follow up until the account is open. Our clients include family foundations, ADGM SPVs and holding companies with owners in Europe and the CIS, and our team works in English and Russian. Our accounting team can also keep the books and handle UAE Corporate Tax for the foundation or SPV once the account is running.
If you are setting up a foundation or SPV in ADGM, or your bank application is stuck, book a 30 minute call with our English or Russian speaking team, or message us on WhatsApp at +971 50 219 8443.
FAQ
Can an ADGM foundation open a corporate bank account in the UAE?
Yes. A foundation registered in ADGM is a legal entity and can hold its own bank account. The bank asks for the charter, the certificate of registration, details of the founder, council members, guardian and beneficiaries, and the founder's source of wealth. Choose a bank that already works with ADGM foundations, as the review is usually simpler there.
Why can it take longer to open a bank account for an ADGM SPV?
In 2022, SPVs were still new to most UAE banks, so onboarding teams took longer or declined, even when the risk was low. Banks are more familiar with them today. The bank still has to look through each layer of ownership to the UBO and understand why the SPV exists, because an SPV often has no office, no staff and no trading history.
Which UAE bank works with ADGM SPVs and foundations?
Vision Bank, licensed by the FSRA in ADGM, focuses on corporate banking for companies registered in ADGM. InBusiness has opened accounts there for family foundations, ADGM SPVs and holding companies. Other UAE banks also accept these structures, but each bank decides case by case.
Who owns Vision Bank in Abu Dhabi?
Vision Bank is wholly owned by Gulf Islamic Investments (GII), a Shari'ah compliant alternative asset manager established in 2014 and headquartered in the UAE. GII bought the bank, then called Anglo Gulf Trade Bank, from Mubadala in June 2022.
Is Vision Bank regulated?
Yes. Vision Bank Limited is licensed and regulated by the Financial Services Regulatory Authority (FSRA) of ADGM under FSP number 170016, first granted on 4 December 2018. It can accept deposits, provide credit and carry on Islamic financial business, and it does not deal with retail clients.
What documents are needed to open a bank account for an ADGM SPV?
Usually the certificate of incorporation, commercial licence, articles of association, registers of shareholders, directors and beneficial owners, a structure chart up to the UBO, a note on the SPV's purpose, and the UBO's passport, CV and source of wealth. Documents of a foreign corporate shareholder may need legalization up to MOFA.
Does InBusiness in Dubai help open bank accounts for ADGM foundations and SPVs?
Yes. InBusiness prepares the structure chart, the purpose note and the KYC file, presents the case to the bank and follows up until the account is open. The team speaks English and Russian and also handles accounting and UAE Corporate Tax for foundations and SPVs.
About InBusiness
InBusiness is a Dubai-based accounting, tax, and corporate services firm, founded in 2021, that acts as the UAE finance and compliance arm for international businesses. The team provides outsourced accounting, tax advisory, company formation, admin services, and immigration across all Free Zones and Mainland. The team speaks English and Russian.
