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Bank Account Opening in UAE
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Bank Account Opening in UAE
Our in-house experts will assist with the fast process of opening a business bank account with any of the UAE’s most reputable banks, also we offer mainland business setup in dubai, free zone company formation and Pro Services in uae.
The UAE’s economic stability has attracted financial institutions to Dubai. Dubai Bank’s advanced financial system, which meets modern standards, has led to global accreditation and a perfect reputation for UAE financial institutions. Many business owners are opening personal and corporate bank accounts in Dubai. Still, the process can be challenging due to strict compliance procedures. Our bank account opening service simplifies the process.
How Can We Assist You in Opening an Account in the UAE?
The company offers business setup services in the UAE and provides bank account assistance to aspiring businesses. We guide them through the process, ensuring they have all the documentation for account opening applications. It also determines the account type and bank in the UAE and provides consultations to help find the most suitable solution within the budget.
- In-person application necessitates physical presence to meet bank representatives, sign application forms, and submit necessary documents.
- To open a bank account outside the UAE, you can apply online via phone or online meeting. After approval, you must visit the UAE to sign the account opening form.
- Depending on the complexity of the application, the processing time for digital applications can range from 15 days to 30 working days.
Our Bank Account Opening in UAE
- Client assessment: Our team will evaluate your company’s activities, operations, expected annual turnover, and initial funds to recommend the most suitable bank for your business.
- Liaising with the bank: We will assist you with additional bank requirements and can act as your representative if you are unable to meet the Contact Point Verification Agent.
- Documentation: We will assist you in collecting and preparing the documents the bank requires. These could include:
- Certified company incorporation documents
- Company profile
- Valid passport copies of all shareholders
- Personal profiles (CVs) of all shareholders
- Six months’ personal/business bank statements of all shareholders
- Emirates ID and residence visa copy of at least the signatory
- A copy of your Ejari/proof of UAE residential address
We will provide a comprehensive guide for entrepreneurs looking to open bank accounts in the UAE.
The UAE is a popular destination for 200,000 newcomers annually, offering a blend of ocean and city life. To move to the UAE, having a bank account is essential, as it facilitates money movement and payment for goods and services. Our guide provides information on opening a bank account in the UAE and explains the country’s various banking services.
A central bank regulates the UAE’s banking system and is comprised of around 50 international and local banks. The system is stable due to liquidity buffers and resilient capital levels. Most banks are funded by deposits, providing a large buffer to absorb losses. To open a bank account in the UAE, follow these steps.
The UAE has four different types of banks. These types of banks include:
- Commercial banks
- Investment banks
- Industrial banks
- Islamic banks
UAE banks are expanding their services to cater to Islamic financial requirements, with 23 Islamic bank windows and eight full-fledged Islamic banks making up nearly 20% of the country’s banking sector. These institutions cater to both local and international customers, offer banking services in Arabic and English, and comply with international regulations.
Banks in the UAE The following is a list of Dubai banks
Arab Bank, UAE BNP Paribas, Commercial Bank International, UAE Commercial Bank of Dubai, Dubai Bank, Dubai Islamic Bank, Emirates Islamic Bank, Emirates NBD, First Gulf Bank, HSBC Dubai, Invest Bank, Mashreq, Union National Bank, United Arab Bank.
Types of Bank Accounts in the UAE
Before opening a bank account in the UAE, it’s essential to understand the various types of accounts available to both residents and non-residents of the country.
- Current Accounts: An Emirates Islamic Current Account is a transaction account with a checking option, debit card facilities, and a chequebook, which is ideal for daily transactions. It comes with a chequebook, making it suitable for issuing rent checks. UAE banks offer two types of current accounts: one with salary transfers and the other without. Employers can open accounts at their bank for faster salary transfers. Accounts can be opened in various significant currencies but not in different currencies. The minimum balance requirement is AED 3,000 when opening the account, but it is waived when the salary is transferred.
- Savings Accounts: Many UAE residents open savings accounts to maximize their money’s potential. These accounts offer higher interest rates than checking accounts but have limited access to funds, which can result in withdrawal penalties. They can operate on variable or fixed interest rates and be used as salary accounts. However, they need a chequebook, which is inconvenient for them. Choosing the right bank for savings accounts is crucial, as interest rates, minimum deposits, and fees may vary.
- Investment Accounts: Opening an investment account is convenient in the UAE. You can sign an investment agreement with any bank to open an account with a minimum assured ROI of 3-7% annually. The investment period ranges from 12 months to 10 years, with the required balance varying depending on your chosen bank.
- Offshore Accounts: The UAE, a popular destination for expats, offers offshore banks worldwide, particularly in Dubai. With a valid residence visa, anyone can open an offshore account to import and export funds. Offshore banking services include asset protection, wealth management, portfolio management, private bank accounts, company formation, and inheritance planning. These options offer a secure, stable, and reliable financial solution.
How to Open a Bank Account in UAE
To open a bank account in the UAE, residents must provide documentation such as their original passport, UAE resident visa, salary certificate, and Emirates ID card. Non-residents can only open a savings account with a debit card. To open a non-resident savings account, banks run background checks and request documents such as a recent utility bill, a reference letter from the home bank, six monthly bank statements, and information proving consistent funding sources. These documents ensure the account is open and can take a few days to a few weeks.
Opening an Account on a Mobile Device
Mobile banking is becoming increasingly popular in the UAE, with two banks offering this service through their mobile phone banking app. These banks include Liv, powered by Emirates NBD, Neo, and YAP, the UAE’s first independent digital banking platform. To open an account, download the app, scan your Emirates ID, and follow the account opening screen. Once funds are added, your new debit card will be delivered within a day or two. These banks offer debit cards that work internationally and at various ATMs. Additionally, they provide a Swift code and IBAN account number for easy transfers.
Corporate Accounts
Due to UAE law prohibiting personal accounts, a corporate account is required to conduct business in the UAE. These accounts should be current to process large transactions. Opening a current corporate account takes two to four weeks in the UAE. Additional documents, such as bank and company type, may be required to open a corporate account.
The following companies have the right to open a corporate account:
- Local (mainland)
- Offshore
- Registered in a free economic zone
- Non-resident companies
These documents may vary depending on the chosen bank.
- Your company trade license
- A certificate of your company’s registration
- Share certificates
- The company’s articles of association and memorandum
- A letter from the board giving a company officer the Power to open a corporate account
- Visas and passports from all shareholders
How to Choose the Right Bank Account in UAE
To choose the right bank account in UAE, consider expat needs, as 85% of the population is expat. Ask about minimum balance requirements, fees, salary transfer requirements, monthly withdrawal limits, ATM fees, international transfer services, ATM locations, and loan repayment policies. Check if your employer uses the chosen financial institution for salary access. Review the bank’s experience from colleagues, friends, and reviewers for a secure and convenient banking experience.
Document Requirements for Different Types of Bank Accounts in Dubai
Corporate Account for UAE Resident Sole Proprietorship Co.
- Trade license
- Passport copy of the authorized signatory/owner
- Power of attorney if the account is opened and operated by the Power of Attorney holder.
- The POA should be a notarized document issued by the court. The sole proprietor can appoint a POA holder, who should have the Power to open and operate the account.
(If a trade license is issued as a professional license—Rukhsa Manahiya—then the Chamber of Commerce and Commercial Registration certificates will not be required.)
Corporate Account for UAE Resident Partnership Co.
- Trade license
- Partnership agreement
- Passport copy of all partners
- Power of attorney if the POA holder opens and operates the account.
- The Power of attorney (POA) must be a notarized document issued by the court. A company manager can appoint a POA holder provided his name appears on the Trade License and Partnership Agreement. In another case, if the manager’s name is not listed or mentioned on the trade license, all mentioned partners can appoint a manager through a board resolution. The respective manager can, in turn, nominate a POA (Power of Attorney) holder if he has the right to sub-delegate his powers. A POA holder can open an account if he is empowered to do so.
Suppose the Trade license is a Profession License (Rukhsa Manahiya. The Chamber of Commerce and Commercial Registration certificates will not be needed.
Corporate Account for UAE Resident Limited Liability Company (LLC)
- Trade License (3 Pages)
- Memorandum of Association
- Passport copy of the authorized signatories with visa page/Entry Stamp page.
- Passport copy of the Local Emirati Sponsor with bara page
- Chamber of Commerce Certificate copy
- Power of Attorney if an account is opened and operated by the Power of Attorney holder.
- The POA should be a notarized document issued by the court. A company manager can appoint a POA holder, provided his name appears on the Trade License, Memorandum, and Articles of Association.
Suppose the Trade license is a Profession License – Rukhsa Manahiya. In that case, the Chamber of Commerce and Commercial Registration certificates will not be required).
Corporate Account for UAE Offshore Company (RAK IC, JAFZA & AFZA)
- Certificate of Incorporation
- Memorandum and Article of Association
- Passport copies of the shareholder(s) (Original passport will be seen by the signatory only)
- Share Certificate, In the case of share percentage, is not mentioned in MOA or AOA.
- Passport Copy of the ultimate beneficiary (If any)
- Signing authority’s passport entry stamp page when he came last time in UAE (OR) Visa Copy if he is a resident of Dubai
- In the corporate shareholding structure, the shareholder company’s documents will also be required after legal, notary, and MOFA stamping.
- Company structure tree diagram on Company Letterhead
- CV of all the partners
- Company profile or business profile
- Board Resolution/Power of Attorney in favor of the Authorized Signatory to open, operate, and close the bank account in the company’s name. (If required)
- Any other document to verify the record bank may request.
Corporate Account for UAE Free Zone Company
- Incorporation Certificate or Trade License
- Share Certificate, In the case of share percentage, is not mentioned in MOA or AOA.
- Passport Copies for all partners, if any, signed by the signatory (Original passport will be seen by the signatory only)
- Memorandum and Article of Association
- Board Resolution, if any
If the company’s original documents change or are amended, they will be notarized and attested by the respective free zone.
Corporate Bank Account for Foreign Company
- Certificate of Incorporation
- Memorandum and Article of Association
- Passport copies of all the partners (Original passport will be seen by the signatory only)
- Share Certificate, In the case of share percentage, is not mentioned in MOA or AOA.
- Passport Copy of the ultimate beneficiary (If any)
- In the case of a Corporate shareholding structure, the shareholder company’s documents will also be required after legal, notary, and MOFA stamping.
- Company structure tree diagram on Company Letterhead
- CV of all the partners
- Company profile or business profile
- Any other document to verify the record bank may request.
Note that all documents require attestation and notarization by the nearest UAE Embassy / Consulate from the country of origin and the Ministry of Foreign Affairs in the UAE. We can assist you with this process.
Corporate Bank Account for the British Virgin Islands (BVI) or Foreign Offshore Company
- Memorandum & Articles of Association
- Certificate of Incorporation
- Board Resolution/Power of Attorney in favor of the Authorized Signatory to open, operate, and close a bank account in the name of the company
- Passport copy of shareholders as well as of the signing authority, if any
- Latest three months’ bank statement for the signing authority
- Share the company’s certificate, if any.
Note that all documents require attestation and notarization by the nearest UAE Embassy / Consulate from the country of origin and the Ministry of Foreign Affairs in the UAE. We can assist you with this process.
Non-Resident Personal Bank Account
- Passport copy of the entry page
- Six months bank statement from the home country
- Bank Reference letter
- Utility bill
- The client needs to invest in products like investments, bonds, and insurance (minimum USD 500) to get a zero-balance account.
Our bank assistance offers various benefits for opening a bank account.
Our top-rated bank account opening services offer hassle-free banking for businesses. We handle regular follow-ups with the bank, introduce you to the official Relationship Manager, schedule meetings, provide assistance with application and interview preparation, coordinate with the Relationship Officer, and prepare all necessary documents for the account opening procedure. We also handle documentation, which varies by bank, allowing you to focus on other critical business activities.
Faq
As a non-resident of the UAE, you can open a personal or business account in a bank in Dubai?
Foreigners can open a Priority Personal Bank Account in the UAE with a minimum balance of 500,000 AED. If this is not possible, they can process their UAE Resident Visa for a current account with a minimum balance of 3,000 AED or a salary account.
The time frame for opening a Resident or Non-resident Personal Account varies based on the individual’s background and type of account, but it is typically 1-2 days.
Banks in UAE may limit facilities for regular residents, allowing non-residents to open accounts but not issue credit or debit cards. However, most banks enable regular customers to do so.
Local banks in the UAE typically require a minimum balance for opening a bank account, which may vary by bank and account type. If the balance falls below this, a nominal fee will be charged.
The average time to open a bank account in the UAE is 2 to 4 weeks, depending on the bank and the type of company being opened for. The process varies and may be time-consuming as each bank handles it differently.
We offer account opening services in most commercial banks in the UAE as well as private and international banks. We can assist with account openings in various locations.
Meeting the banker is mandatory for opening an account in the UAE, and we have agreements with offshore banks, provided the client provides all necessary information and documents.
Local UAE banks offer safer and more efficient services. In contrast, foreign banks are generally safer and more flexible with SME companies, enhancing their chances of obtaining approval for bank account openings and credit facilities.
The UAE’s banking system is considered safe due to the central bank’s solid regulatory oversight, strong capital adequacy ratios, and international risk management best practices. The government’s commitment to financial stability ensures the safety of depositors and investors.
Current accounts are exclusively for UAE resident signatories, while call accounts are for non-UAE resident signatories.
The cost of opening a local UAE bank account is free of charge by UAE local banks.
UAE banks offer multi-currency accounts in AED, USD, Euro, GBP, CHF, and other currencies, with most offering these accounts without additional fees or maintaining a minimum balance.
A company should have at least two bank accounts in the UAE.
For a subsidiary or branch company structure, all primary parent company documents, including the Certificate of Incorporation, Memorandum and Articles of Association, Certificate of Incumbency or Extract of Registry, and Share Certificate, must be legalized in the UAE.