How to Open a Bank Account in Dubai, UAE

Owing to strict anti-money laundering regulations, opening a bank account in the United Arab Emirates not as easy as it sounds. The reason is that banks in the United Arab Emirates have to meet an exceptionally high level of compliance to meet international banking standards. Dubai is now at par with the likes of major financial centres like New York, London, Singapore, Tokyo, and Hong Kong; and banking laws are strictly enforced in the United Arab Emirates.

It is therefore important that you have the right banking experts in your corner, who can help you with the process of Open Bank Account in Dubai, United Arab Emirates.

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How to Open a Personal Bank Account in Dubai, UAE

The applicant must be present in person while Open Bank Account in Dubai. He/She must furnish a detailed CV, which will be used by the bank to create a customer profile. A personal bank account statement from the applicant’s country of origin / country of residence must also be produced, and this must contain the banking transactions carried out by the applicant in the last six months. Furthermore, a reference letter from the bank must be shown at the time of opening a bank account in the UAE.

A copy of the applicant’s passport, which includes the page that shows when he/she legally entered the United Arab Emirates (this is marked by an Entry Stamp) must also be attached along with the application.

The minimum balance mandated by the bank must be maintained at all times in the Dubai offshore bank account. Failure to comply will lead to a penalty.

How to Open a Corporate Bank Account in Dubai, UAE

This is a fairly complex process, requiring the submission of the following documents
  • A copy of the Articles of Association pertaining to the formation of the company
  • A copy of the Share Certificate that outlines the percentage of the applicant’s shares in the company
  • A copy of the Incorporation Certificate which attests to the registration of the company
  • A copy of the company’s Business License
  • A copy of the applicant’s passport, plus the page which shows when he/she legally entered the country
  • A copy of the applicant’s visa (this could be the visa sticker on his/her passport)
  • Copies of the shareholders’ passports, plus the pages which show when they legally entered the country
  • Emirates ID, in case the applicant is already a resident of the United Arab Emirates
  • The names and addresses of the company’s suppliers and clients

The recent Bank Statements of all the Shareholders, which outline the banking activity carried out by them in the last six months, must also be produced. These banks must be located in their respective country of origin / country of residence. If the applicant or any of the shareholders in the company have another company that is located outside the United Arab Emirates, all the relevant company formation documents and a Bank Statement of the company’s corporate bank account must be submitted.

Some banks in the United Arab Emirates require additional information about the company’s business contracts. The applicant must be present in person for the bank account opening process. Because it could take anything from an hour to the whole day, it is recommended that you enlist the professional assistance of a business setup consultant in Dubai. He/She will see to it that all the paperwork is in order and that the process of corporate bank account opening in Dubai is a smooth affair – as it rightly should be.

List of Banks in the United Arab Emirates

There are several local banks in the United Arab Emirates, which include the following
  • United Arab Bank
  • Abu Dhabi Commercial Bank
  • Abu Dhabi Islamic Bank
  • Abu Dhabi Islamic Bank
  • Mashreq Bank
  • First Abu Dhabi Bank
  • Emirates NBD
  • Emirates Islamic Bank
  • Commercial Bank of Dubai
  • Dubai Islamic Bank
  • Sharjah Islamic Bank
  • Noor Bank
  • RAK Bank
  • Bank of Sharjah
  • National Bank of Fujairah
There are also international banks in the United Arab Emirates, such as
  • Barclays
  • Citibank
  • Standard Chartered
  • HSBC
All banks in the United Arab Emirates offer state-of-the-art banking facilities.

Need Help with Setting Up a Bank Account in Dubai, UAE?

If you require assistance while opening a Bank Account in Dubai, we can be counted on to help. Backed by our team of experts, we have years of experience helping our clients open both personal and corporate bank accounts in Dubai, United Arab Emirates. We can help you open a savings account in Dubai for yourself, as well as with company bank account opening in Dubai. For freezone company bank account opening, we can help you open bank account Dubai non-resident.

Opening bank account in Dubai for foreigners doesn’t have to be complicated – we can help you open online bank account in Dubai, United Arab Emirates. If you would like to open offshore bank account online Dubai, please call 055 113 4789 or send us an email at info@flybiz.ae

FAQ

What types of companies can we start in UAE?

In UAE, we can start businesses in mainland, offshore, and freezone. In mainland, you need a local service agent to start your business. Similarly, you need license from the respective authority to start a company in the freezone. Also, you can start offshore business but you have to trade outside UAE.

What is the time required to setup a business in Dubai?

With Flybiz business setup consultants, company setup can be accomplished within a week’s time. However, you have to share the right documents. Similarly, company setup in freezone can take around 3 to 10 business days.

What are the different trade licenses available in Dubai?

Dubai provides four types of business licenses such as,
  • Commercial license
  • Industrial license
  • Professional license
  • Tourism license

Mention the documents required for renewing the business?

In order to apply for the trade license renewal, entrepreneurs should provide a certificate of authenticity from real estate regulatory agency and a new MoA with essential modifications.

Will you support in opening a bank account?

Yes, we help you open the bank account in local banks and enjoy numerous banking facilities.