Bank Account Opening Services
Bank Account in the UAE
Opening a bank account in the UAE provides unique opportunities for managing finances in the region's dynamic economy and can significantly simplify the conduct of international business.
For a successful account opening, it is recommended to consult with professional agents who are familiar with the processes of specific UAE banks and can assist with preparing all necessary documentation.
Advantages of a Bank Account in the UAE:
- High level of data protection and confidentiality;
- Fast and convenient transfers. UAE banks operate within international payment systems, making it easy to carry out transactions globally;
- Stable currency exchange rates;
- Access to multi-currency accounts. This is beneficial for businesses working with international partners.
Types of Bank Accounts in the UAE
For residents:
- Passport and its copy
- Resident visa
- Personal Emirates ID
- Salary certificate
- Bank statements for the last 6 months
For non-residents:
- Passport and its copy
- Resume
- Utility bill
- Bank statements for the last 6 months
- Information about sources of income
Corporate account:
- Registration details (license, registration certificate, certificates, charter and founding agreement of the company);
- Passports and visas of all shareholders, utility bills, resumes, personal bank statements of shareholders;
- Certificate of authority of company officers;
- Documents of any other existing business (if applicable);
- Projections for annual turnover and initial deposit for the newly opened account.
Important
A corporate account is essential for conducting business in the UAE and is mandatory for all companies registered in free zones and local companies within the UAE.
When selecting a bank for a client, we consider factors such as the type of business activity, the nationality of the founders, the presence of an office, and the source of the founders' funds.
Currently, the account opening process may take longer depending on the founders' nationality, as banks perform additional checks through the Compliance department for clients from higher-risk categories.
When selecting a bank for a client, we consider factors such as the type of business activity, the nationality of the founders, the presence of an office, and the source of the founders' funds.
Currently, the account opening process may take longer depending on the founders' nationality, as banks perform additional checks through the Compliance department for clients from higher-risk categories.
Banks in the UAE Most Suitable for Opening an Account
Emirates NBD
One of the largest and most reputable banks in the UAE, offering a wide range of services for both personal and corporate banking, including multi-currency accounts and international transactions.
First Abu Dhabi Bank (FAB)
The largest bank in the UAE, offering extensive corporate banking services including multi-currency accounts, trade finance, and business loans.
Mashreq Bank
One of the oldest banks in the UAE, Mashreq offers tailored corporate banking solutions, including account management, treasury services, and easy access to global financial networks.
Emirates Islamic Bank
A subsidiary of Emirates NBD, this bank offers more flexible requirements for minimum balance and a faster account opening process.
RAK BANK
The state-owned bank of the Ras Al Khaimah Emirate, focused on small and medium-sized businesses. It offers moderate requirements for the minimum balance and quick approval of account opening applications.
Dubai Islamic Bank
The government-owned bank of Dubai, known for its moderate balance requirements and relatively fast account opening process.
For account opening, you can also consider other international banks with branches in the UAE, which provide convenient access to global services and are attractive due to their extensive international network.
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Get professional help in doing business in the UAECompliance Procedure
All bank accounts in the UAE undergo a compliance control procedure.
When applying for an account opening, the bank creates a client profile and requests bank statements from the past 6 months to analyze financial activity. The bank may also ask for information regarding expected deposits and withdrawals on the new account. Actual transactions on the account must align with the declared information; otherwise, the account may be suspended for further review.
Annually, the bank conducts checks on certain transactions, and may request supporting documents such as invoices, delivery notes, and contracts. If a large sum is received from an unfamiliar source, the bank may require an explanation.
It is important to keep documentation for all transactions. Additionally, business transactions on personal accounts, for both residents and non-residents, are prohibited in the UAE.
Frequently asked questions
How to open a bank account in UAE banks
Yes, non-residents can open a personal bank account in the UAE, but the choice of banks and account types for non-residents is limited. Typically, these accounts offer basic banking services. It is also possible to open a corporate account for non-residents if they own a company registered in the UAE.
For a corporate account, the following documents will be required: The company’s articles of association and incorporation documents; The company license (if applicable); Passport copies and identity verification documents for all founders and directors; Proof of the company’s registered address and contact information; A business plan or a description of the company’s business activities.
Yes, most banks in the UAE require the personal presence of the owner or director of the company to open a corporate account. This is due to the mandatory identification of the client. Personal presence is also required for non-residents opening a personal bank account.
In the UAE, you can open several types of accounts: Personal current account for residents and non-residents; Corporate account for business operations; Investment or savings account with access to various financial instruments.
Bank accounts in the UAE offer: Access to convenient international transfers and multi-currency accounts; Privacy and stability in financial operations; The ability to safely manage assets and use accounts for international trade; Support for modern online services and 24/7 access to funds.
The process usually takes from 2 to 6 weeks, depending on the type of account, the bank, and the documents provided. In some cases, especially for corporate accounts, the procedure may take longer due to additional checks.
Yes, most banks in the UAE charge annual or monthly maintenance fees for both personal and corporate accounts. The fees and charges depend on the type of account, service package, and the bank's terms and conditions.
Yes, almost all banks in the UAE offer online banking and mobile applications that allow you to manage your account remotely, track transactions, and make transfers.
The choice of bank depends on your goals. The most popular banks in the UAE include Emirates NBD, Mashreq Bank, Abu Dhabi Commercial Bank, and First Abu Dhabi Bank. Consulting with a professional will help you choose the right bank that matches your business and requirements.
