Opening a bank account in the UAE

A bank account in Dubai and other emirates offers its owner a number of benefits, including:

• stability, reliability and safety;
• confidentiality;
• low maintenance costs;
• unobstructed deposit and withdrawal of funds;
• stable national currency;
• convenient online banking;
• a great number of offices and others.

Any natural or legal person may open a bank account in the UAE. Keep in mind that there are certain restrictions to financial instruments and services for residents and non-residents of the country. In order to open a bank account in the UAE, non-residents have to pass a procedure to verify their identity and submit a number of documents. Moreover, there is no possibility for them to obtain a check book. To receive a debit card, you need to make a deposit on the account. Residents of the UAE can utilize all the financial tools and undergo a simplified procedure of opening a bank account. Out experts are ready to provide support at all stages of opening of a bank account. (Apply)

The procedure of opening a bank account is well-know, and usually consists of the following steps

• Preparation of documents. The list of documents depends of type of the account (private or business), as well as the specific requirements of a bank.
• Personal visit to a bank. According to the law, a personal presence of the owner or account signer is required in order to open a bank account in the UAE. You cannot open a bank account in the Emirates remotely! Personal presence is necessary to confirm the identity of the account owner and receive an original signature.
• Waiting for answer. By the aid of our experienced and qualified specialists you may be sure about receiving an affirmative reply, so feel free to contact us! (Submit button)

A person from any country (except those included in the sanctions list) can open a bank account in Dubai or other emirates. It is important to note that each bank has its own specific requirements and terms. The list of documents varies as well. At the same time, there is a general set of the documents required to open a bank account in the UAE:

• account holder passport;
• visa or an entry stamp (is applied in the airport);
• recommendations from your current or previous bank;
• receipts, utility bills or other documents confirming your residence registration.

Some banks offer to open an exclusive personal account which grans its holder a lot of benefits, including simplified opening procedure, more advantageous currency exchange rate, personal manager and other. To open this account you need to maintain the minimal cash balance at $ 100 000. This service is available for both residents and non-residents.

Opening a bank account is an integral part of doing business in the UAE. Otherwise, you will not be able to open an offshore or an onshore company. However, opening a bank account in Dubai or other emirates for an offshore company is a difficult task, as some banks do not provide services for that type of a company. Moreover, some banks impose higher requirements on the minimum balance, and the account will be of a non-resident type and will have certain limitations. Bank account in the UAE opened for a local company or a company from a free zone provides you all the benefits and can be opened in any UAE bank.

There is a standard list of required documents, but it may vary depending on the bank. In order to open a bank account in the UAE, you need to submit the following documents:

• account holder passport;
• visa or an entry stamp (is applied in the airport);
• statutory documents;
• 6 month bank statement of company shareholder;
• bank reference letter from shareholder