Opening a business bank account in the UAE can be complex due to strict regulations. Our expert team simplifies the process, guiding you through every step for a fast, hassle-free experience. Let us handle the paperwork while you focus on growing your business.
In-person application: Your physical presence will be required during the application, so you can meet the bank representative, sign the application form and submit the required documents.
Online application: If you are outside of the UAE, you can initiate your bank account opening through an online process. Your presence will still be required either via a phone call or an online meeting. Once the application is approved, you will be required by the bank to come to the UAE to sign the account opening form.
The activities, operations, anticipated yearly turnover, and initial funds available for account opening will all be evaluated by our team. Our staff will suggest the best bank for your company based on this information.
We will get in touch with the bank and help you fulfill any additional requirements they may have for information or procedures. We may also serve as your representative in certain situations if you are unable to meet with the Contact Point Verification Agent.
We'll help you gather and get ready the paperwork the bank needs. Documents of certified company incorporation may be among them. Company profile. copies of each shareholder's valid passport. Each shareholder's personal profile (CV). six months' personal or business bank account. declarations from each shareholder. at least the signatory's Emirates ID and a copy of their residency visa. A duplicate of you.Proof of residence in the United Arab Emirates, or Ejari.
Opening a Bank Account in the United Arab Emirates: A Handbook for Entrepreneurs
With almost 200,000 new visitors annually, the UAE is one of the most alluring locations for professionals and entrepreneurs. The UAE provides the ideal balance of opportunity and lifestyle with its breathtaking coastline, bustling business centers, and top-notch infrastructure.
Opening a bank account is crucial if you intend to relocate to the United Arab Emirates. Payroll deposits, transaction simplification, and smooth financial management are all made possible by a bank account. We have put together this thorough guide on how to open a bank account in the United Arab Emirates to assist you in navigating the process.
An Overview of UAE Banking
The UAE Central Bank oversees the banking industry in the country, guaranteeing a safe and stable financial environment. Businesses and individuals can choose from a variety of banking options thanks to the more than 50 local and foreign banks.
UAE bank types include:
Standard banking services like loans, deposits, and payments are provided by commercial banks.
Investment banks are experts in capital market transactions and wealth management.
Infrastructure and industrial projects can be financed by industrial banks.
Nearly 20% of the banking industry in the United Arab Emirates is made up of Islamic banks, which operate according to Sharia-compliant financial principles.
UAE banks adhere to international financial norms, such as:
The International Accounting Standards (IAS)
IFRS stands for International Financial Reporting Standards.
Basel III Regulations for Capital Adequacy
Additionally, UAE banks offer services in Arabic and English to both residents and non-residents.
UAE Bank Account Types
It’s critical to comprehend the various account types before opening a bank account:
1. Present-day Financial Statements
For daily transactions, a current account works best. It provides:
Checkbooks and debit cards
AED, USD, GBP, EUR, and other currencies are available.
Facilities for salary transfers (some accounts do not require a minimum balance in order to transfer salaries)
AED 3,000 is the minimum balance required; this is waived if the salary is transferred.
2. Accounts for Savings
Higher interest rates are offered by savings accounts, but withdrawals are restricted. Features consist of:
Interest rates that are variable or fixed
Options for multiple currencies
Absence of a checkbook
Early withdrawal penalties
Note: Each bank has different minimum deposit requirements and interest rates.
3. Accounts for Investments
UAE banks provide investment accounts with the following features for people wishing to increase their wealth:
ROI guaranteed (3–7% per year)
Adaptable investment durations (12 months to more than 10 years)
Minimum requirements for balance
4. Accounts Offshore
Offshore accounts are perfect for foreign business owners and expatriates because they provide:
Safe financial transactions
Banking that is tax-efficient
Services such as inheritance planning, wealth management, and asset protection
How to Register for a UAE Bank Account
It usually takes a few days to a few weeks to open a bank account in the United Arab Emirates.
Documents Required for Residents of the United Arab Emirates:
Original passport plus a copy
A copy of a UAE residency visa
Emirates ID or registration form
Certificate of salary (for salaried employees)
Non-residents must have a copy of their passport.
A recent utility bill
letter of recommendation from the home bank
six months’ worth of home bank statements
Evidence of earnings and funding sources
Note: Only savings accounts (with a debit card but no checkbook) may be opened by non-residents.
UAE Mobile Banking
Mobile apps can be used to open an account with certain UAE banks. Among the well-liked digital banking choices are:
Emirates NBD’s Liv
Mashreq Bank’s Neo
YAP (the first independent digital banking platform in the United Arab Emirates)
UAE Corporate Bank Accounts
A corporate bank account is necessary for entrepreneurs wishing to launch companies in the United Arab Emirates. Business transactions cannot be conducted using personal accounts.
Documents Needed for Corporate Accounts: Business trade license
Registration certificate
Distribute certificates
Articles of Association and Memorandum
A board decision approving the opening of an account
Shareholders’ passports and visas
For corporate accounts, the account opening procedure takes roughly two to four weeks.
How to Pick the Best UAE Bank
Ask these important questions to make sure you choose the best banking partner:
What is the minimal amount of balance required?
Which penalties and fees are applicable?
Is international transfer supported by the bank?
How much can you withdraw?
How many branches and ATMs are there?
Additionally, to expedite salary transfers, find out if your employer banks with the institution of your choice.
UAE-based business credit cards
Benefits of business credit cards include:
Credit facilities for business costs
Building a business credit score
Financial assistance in an emergency
Qualifications:
A legitimate trade license
The minimum income threshold
Requirements for age and financial history
Easily Handle Your Money in the United Arab Emirates
For foreigners and entrepreneurs, opening a bank account in the United Arab Emirates is crucial. You can take full advantage of the financial services offered by the UAE and effortlessly navigate the banking process with the correct documentation and guidance.
Do you need assistance opening a bank account and business in the United Arab Emirates? For professional help, get in touch with Go Gulf Consultancy right now!