Dubai has become a well-recognized global center of business and banking.
UAE banks offer a lot of advantages for businesses such as:
• Full repatriation of corporate capital and profits
• Stable currency rate
• International trade instruments
• Fast transfers within 2-3 days to any place in the world
• Online banking
• Debit cards
Types of Accounts
Bank account in UAE banks can be opened for the following categories:
Personal accounts for UAE residents
The easiest and most straightforward category is personal residential accounts. Any UAE resident becomes eligible for such bank account.
It is opened within 1-3 days at any bank with simple documents: passport and visa, Emirates ID, salary letter.
Personal accounts for non-residents
Non-residents can open bank account in UAE. Personal visit to the bank is required.
The following documents will be obligatory: passport, utility bill as address proof, CV with personal and professional background, personal bank statement from home country.
Such account is usually opened within 1-2 weeks.
Note that if you receive any income to your UAE nonresident bank account, you might need to declare it at your home country and pay taxes.
Corporate accounts for local companies
It is one of the most demanded categories. The following types of UAE companies are eligible for Dubai bank account:
• UAE offshore companies
• Free Zone companies – the most demanded type of business setup – check business setup in UAE free zones
• Mainland businesses
The shareholders of the companies are usually appointed as account signatories. The banks will require the following paperwork for the account application:
1. Incorporation documents of UAE business
2. Passports of the shareholders
3. Utility bills as address proof
4. CVs with relevant experience
5. Personal bank statements of the shareholders – proof of funds
6. Documents of any other existing business (if applicable)
7. Bank statement of another existing business (if applicable)
8. Business profile
9. Expectations on annual turnover and initial deposit to the newly opened account
Time-frame for UAE company account opening varies depending on the type of the company. It can range from 2 weeks to 2 months.
Mainland companies and Dubai free zones normally get accounts faster. UAE offshore companies and free zones entities tend to wait for account approval longer.
FAQ ABOUT BANK ACCOUNT IN UAE
How long to open bank account in Dubai?
The time depends on the type of business and background of the shareholders. Mainland companies get accounts faster, offshore companies normally wait longer. Time-frame can be from 2 weeks to 2 months.
What do you need to open bank account in Dubai?
For any type of bank account in Dubai, the following will be required:
o Personal presence
o Original passport
o Financial documents (proof of funds)
o Proof of residency (utility bill)
o Business description for corporate accounts
o CVs of the owners
What is the best bank in UAE to open account?
There is no best bank as such. Every business has different capabilities and requirements. There is no one bank for all.
The most recognized UAE banks are: Emirates NBD, First Abu Dhabi Bank, Emirates Islamic Bank, Mashreq, RAK BANK, Dubai Islamic Bank.
