Points to Consider While Opening a Bank Account in Dubai, UAE

Dubai is one of the most preferred destinations for work and business today. Therefore, an increasing number of people are making Dubai their home for jobs and investment. The government of the UAE has introduced many schemes to attract talents and investors to the country, for which it has also ensured that people who make Dubai their home have access to all good things for a better living. Thus, due to the quality of life Dubai offers, it is fast becoming home to millions of people and businesses from across the globe.

Many global companies have moved to Dubai to set up their businesses as the city offers a favourable environment for company formation and investment. The efficient banking system in Dubai also plays a crucial role in completing the business setup process. The business setup process in Dubai is not complete unless you have a corporate bank account here. Dubai’s banking system is very flexible and accommodates both resident and non-resident investors to open an account.

In this blog, you will know how to open a bank account in Dubai, UAE.

Bank Account for Non-Residents:

An individual is eligible to open a bank account in Dubai even if they don’t live here. However, they can open only a savings account with no chequebook. Instead, they are given a debit card to withdraw money from their account. They will also have to manage minimum and maximum bank balances.

Requirements to Open a Bank Account:

• The applicant must be present in Dubai/UAE at the time of opening a bank account.
• Passport copy with UAE entry visa page
• Profile of the Applicant
• The original bank reference letter from the existing bank of the applicant. This should be either from their country of origin or anywhere else in the world (this depends on the specific bank regulations and may vary from bank to bank)
• Original bank reference letter from the personal / company bank account of the applicant from the country of origin or anywhere in the world (requirement differs from bank to bank)
• Latest six months personal bank statement from the applicant’s country of origin or anywhere in the world. (If the applicant has only a company account /or is an owner of the company outside or inside the United Arab Emirates, then the latest six-month bank statement is necessary. Also, legal documents from the company proofing his ownership or share are mandatory)
• Banks in Dubai / UAE may ask for a monthly average balance to open a non-resident personal account in Dubai / UAE, and it varies from bank to bank.

Requirements for a Corporate Account in Dubai:

You will have to submit a copy of:

• Trade license
• MOA/AOA
• Share certificate
• Incorporation Certificate
• Passport with UAE entry stamp page of shareholders
• Emirates ID of shareholders (if the shareholders have UAE residency)
• Visa page of shareholders (if the shareholders have UAE residency)
• Last 6 months bank statement of the shareholders
• Utility bill of the shareholders showing the proof of address
• Corporate legal documents and bank statements (if the shareholder has a company outside UAE)
• Also, list some of your potential clients or existing clients (suppliers/ buyers)

Banking Account for Residents

Residents can open a personal bank account easily (savings or current). Here are the essential documents required:

• Emirates ID
• Original Passport with Copy with UAE visa stamped
• Salary Certificate
• Labour Contract Copy
• No Objection Letter from sponsor
• Statement of account about the last salary
• Consolidate letter
• Latest utility payment receipt or signed rental contract for address proof
• A letter of recommendation from the bank where you have an account can also be the one you use in your home country

Opening a corporate bank account in Dubai is quite an easy process and essential while forming a company in Dubai. Though banks in Dubai are stringent, they have various options for both residents and non-residents businesses. Therefore, opening a bank account in Dubai is beneficial and mandatory if you are planning to start your business in Dubai. The benefits may include various financing assistance to make your investment process more straightforward.

The procedure is simple, but you may need professional assistance from a reputed business setup consultant in Dubai to adhere to the formalities of company formation and open a bank account.