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Bank account opening in UAE
Open a bank account with any of the UAE's most trusted banks
Let our in-house experts make business bank account opening easy and convenient for you.
Opening a bank account in UAE
Opening a business bank account in the UAE can be a challenging process, as you need to go through several strict compliance procedures mandated by the UAE Central Bank. With our bank account opening service, this doesn’t have to be the case. Our team will assist you in opening a bank account, guiding you through each stage and ensuring you have a hassle-free experience.
- Client assessmentOur team will assess your company’s activities, operations, expected annual turnover and initial funds available for opening the account. Based on this information, our team will recommend the most suitable bank for your business.
- Liaising with the bankIn case the bank requires further information or processes, we will communicate with them and assist you in completing the additional requirements. In some instances, if you are not available to meet the Contact Point Verification Agent, we can also act as your representative.
- Documentation
We will assist you in collecting and preparing the documents required by the bank. These could include:
- Certified company incorporation documents
- Company profile
- Valid passport copies of all shareholders
- Personal profiles (CVs) of all shareholders
- 6 months personal/business bank statements of all shareholders
- Emirates ID and residence visa copy of at least the signatory
- A copy of your Ejari/proof of UAE residential address
Bank account opening in UAE: an entrepreneurs guide
The UAE is one of the hottest up-and-coming countries for people to move to and attracts roughly 200,000 newcomers every year. It’s a place where you can enjoy the ocean, fast-paced city life, and so much more all in one place!
If you’re going to move to the United Arab Emirates, however, you need to have a bank account. Having a bank account (or several bank accounts) will make it easier for you to move money around and pay for goods and services in your new country.
To make things easier for you, we’ve put together a quick guide on how to open a bank account in UAE. Let’s dive in to learn everything you need to know about the UAE’s many banking services!
If you’re going to move to the United Arab Emirates, however, you need to have a bank account. Having a bank account (or several bank accounts) will make it easier for you to move money around and pay for goods and services in your new country.
To make things easier for you, we’ve put together a quick guide on how to open a bank account in UAE. Let’s dive in to learn everything you need to know about the UAE’s many banking services!
Types of bank accounts in the UAE
The next thing to know about before looking into bank account opening in the UAE is what types of bank accounts you can open. There are several different types of bank accounts, which cater to both non-residents and residents of the UAE.
An Emirates Islamic Current Account is a transaction account, which comes with a checking option for the accountholder.
An Emirates Islamic Current Account comes with Debit card facilities, check-book, along with many other banking benefits.
A current account is ideal for transfers and transactions made on a daily basis. Your current account will come with a check-book, which is great for issuing rent checks to your landlord.
Banks in the United Arab Emirates usually allow you to open two types of current accounts. One type comes with salary transfers while the other does not.
If you have a job in the UAE, you can open an account at your employer’s bank to get your salary faster. If you use a different bank from your employer, it could take up to a few days for your salary to arrive. You can open an Emirates Islamic Current Account for several major currencies, including USD*, GBP, AED, Euro, Yen, Saudi Riyal, Kuwaiti Dinar, Canadian Dollar, Qatari Riyal, Bahraini Dinar and Omani Riyal. When opening a Current Account the minimum balance requirement must maintain at least AED 3,000 in the account.
An Emirates Islamic Current Account comes with Debit card facilities, check-book, along with many other banking benefits.
A current account is ideal for transfers and transactions made on a daily basis. Your current account will come with a check-book, which is great for issuing rent checks to your landlord.
Banks in the United Arab Emirates usually allow you to open two types of current accounts. One type comes with salary transfers while the other does not.
If you have a job in the UAE, you can open an account at your employer’s bank to get your salary faster. If you use a different bank from your employer, it could take up to a few days for your salary to arrive. You can open an Emirates Islamic Current Account for several major currencies, including USD*, GBP, AED, Euro, Yen, Saudi Riyal, Kuwaiti Dinar, Canadian Dollar, Qatari Riyal, Bahraini Dinar and Omani Riyal. When opening a Current Account the minimum balance requirement must maintain at least AED 3,000 in the account.
Many people in the UAE open a savings account so that they can get the most out of their money. Savings accounts offer higher interest rates than checking accounts do, but provide limited access to funds. They also can cause penalties for withdrawals.
Savings accounts usually operate on either a variable or fixed interest rate. Within your savings account you can choose which currency you’d like to denominate your funds in.
Savings accounts can also be used as salary accounts. However, savings accounts do not usually come with a check-book, which can make them a little inconvenient for this type of use.
When opening a savings account is important to choose the right bank. The interest rate, minimum deposit and fees for your savings account will differ from bank to bank. While these amounts may be minor they can add up over an extended period of time, costing you money.
Savings accounts usually operate on either a variable or fixed interest rate. Within your savings account you can choose which currency you’d like to denominate your funds in.
Savings accounts can also be used as salary accounts. However, savings accounts do not usually come with a check-book, which can make them a little inconvenient for this type of use.
When opening a savings account is important to choose the right bank. The interest rate, minimum deposit and fees for your savings account will differ from bank to bank. While these amounts may be minor they can add up over an extended period of time, costing you money.
Another type of service you can take advantage of when opening a bank account in the UAE is an investment account. In the UAE, you can sign an investment agreement with any bank, which allows you to open an investment account.
The investment period for these usually ranges from 12 months to 10 years, but they can be longer, too. The investment agreement gives you a minimum assured ROI of 3-7% annually.
Just note that investment accounts come with minimum balances. The minimum required balance will vary depending on which bank you choose to partner with.
The investment period for these usually ranges from 12 months to 10 years, but they can be longer, too. The investment agreement gives you a minimum assured ROI of 3-7% annually.
Just note that investment accounts come with minimum balances. The minimum required balance will vary depending on which bank you choose to partner with.
The UAE is a haven for expats, which is why the nation offers offshore banks from jurisdictions the world over. This is especially true in Dubai, where many expats choose to live and work.
In the United Arab Emirates, anyone who holds a valid residence visa is eligible to open an offshore account and use it to import and export their funds. It’s considered to be a secure, stable, and reliable way of moving money and usually involves lower taxes than other banking options.
Offshore banking encompasses many different services in the United Arab Emirates.
A few of these services include:
In the United Arab Emirates, anyone who holds a valid residence visa is eligible to open an offshore account and use it to import and export their funds. It’s considered to be a secure, stable, and reliable way of moving money and usually involves lower taxes than other banking options.
Offshore banking encompasses many different services in the United Arab Emirates.
A few of these services include:
- Asset protection
- Wealth management
- Portfolio management
- Private bank accounts
- Company formation
- Inheritance planning
Before taking the next step, consult with our Business Setup Experts
Simplifying your journey is our mission
Advantages of working with Fortunes Business
-1-
Individual approach
We offer solutions that are most suitable for your business.
-2-
Experienced specialists
Our team consists of professionals familiar with the intricacies of the UAE banking system.
-3-
Saving time and effort
We take care of all the collection and preparation of documents.
-4-
Full support
Support at all stages of account opening and assistance in providing for emerging issues.
How to open a bank account in UAE
With all this information, you’re ready to go ahead and open a bank account in UAE. Doing so is very quick and efficient, and typically takes anywhere from a couple of days to a couple of weeks.
To open either a current account or a savings account, UAE residents will need to provide the following documentation:
To open a savings account as a non-resident, many banks run background checks.
These documents are needed to make sure that you really do have the means to maintain a bank account in the UAE.
A Non-resident savings account can take a little longer to open thanks to the extra documentation.
To open either a current account or a savings account, UAE residents will need to provide the following documentation:
- Your original passport as well as a copy
- A copy of your UAE resident visa
- A salary certificate
- Your Emirates ID card or a copy of your registration form if you haven’t yet received it
To open a savings account as a non-resident, many banks run background checks.
- A recent utility bill
- A reference letter from your home bank
- The six most recent monthly bank statements from your home bank
- Information proving consistent funding sources
These documents are needed to make sure that you really do have the means to maintain a bank account in the UAE.
A Non-resident savings account can take a little longer to open thanks to the extra documentation.
Another important thing to note about opening a bank in the UAE is mobile banking. In a society that’s focused on the latest technology, it’s no surprise that there are two banks that make it possible for you to open an account in their mobile phone banking app.
Whilst most banks will have a mobile banking function to help you transfer money and check your balance, they may not allow you to apply for new accounts through their mobile banking app.
Some of the banks that allow mobile account creation are Liv, which is backed by Emirates NBD; Neo, which is powered by Mashreq; and YAP, the UAE’s first independent digital banking platform.
To open a bank account with one of these banks, you’ll need to start by downloading the application. Then, scan your Emirates ID into the system.
From there, you’ll be guided through an account opening screen similar to those found online. Once the account is open, you’ll need to add some funds to get the account started.
As soon as your account has funds in it, you’re ready to go! In a day or two, a local delivery crew will contact you to let you know when they’ll deliver your new debit card.
The debit cards from these banks work internationally and at several different ATMs. Plus, your bank comes with a Swift code and IBAN account number so that you can easily make transfers using your new account.
Whilst most banks will have a mobile banking function to help you transfer money and check your balance, they may not allow you to apply for new accounts through their mobile banking app.
Some of the banks that allow mobile account creation are Liv, which is backed by Emirates NBD; Neo, which is powered by Mashreq; and YAP, the UAE’s first independent digital banking platform.
To open a bank account with one of these banks, you’ll need to start by downloading the application. Then, scan your Emirates ID into the system.
From there, you’ll be guided through an account opening screen similar to those found online. Once the account is open, you’ll need to add some funds to get the account started.
As soon as your account has funds in it, you’re ready to go! In a day or two, a local delivery crew will contact you to let you know when they’ll deliver your new debit card.
The debit cards from these banks work internationally and at several different ATMs. Plus, your bank comes with a Swift code and IBAN account number so that you can easily make transfers using your new account.
If you’re planning to use your bank account to do business in the UAE, you’ll need to open a corporate bank account. The reason why you have to open a corporate account is that UAE law prohibits you from doing business with a personal account.
Generally speaking, corporate accounts should be current accounts. The reason for this is so that they can process a large volume of transactions. Opening a current corporate account in the UAE usually takes between two and four weeks.
When you go to open a corporate bank account, it’s important to note that you’ll need a few additional documents to do so. The exact documents may vary depending on your chosen bank and your type of company, but they usually include:
Generally speaking, corporate accounts should be current accounts. The reason for this is so that they can process a large volume of transactions. Opening a current corporate account in the UAE usually takes between two and four weeks.
When you go to open a corporate bank account, it’s important to note that you’ll need a few additional documents to do so. The exact documents may vary depending on your chosen bank and your type of company, but they usually include:
- Your company trade license
- A certificate of your company’s registration
- Share certificates
- The company’s articles of association and memorandum
- A letter from the board giving a company officer the power to open a corporate account
- Visas and passports from all shareholders
Credit cards for business in UAE
Business credit cards offer specialized credit options tailored to assist business owners in making small purchases on credit, specifically for business-related expenses rather than personal use. While they can serve as a resource for emergency funding, their primary purpose is to establish and enhance the credit score of the business, a crucial metric for its financial well-being. Eligibility for obtaining a business credit card hinges on various factors such as age, income, and evidence of a valid trade license.
Manage your money with ease in UAE
Ready to start the process of opening a bank account in the UAE? Contact us for more detailed information and to initiate our partnership. Fortunes Business offers comprehensive services for opening bank accounts in the UAE tailored to your business needs. We provide full support throughout the process—from preparing the necessary documents to obtaining your bank details.
Our goal is to make the account opening process as straightforward and understandable for you as possible. We're eager to discuss your project and offer a personalized solution that considers your specific requirements.
Our goal is to make the account opening process as straightforward and understandable for you as possible. We're eager to discuss your project and offer a personalized solution that considers your specific requirements.
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© 2024 Fortunes Business.
All rights reserved
© 2024 Fortunes Business.
All rights reserved