Requirements for opening a bank account in the United Arab Emirates

Opening a bank account is considered to be an important stage of setting up a company and starting a business. This task requires a thorough approach as you can make your bank account to be an efficient financial tool.

The UAE Banking Law and the Dubai regulations provide for the straightforward and clear procedure of opening bank accounts. The applicable rules are designed to eliminate possible difficulties and the associated red tape.

According to the up-to-date regulations, personal presence is the obligatory requirement for foreign citizens when opening personal accounts. Otherwise, the specialized compliance department would reject account application.

However, there is a solution. In fact, you may open a bank account without visiting the Emirates. It is possible if the UAE bank has its branch or representative offices abroad. In this case, you may visit the nearest office of the necessary banking institution and certify account opening by your personal signature.

There is no unified bank account opening procedure. So, you may have to fulfil various requirements to open a bank account in the UAE. Given this, it is advisable to make aware of the list of the required documents and actions before making an application.

Requirements for opening private and corporate bank accounts in UAE

The applicable requirements and conditions for opening bank accounts mostly depend on the policy of the particular banking institution and the type of the account.

The standard set of documents that is required to open a private bank account includes:

• International passport);
• Identity card (Emirates ID) – for those possessing a resident status;
• Applicant’s CV (including information on education and professional experience);
• Account statement for the last 3-6 months from another bank or the appropriate letter of recommendation;
• Utility bills issued in the applicant’s name (serve as a proof of the actual place of residence);
• Account opening confirmation letter – for those having a visa sponsored by an employer.

If you want to open a corporate bank account, you have to submit the following documents:

• Copy of the international passport of the company director;
• Copies of the international passports of the shareholders;
• Copies of the identity cards (Emirates ID) of the shareholders — for those possessing a resident status;
• Incorporation documents of the legal entity;
• Corporate bank account statement from another bank or the appropriate letter of recommendation;
• Company statement from the appropriate registering authority.

The UAE banks may request additional documents. For example, if the applicant owns a company, he may be asked to provide the matching confirmation letter and company financials. The legal proof of property ownership may be required if the applicant receives income from operations with some real estate. The applicant should submit all the additional information in due time and format.

Be sure to fulfil all the requirements for opening a bank account in UAE in order to take the advantages of this financial tool. The UAE bank account is a reliable means of developing a profitable business and attaining financial independence

Our company possesses great experience and provides assistance with opening bank accounts for both resident and non-resident legal entities and natural persons. Use a contact us form to get a professional consultation. Our experts will help you to choose the most suitable banking institution and open a bank account.

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