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Bank Account Opening for Business setup in Dubai

Opening a bank account in the UAE

Owing to strict anti-money laundering regulations in place, opening a bank account is not as easy as it sounds. But if you want to open bank account online, we are here to help.

The same level of difficulty exists for both personal accounts as well as corporate bank accounts. The reason is that banks have to meet an exceptionally high level of compliance to match international banking standards. With Dubai becoming the global hub of trade and commerce, banking laws are enforced very strongly by the Government authorities.

Opening a personal bank account in the United Arab Emirates

You are required to be present in person for the account opening process. You must furnish a detailed CV, which will be used to create a customer profile. You must also produce your personal bank statement from your country of origin which outlines the banking transactions carried out by you in the last six months. You also need to show a reference letter from your bank.
Additionally, you need to include a copy of your passport, including the page that shows when you entered the UAE legally (this is marked by an Entry Stamp on your passport).

A minimum balance must be maintained at all times, failing which you could be penalized.

Opening a corporate bank account in the United Arab Emirates

This is a fairly complicated process, requiring the following documents
  • A copy of the Articles of Association pertaining to the formation of your company
  • A copy of the Share Certificate that outlines the percentage of your shares in the company
  • A copy of the Incorporation Certificate which attests to the registration of your company
  • A copy of your Business License
  • A copy of your passport, plus the page which shows when you first entered the country legally
  • A copy of your visa (this could be the visa sticker on your passport)
  • Copies of your Shareholders’ passports, plus the pages which show when they first entered the country legally
  • Emirates ID, in case you are already a resident of the United Arab Emirates
  • The names and addresses of your suppliers and clients
You must also furnish recent Bank Statements of all your company’s shareholders (this must contain a record of the banking transactions carried out by them in the last six months) from the banks in their respective countries of origin.
In case you or any of the shareholders have another company outside the United Arab Emirates, all relevant company documents and a Bank Statement of the company bank account must be produced.

Some banks may require additional information about your business contracts. You must be present in person for the bank account opening process, and it may take anything from an hour to the whole day. This is why you need a professional business setup consultant to help you with the process. We ensure that all the paperwork is in order and see to it that it is a relatively smooth affair, as it should be.

Open Bank Account Online in the UAE

There are a number of local banks in the UAE, which include the following
  • United Arab Bank
  • Abu Dhabi Commercial Bank
  • Abu Dhabi Islamic Bank
  • First Abu Dhabi Bank
  • Mashreq Bank
  • Emirates NBD
  • Commercial Bank of Dubai
  • Dubai Islamic Bank
  • Sharjah Islamic Bank
  • Noor Bank
  • RAK Bank
  • Bank of Sharjah
  • National Bank of Fujairah
  • Emirates Islamic Bank
International banks too exist in the United Arab Emirates, such as
  • Barclays
  • Citibank
  • Standard Chartered
  • HSBC

All the banks in the United Arab Emirates offer excellent banking facilities. Some allow you to open bank account online.

Backed by our team of legal experts, we https://aalegal.ae/have years of experience assisting our clients open both personal and corporate bank accounts in the UAE. You can count on us to help you open your bank account in the United Arab Emirates.

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