How to open a bank account in Dubai and the UAE

About the service

The banking system of the United Arab Emirates is deservedly considered one of the leading in the world. It offers impeccable customer service, attractive conditions for loans and mortgages, as well as economic stability – all these are the main advantages of the UAE banking system.

All banks in Dubai have an excellent reputation, and the high level of development of banking structures in the UAE has become possible thanks to the effective economic policy of the Government and the Central Bank of the United Arab Emirates.

That is why entrepreneurs, foreign investors and expats seeking to move to Dubai are interested in opening their own or corporate bank account. Our company is ready to help you with opening an account in Dubai, saving you time. We will provide detailed advice on the specifics of various banks and help you choose the most suitable institution in accordance with your goals.

Advantages of Dubai banks

Local banks and branches of international banks in the United Arab Emirates operate to stricter standards than in other countries. This applies not only to a high level of service, but also to bank account management capabilities and customer requirements.

There are several key advantages of banks in Dubai:

Absolute confidentiality available to every client when servicing in the bank.
A wide range of instruments for capital input and output.
A large number of offices and convenient online banking.
Low fees for services and operating costs.
High level of security, reliability and stability of the national currency.
The ability to open multi-currency accounts, including accounts in different currencies, and not only in dirhams.

There are four main types of banks in Dubai:

Commercial banks that serve individuals and legal entities. They offer the opportunity to open personal and corporate accounts, as well as provide loans and mortgages.
Industrial banks focused on servicing companies and enterprises. They offer loans for starting and running a business.
Investment banks specializing in the purchase and sale of shares.
Islamic banks that operate in accordance with the principles of Sharia.

The process of opening a bank account

Opening a bank account in Dubai can be somewhat difficult for foreign citizens who are not familiar with local banking standards. If you don’t want to waste time studying these standards or don’t know how to choose the right bank, our specialists are ready to help you.

Bank account for non-residents

For non-residents, it is possible to open a bank account with some restrictions. Usually banks offer non-residents to open savings accounts, rather than standard current accounts. To do this, you will need to provide a certain set of documents and pass an identity check.

After successful verification, the bank will provide the customer with a credit card. The client can also receive a debit card by making a certain deposit to the account. Minimum and maximum deposit requirements may differ in different banks. Usually the minimum balance should be at least 3 thousand dirhams.

Bank account for residents

For residents of the UAE, opening a bank account provides many advantages. Customers get access to Internet banking, can receive various debit and credit cards, as well as use a checkbook.

To open a bank account for an individual, you must provide a copy of your passport with a note on entry into the UAE, an original and a copy of a valid visa, documents confirming current income, a letter of no objection from an employer or sponsor, a document confirming the address of residence, as well as an Emirates ID for UAE residents.

Each bank may have its own additional requirements, such as a letter of recommendation from the previous bank, an original bank statement for the previous six months or a resume describing the client’s business experience.

Corporate bank account

To open a corporate bank account in Dubai, there are two options: open an offshore company in the free economic zone and open a commercial account, or open an offshore company in the UAE with an account.

To open a commercial bank account, you must provide a copy of the company’s director’s passport, copies of shareholders’ passports, copies of Emirates ID for UAE residents, the company’s charter and memorandum, constituent documents of a legal entity, an extract from a corporate account or a letter of recommendation from a previous bank, a summary with information about the business experience of the company’s owners, as well as corporate ownership documents, the structure and activities of the company.