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Effortlessly open UAE Business Bank Accounts
Opening a business bank account in the UAE can be challenging, as you must 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.
In-person application
Your physical presence will be required during the application so you can meet the bank representative, sign the application form and submit the necessary documents.
Online application
If you are outside of the UAE, you can initiate the opening of your bank account through an online process. Your presence will still be required either via a phone call or an online meeting. Once the application is approved, you will be instructed by the bank to come to the UAE to sign the account opening form.
The standard processing time can take 14 days for digital applications or 25 working days or more for in-person applications, depending on the complexity of the application.
Our Bank Account Opening in UAE
Client assessment
Our team will assess your company’s activities, operations, expected annual turnover, and initial funds available for opening the account. Based on this information, we will recommend the most suitable bank for your business.
Liaising with the bank
In case the bank requires further information or processes, we will communicate with them and assist you in completing the additional requirements. There may be situations where you are unable to meet the Contact Point Verification Agent, and in such cases, we can act on your behalf as your representative.
Documentation
We will assist you in collecting and preparing the documents the bank requires. These could include:
- Certified company incorporation documents
- Company profile
- Valid passport copies of all shareholders
- Personal profiles (CVs) of all shareholders
- Six 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
But it doesn’t have to be this way.
Before you do anything, talk to one of our experts in Dubai. We’ll show you how easy the process is and why we’re the partner of choice for entrepreneurs who want to establish a business in Dubai.
Our Rates
Enjoy a faster and more convenient process for opening a corporate bank account.
- Application assistance
AED 5,250.00
* All rates are inclusive of 5% VAT.
Entrepreneurs Guide for Opening a Bank Account in the UAE
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!
An Overview of Banking in the UAE
Before we dive into how to open a bank account in the United Arab Emirates, let’s take a minute to talk about the banking sector. The UAE has a banking system that’s regulated by a central bank.
Apart from the central bank, there is a total of roughly 50 international and local banks scattered throughout the country. The banking system is considered to be fairly stable thanks to the banks’ liquidity buffers and resilient capital levels.
Most Banks In The UAE are funded by deposits. Their strong capital levels provide a large buffer that absorbs any losses.
The UAE has four different types of banks. These types of banks include:
- Commercial banks
- Investment banks
- Industrial banks
- Islamic banks
Islamic banks are a type of bank that has grown in popularity. In recent years, UAE banks have worked to expand their banking services to consumers using Islamic financial requirements. This is important for the many Islamic citizens living in the country.
At the moment, there are 23 Islamic bank windows and 8 full-fledged Islamic banks in the nation. These institutions make up nearly 20% of the UAE’s banking sector.
Aside from Islamic banks in the nation, the UAE banks also cater to foreigners and international consumers. They have adopted several international regulations and offer all their banking services in both Arabic and English.
A few international regulations that UAE banks comply with include:
- International Accounting Standard
- International Financial Reporting Standards
- Capital Adequacy Regulations from the Basel III Regulations
Types of Bank Accounts in the UAE
Before proceeding with opening a bank account in the UAE, it’s important to understand the different types of accounts available. There are various types of bank accounts that cater to both residents and non-residents of the country.
Current Accounts
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 chequebook, which is excellent 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, your salary could take up to a few days 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. However, if you open your Current Account in a different currency, it will not offer debit card and chequebook facility options.
When opening a Current Account, the minimum balance requirement is maintaining at least AED 3,000. However, the minimum balance requirement is waived when your salary is transferred to the Current Account.
Savings Accounts
Many people in the UAE choose to open savings accounts in order to optimize their finances. These accounts offer higher interest rates compared to checking accounts, but access to funds is limited, and withdrawals may incur penalties.
Savings accounts can operate on either a variable or fixed interest rate, and you can choose your preferred currency for your account.
Savings accounts can also double as salary accounts, but they usually don’t come with a chequebook, which can be inconvenient for some.
When opening a savings account, choosing the right bank is crucial, as interest rates, minimum deposits, and fees vary from bank to bank. Even small fees and deposits can accumulate over time and cost you a significant amount of money.
Investment Accounts
An investment account is another service you can use when opening a bank account in UAE. In the UAE, you can sign an investment agreement with any bank, which allows you to open an investment account.
The investment period 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.
Offshore Accounts
The United Arab Emirates (UAE) is a popular destination for expats, and the country provides offshore banking services from various jurisdictions worldwide, particularly in Dubai, which is a top choice for many expats to live and work.
In the UAE, individuals with a valid residence visa can open an offshore account to transfer their funds securely and reliably. Offshore banking is a low-tax option compared to other banking options.
Offshore banking services in the UAE cover a wide range of financial services, including asset protection, wealth management, portfolio management, private bank accounts, company formation, and inheritance planning.
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:
- 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
If you’re a non-resident, you’ll only be able to open a savings account. Even though you won’t get a checkbook, you’ll still receive a debit card that you can use to withdraw money.
To open a savings account as a non-resident, many banks run background checks. Then, they request the following documents:
- 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.
Opening an Account on a Mobile Device
Mobile banking is an important aspect to consider when it comes to banking in the UAE. Given the society’s emphasis on technology, it’s no surprise that certain banks offer the convenience of opening an account directly through their mobile 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.
Corporate Accounts
If you plan to use your bank account to do business in the UAE, you’ll need to open a corporate bank account. You have to open a corporate account because 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 two to 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
With these documents in hand, you’ll be all set to open a bank account.
How to Choose the Right Bank Account in UAE
As an expat, opening a bank account in the UAE can be nerve-wracking. You might be worried that you won’t be able to get all the services you need because you’re a foreigner.
The good news is that roughly 85% of the UAE’s population are expats, meaning banks are more than used to dealing with your needs. They’ll have the resources needed to ensure you get the assistance you require to open your account.
Either way, you can ask a few questions to help you make sure that you’re opening a bank account with a good financial institution. Some key questions to ask include:
- What is the required minimum balance?
- What fees and penalties are associated with the account?
- Do you have requirements for salary transfers?
- Are there requirements for salary transfers?
- What is the monthly withdrawal limit?
- What are the fees for ATM cards, debit cards, and new chequebooks?
- Do you offer international transfer services, and if so, where and how long do they take?
- How many ATM locations do you have, and where are they located?
- What happens if I lose my job while having an outstanding loan on my account?
Obtaining answers to these inquiries will help determine if the bank aligns with your requirements. Additionally, consider checking if your employer banks with your chosen institution for easier salary access. Gathering insights from colleagues and friends and reviews about the bank’s reputation can also provide valuable perspectives on banking experiences.
Credit Cards for Business in UAE
Business credit cards offer specialized credit facilities tailored to assist business owners in making small purchases on credit. Designed exclusively for business expenses, they are not intended for personal use. While they can be used for emergency finances, their primary purpose is to establish a credit score for your business, a crucial metric for its financial well-being.
Selecting the best credit card in the UAE for your business requires careful consideration, as numerous options are available from various banks. Eligibility for obtaining a credit card from a UAE bank is contingent upon specific criteria, including age, income, and evidence of a valid trade license. It’s imperative to assess these factors diligently to ensure you secure the most suitable credit card for your business needs.
Manage Your Money With Ease in UAE
Knowing how to open a bank account in the UAE is important for living and working in this beautiful country. With this handy guide, it’s easy to open a bank account and control your finances.
Are you ready to move to the UAE to set up a business? Gulf Gateway CSP can help! Contact our team, and we’ll help you navigate the process of moving to the UAE and opening a business there.
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