Open a Bank Account in Dubai

Name: Shuraa Business Setup
Brand: Shuraa
Rating: 4.7 (1148 reviews)

With Shuraa Banking Consultants

The Importance of a UAE Bank Account for Non-Residents & Residents

One of the very first steps after registering for your business license in Dubai is to open a bank account. Residents in Dubai will need personal or corporate accounts as per their specific needs. Given the rules and regulations of a foreign country, opening a bank account in Dubai for foreigners can seem daunting.

Banking in the United Arab Emirates is regulated by a Central Bank that has rolled out stringent compliance procedures. It is for this exact reason that you will need banking experts walking you through the entire process of opening your bank account, seamlessly and hassle-free.

Four Main Categories of Banking Institutions in UAE:

Commercial Banks

Investment Banks

Industrial Banks

Islamic Banks

Why Should UAE Entrepreneurs Open a Bank Account in Dubai?

Businesses in UAE have a lot of operational expenses that are time and speed sensitive. From making payments & transactions, releasing salaries, paying fees, trade expenses, research and development, pretty much all aspects of modern trade have an element of money in them. Opening a corporate bank account in Dubai allows you to:

Make relevant trade decisions

Gain access to funds when needed

Invest in your business

The lack of a proper bank account can affect your business in several ways. Not only can it reflect poorly on your professional competencies, but it can also hinder your dealings with your international clientele. As UAE’s workforce comprises mostly of expats, this can be a particularly significant concern.

There are additional benefits of a UAE bank account, including:

Being able to benefit from UAE’s stable economy.
Diverse service offerings (savings account, current account, credit cards, personal and business loans, etc.)
Ability to operate multi-currency accounts
Globally accessible online banking services
Beneficial interest rates
Access to easy financial relief like personal & business loans and mortgages.

How to Open a Bank Account in Dubai?

The process of opening a bank account in Dubai for foreigners begins by compiling and submitting a list of documents requested by the banks. Depending on the kind of banking services you need, expats can open personal and/or business bank accounts.

Passport, plus copies
Passport Images
Sponsor or employer issued NOC
UAE Resident Visa Copy
Salary Certificate with Company Name
Emirates ID
Rental/Utilities Contract
Home Country Bank LOR

Trade License of the Business
Registration Proof of Company
Share Certificates
Company Memorandum & Article of Association
Board authorised company officer as account holder
Passport & visa copies of shareholders and signatories

It is not necessary that all these documents be required at the time of bank account opening. Depending on the bank that you approach and the kind of account you want to open, banks can ask for more or less documents. Additional documents can include information about the stakeholders, previous years’ banks statements, business plan, audit reports, compliance reports, financial forecasts, etc.

Book a Free Consultation with Our Banking Consultants Today"

Banking Application Process in the UAE

Once you have all the relevant documents in hand you can go to the nearest bank branch, submit them. Your bank account will be up and running in no time. Additionally, banks in the UAE are known for their exceptional customer service. You can also avail home services or digital bank account opening in the UAE.

Corporate Bank Account Opening in Dubai

Here are some important points that business owners in the UAE need to consider when they want to open a bank account in Dubai. First, it is recommended to open a business bank account, because UAE laws do not allow to conduct business transactions from a personal account. Second, current accounts are the preferred account category as they can process transactions in bulk. Current business banking accounts can take up to one month to be operational.

Challenges of Opening a Bank Account in Dubai for Foreigners

Dubai’s population consists primarily of expats from across the world who arrive as either employees or business owners. In both cases, they will need to open either a personal bank account or open a business bank account in Dubai. This comes across as a challenge to most as the banking process of the UAE might differ vastly from their home country. Some of the biggest challenges foreigners face when opening a bank account in Dubai are:

The process can take upto three months, especially for business bank accounts.
You might have to submit an exhaustive amount of documentation
Some UAE Banks have special eligibility criteria for applicants
Choosing the right bank & right account type from multiple options in the UAE
UAE has extremely strict banking regulations & compliance thresholds
Applicants may have to submit detailed information on their business activities and financial history.
Anti-Money Laundering (AML) regulations can require audit reports from businesses.
Some banks require a background profile assuring credibility of the owner.
Sometimes free zone companies can face issues with banks if they don’t have office space.
Failure to meet minimum balance requirement

It is at these checkpoints that reliable banking agents like Shuraa Banking Consultants come in handy. What is the point of starting a business in Dubai while being unable to open a bank account there? You need someone who has a deep understanding of UAE’s financial laws and regulations, as well as how it is influenced by international standards.

So, call Shuraa Banking Consultants for a free consultation today.

Shuraa Banking Consultants – Our Services

We offer custom banking solutions tailored to your specific business/personal needs. Our services extend to commercial bank accounts, Islamic banking options, and offshore business accounts and cater to individuals, business owners and corporate entities alike.

Understanding the diverse preference of clients, we offer consults for both digital & manual application processes, ensuring that, regardless of preferences, the bank account opening process is hassle-free.

Shuraa is ready to help at all stages of the banking process. From the initial consultation, approvals, documentation, compliance with KYC regulations and dealing with delays or rejections. Shuraa is there to ensure a smooth banking experience tailored to your specific requirements.

Get –

Expert Guidance and Personalised Service |
Proven Track Record with 98% Account Opening Success Rate |
End-to-end Banking Support

Frequently Asked Questions

Mandatory documents needed across all banks include your passport, passport size photos, visa copy, Emirates ID etc.

Depending on the type of account you want to open you might be required to present additional support documents like employment or sponsorship proof, company trade certificate, rental or lease agreement, home country bank recommendation, salary certificate, etc.

Unfortunately, it is very difficult for non-residents to open a bank account in the UAE. The majority of banks require some kind of proof showing residence in the UAE. However, there are a couple of exceptions which provide banking services in Dubai & UAE for non-residents as well.

For UAE local banks, physical presence is required for processes like signing your application before a bank officer. However, if you’re opening an account with an international bank with a representative office in Dubai, there is an option to open from your local branch. In certain exceptions, people also employ financial advisors based in the UAE to act as their representatives and open a bank account in UAE remotely.

The emergence of digital banks like Liv and Wio in the UAE allows its residents to avail banking services completely online. There will still be verifications which require your signature and Emirates ID to be presented.

Individuals account holders and companies can take advantage of the services that banks offer. These can include opening different types of accounts (savings or current accounts) with decent interest rates and applying for debit & credit cards. These accounts/cards can help with managing everyday finances, expenses and purchases. Banks also offer loans, Letter of Credit (LC) and standby Letter of Credit (SBLC). When it comes to acquiring assets, banks assist with loans and mortgages for investing in homes or properties.

An additional facility meant to ease the users is the provision of mobile banking services, where customers can conduct all their banking needs (make transactions, transfer money, manage accounts) through a dedicated mobile app.

Let's Connect.