Open a Bank Account in Dubai

Our service specializes in assisting individuals and businesses with the process of opening a bank account in Dubai, UAE. We understand that opening a business bank account in the UAE can be a complex and time-consuming task, which is why we have developed a streamlined approach to make it easier and more efficient for our clients. With our experienced team, we are well-versed in the strict compliance procedures mandated by the UAE Central Bank. We will guide you through each step of the process, ensuring that all necessary documentation and requirements are met with precision and accuracy. Our goal is to provide a smooth and hassle-free experience for our clients, allowing them to focus on their core business activities.

In-Person Application

You must be present in person to meet with a bank representative, sign the application form, and submit the relevant papers.

Online Application

If you are not in the UAE, you can create a bank account using an online method. Your participation will still be expected, either through a phone call or an online meeting. Once your application has been granted, the bank will ask you to go to the UAE to sign the account opening form.

Processing Time

The processing time for opening a bank account can be lengthy, typically taking 25 or more working days, depending on the complexity of the application.

Our Bank Account Opening in UAE

Client assessment

Our team will carefully assess your company's activities, operations, expected annual turnover, and initial funds available for opening the account. With this information in hand, we will recommend the most suitable bank for your business. Our expertise will ensure that you make an informed decision and choose the right bank for your specific needs.

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. In some instances, if you are not available to meet the Contact Point Verification Agent, we can also act as your representative.

Documentation

We will assist you in collecting and preparing the documents required by the bank.

✔ Certified Company incorporation documents

✔ Company profile

✔ Valid Passport Copies of all Shareholders

✔ Personal profiles (CVs) of all shareholders

✔ 6 months' personal bank statements of all shareholders

✔ Emirates ID and residence visa copy of at least the signatory

✔ A copy of your Ejari

An Entrepreneur's Guide to Opening a Bank Account in the UAE

The UAE is one of the hottest up-and-coming nations for individuals to relocate to, with over 200,000 immigrants arriving each year. It’s a destination where you can enjoy the seaside, fast-paced city life, and so much more all in one location!

However, if you plan to relocate to the United Arab Emirates, you must establish a bank account. Having a bank account (or numerous bank accounts) in your new nation will make it easier for you to transfer money and pay for products and services.

We understand the importance of opening a bank account in Dubai, and that’s why we’ve put up a simple tutorial on how to open a bank account in UAE. Whether you’re a resident or an expatriate, the process of bank account opening in Dubai can be straightforward and efficient.

An Overview of Banking in the UAE

Before we get into how to create a bank account in the UAE, let’s take a moment to discuss the banking industry. The UAE has a financial system governed by a central bank.

Aside from the central bank, there are around 50 foreign and local banks spread throughout the country. Because of the banks’ liquidity buffers and high capital levels, the financial sector is thought to be fairly stable.

The majority of banks in the UAE are supported by deposits. Their high capital levels act as a substantial cushion, absorbing 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 growing form of financial institution. In recent years, UAE banks have attempted to broaden their banking services to clients while adhering to Islamic financial standards. This is significant for the country’s numerous Muslim inhabitants.

Currently, the country has 23 Islamic bank branches and 8 full-fledged Islamic banks. These financial institutions account for almost 20% of the UAE’s banking industry.

Apart from Islamic banks in the country, UAE banks also serve foreigners and international customers. They have implemented a number of international rules and provide all of their financial 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