Opening a Bank Account in the UAE

The United Arab Emirates continues to gain popularity as a stable jurisdiction favourable for structuring international business. Opening a bank account in the UAE or Dubai is becoming more popular with international companies. Many entrepreneurs want to benefit from the region’s corporate and banking services.

Next, we will discuss what is important to keep in mind for those wishing to open a bank account in the UAE, including categories of banks and types of accounts, banking compliance, and other nuances.

What You Need to Know About UAE Banks

• UAE banks include actual Emirati banks such as Abu Dhabi Commercial Bank (ADCB), Ajman Bank, Dubai Islamic Bank (DIB), Emirates NBD, First Abu Dhabi Bank (FAB), Mashreq, etc., and banks that are part of international financial groups, for example, Citibank, HSBC, Standard Chartered, etc.
• Leading UAE banks are quite reliable, have high ratings from international rating agencies, and a stable forecast.
• UAE banks are not “offshore” and are focused on servicing residents of the Emirates. A mandatory condition for the founder (account signatory) is having a UAE resident visa.
• Opening accounts for non-residents is possible provided that substantial investments are made or large sums are deposited.
• In account servicing, the emphasis is on investment banking and private banking. As a condition for opening a bank account, you may need to purchase an extra banking product for a set amount. This could be a deposit or an investment portfolio. For corporate accounts, maintaining a minimum balance is required (on average from 50,000 USD).
• Emirates banks demonstrate a cautious (conservative) approach to accepting new clients, conducting full due diligence procedures.
• UAE banks thoroughly check the affiliation of potential clients to any sanction lists, including those imposed by the EU, USA, or the United Kingdom. Banks also check if a client is a Politically Exposed Person (PEP) or has any links to PEPs. If an applicant is on a sanctions list, the bank will not open an account. Being connected to a PEP increases the client’s risk level.
• As an alternative to traditional banks in the UAE, payment systems and financial companies such as Finance House operate in the market, offering settlement and payment solutions (in certain cases with an IBAN) under different residency and minimum balance requirements.

Opening a Corporate Account in the UAE

As noted above, Emirates banks primarily focus on servicing residents, i.e., UAE companies and individuals with a UAE resident visa and Emirates ID card. Accordingly, the main body of clients opening corporate accounts are Emirati companies (local or registered in free zones).

Main documents required for opening a corporate account in the UAE:

1. Company’s founding documents, commercial license;
2. In most cases, a lease agreement for a real (physical) office for the company is requested;
3. Passports and residence permits of the company’s director and all founders;
4. Resident visa and Emirates ID for the account signatory (at least one person must have UAE residency);
5. Proof of the account manager’s residence in the UAE (rental agreement, property certificate, or utility bills);
6. Resume (CV) of the company’s founder (account manager);
7. Bank statement for the last 6 months from the founder’s account as proof of income;
8. Other documents proving the origin of the founder’s funds.

Leading Banks in the UAE

The table below shows the requirements and conditions of some leading UAE banks for opening a corporate account:

Minimum balances are indicative. Banks set actual requirements individually based on the company’s activity, turnover and risk profile; companies from sanctioned jurisdictions or higher-risk sectors may face higher requirements or additional product requests. All banks require a verified UAE company address.

Default account currencies are AED and USD; other currencies are available on request (except for WIO, where AED, USD, GBP and EUR are available by default).

Opening a Personal Account in the UAE

As a general rule, opening a personal bank account in the UAE also requires a residence visa.

It is worth noting that opening salary accounts is usually simpler. If you do not plan to receive a salary to the account, you will often need to purchase an extra banking product.

The basic service package for a personal account usually includes current and savings accounts, a debit card with a requirement to maintain a minimum balance, online banking, international transfers, etc.

An expanded package of banking services may include services of a personal manager, through whom the client can quickly conduct necessary operations on the account, as well as other privileges.

To open a personal account in the UAE, the applicant will typically need:

• Passport;
• Resident visa and Emirates ID;
• Resume;
• Employment contract or salary certificate;
• Proof of residence in the UAE. Such proof can be a rental agreement registered with the municipality, a property deed, or utility bills in the applicant’s name;
• Statement from a personal/corporate account as proof of income for the last 6 months:

• a statement from a personal bank account (not from a sanctioned bank) if the source of income is a salary. The statement should reflect salary receipts. Some banks set minimum requirements for the size of the salary. Moreover, it is important that the statement is issued by a bank in the country of residence of the individual;
• or a statement from a corporate account (if the founder owns a company).

The type and cost of the additional banking product, the purchase of which is a condition for opening a personal account, are determined individually by the banks. This can be:

• a credit card;
• a deposit or non-reducible balance of a certain amount;
• an investment portfolio;
• an insurance product with regular payments.

UAE Resident Visa

As mentioned earlier, opening an account in UAE banks requires both a resident visa and an Emirates ID card.

The UAE resident visa is a residence permit in the UAE, issued for a period of 1 to 10 years. A foreign individual already in the Emirates on an entry permit, short-term or long-term tourist visa can obtain a resident visa. Children, parents, and close relatives of the applicant can also receive a resident visa simultaneously with the applicant.

There are several types of resident visas depending on how they are obtained:

• UAE Investor Visa.
• UAE Work Visa.
• UAE Property Owner Visa.
• UAE “Golden” Visa.
• Retirement Visa.

Open an account in Dubai and the UAE with Uniwide Advisors

• Choosing a bank: Uniwide Advisors will help you select a bank in Dubai and the UAE that meets your business needs and requirements. Our specialists will provide you with consultations on all aspects of banking in Dubai and the UAE.
• Document preparation and support: We will provide you with a list of necessary documents and assist in their preparation for account opening. Uniwide Advisors will accompany you at every stage of the account opening process, from submitting the application to its successful opening.
• Personal presence: In most banks in Dubai and the UAE, personal presence is required to open an account. Uniwide Advisors will organise a meeting in the bank at a time convenient for you.
• Confidentiality: We guarantee complete confidentiality and protection of your personal and corporate data throughout the process.
• Banking connections: We maintain direct contacts with leading banks in Dubai and the UAE, which allows us to facilitate and expedite the account opening process for our clients.

Note. Due to constant changes in regulation and banking regulations, the requirements of banks and the time frame for opening an account in the UAE may differ from those presented in this article. You can always request current information from our employees.

See Also:

• First Abu Dhabi Bank
• Mashreq Bank
• Emirates NBD
• Emirates Islamic
• WIO Bank
• Dubai Islamic Bank (DIB)
• Abu Dhabi Islamic Bank (ADIB)
• RAKBANK (National Bank of Ras Al-Khaimah)
• Finance House