How to Open a Bank Account in Dubai, UAE

Due to strict anti-money laundering regulations, opening a bank account in the UAE is not as easy as it seems. The reason is that banks in the UAE have to meet an exceptionally high level of compliance to meet international banking standards. Dubai is now on par with major financial centers such as New York, London, Singapore, Tokyo, and Hong Kong. And banking laws are strictly enforced in the UAE.

Therefore, it is important that you have the right banking experts, who can help you with the open bank account process in Dubai, UAE.

How to Open a Personal Bank Account in Dubai, UAE

The applicant must be present in person when opening a bank account in Dubai. He/She must submit a detailed CV, which the bank will use to create a customer profile. A personal bank account statement from the applicant’s country of origin/country of residence must also be submitted, and it must contain the banking transactions made by the applicant in the last six months. Additionally, a reference letter from the bank must be shown when opening a bank account in the UAE.

A copy of the applicant’s passport, including the page showing when he or she legally entered the UAE (marked with an entry stamp), must also be attached to the application.

The minimum balance required by the bank must be maintained in the Dubai offshore bank account at all times. Failure to comply will result in a penalty.

How to Open a Corporate Bank Account in Dubai, UAE

This is a fairly complicated process, which requires the submission of the following documents:

• A copy of the Articles of Association pertaining to the formation of the company
• A copy of the Share Certificate that outlines the percentage of the applicant’s shares in the company
• A copy of the Incorporation Certificate which attests to the registration of the company
• A copy of the company’s Business License
• A copy of the applicant’s passport, plus the page which shows when he/she legally entered the country
• A copy of the applicant’s visa (this could be the visa sticker on his/her passport)
• Copies of the shareholders’ passports, plus the pages which show when they legally entered the country
• Emirates ID, in case the applicant is already a resident of the United Arab Emirates
• The names and addresses of the company’s suppliers and clients

Recent bank statements of all shareholders, outlining their banking activities over the past six months, must also be submitted. These banks must be located in their respective country/country of residence. If the applicant or any shareholder of the company has another company located outside the UAE, all relevant documents of the company’s formation and a bank statement of the company’s corporate bank account must be submitted.

Some banks in the UAE require additional information about the company’s business agreements. The applicant must be present in person for the bank account opening process. Since this can take anything from an hour to a full day, it is recommended that you seek the professional help of a business setup consultant in Dubai. He or she will see to it that all the paperwork is correct and the process of opening a corporate bank account in Dubai is a smooth affair – as it rightly should be.

Need Help with Setting Up a Bank Account in Dubai, UAE?

If you need help opening a bank account in Dubai, you can count on us for assistance. Backed by our team of experts, we have years of experience in helping our clients open both personal and corporate bank accounts in Dubai, UAE. We can help you open a savings account for yourself in Dubai as well as open a company bank account in Dubai. For opening a free zone company bank account, we can help you open a non-resident bank account in Dubai.

Opening a bank account in Dubai for foreigners doesn’t have to be complicated – we can help you open a bank account online in Dubai, UAE. If you would like to open an offshore bank account online in Dubai, please call +971 4 295 4459 or email us at info@skyline-dxb.com.