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Emirate Company, founded in 2020 by a team of experienced professionals, provides comprehensive support to legal entities in the UAE.
Table of Contents
UAE Bank Account: Stability and Opportunities
Benefits of a UAE Bank Account. Open new horizons for your finances with a bank account.
How to Guarantee Opening an Account in Dubai?
- Get a UAE residence visa
- Deposit a large sum (for non-residents)
- Build a trusting relationship with your personal bank manager
- Complete the compliance (KYC) procedure
- Confirm your stable financial position
- Present a transparent and reliable company profile with business history
Account Types: Find the Perfect Solution for your Goals
We will help you choose the appropriate type of bank account based on your status and needs.
We will help you select and open the right type of bank account.
There are several types of bank accounts in the UAE, each designed for specific purposes and having its own features. Understanding these differences will help you make the right choice.
Personal Account for Residents
Ideal for individuals who have obtained UAE residency. The opening process is relatively simple, requiring standard documents.
The simplest category is personal bank accounts for residents. Every UAE resident has the right to open such a bank account. A bank account provides access to a wide range of banking services, including loans, investments, deposits, and cards in Dubai.
The account is opened within 1-3 days at any bank with simple documents: passport with visa, Emirates ID, salary letter, or other documents confirming income.
Unfortunately, due to sanctions, some UAE banks have stopped opening accounts for clients with Russian passports. Nevertheless, Russians can still open bank accounts in Dubai. To guarantee account opening, it’s important to choose the right bank and present your case to a personal manager properly. It’s best to seek help from professional business consultants in Dubai who know bank requirements well and have established contacts with bank managers.
Corporate Account for Local Companies
Designed for companies registered in mainland or free zones of the UAE. Required for operational activities, settlements with suppliers and clients.
This is one of the most sought-after categories. The following types of UAE companies are eligible to open a corporate bank account in Dubai:
- UAE Offshore Companies
- Companies in UAE free zones
- Mainland Companies
Company shareholders are usually appointed as account signatories. Banks will require the following documents to process the account opening application:
- UAE business registration documents
- Shareholders’ passports
- Utility bills for proof of residence
- Resume with relevant work experience
- Personal bank statements of shareholders – proof of funds
- Documents of any other existing business (if applicable)
- Bank statement from other existing business (if applicable)
- Business activity scope
- Annual turnover forecasts and initial deposit for the new account
Company account opening timeframes in the UAE vary depending on the company type. They can range from 2 weeks to 2 months.
Accounts for mainland and free zone companies in Dubai usually open faster. UAE offshore companies and free zone enterprises typically wait longer for account approval.
Corporate Account for International Companies
The most complex type of account to open, designed for companies conducting international operations or having foreign origins. Requires extensive document legalization and thorough verification.
Companies registered outside the UAE can also apply for a UAE bank account. This is the most challenging category of applicants, and the approval rate for such accounts is quite low.
If you want to apply for a UAE bank account, you need to prepare all incorporation documents of your foreign legal entity, legalized by the UAE embassy in the country of business registration. These must then be approved by the Ministry of Foreign Affairs in Dubai. This process is quite expensive: you’ll spend about $1,000 per document.
You’ll need about 5 corporate documents in total:
- Certificate of Good Standing
- Certificate of Incumbency/Authorized Representatives
- Articles of Incorporation
- Certificate of Registration
- License (if applicable)
Getting approval for international companies to open accounts in the UAE always takes a lot of time. This is due to the compliance procedure for foreign companies. Such companies fall under the “high-risk” category, and banks generally don’t rush to approve their applications.
If you need the account opened faster, we recommend creating a legal entity in the UAE (in an offshore or free zone) and applying for a bank account from this company rather than from a foreign one.
Business consultants in Dubai will help create the best option to meet your business needs.
Personal Account for Non-Residents
Available for individuals without UAE residency. Opening conditions are stricter, often requiring a large minimum deposit. Ideal for those planning to relocate or having assets in the region.
It’s more difficult for a non-resident to open a bank account in Dubai. A mandatory requirement is visiting the bank in person, which requires being in the country. The bank may also request a large deposit and high monthly account balances.
Non-residents can only open savings accounts. The choice of banks willing to open such an account will be significantly narrower, and the range of available banking services will be smaller.
The following documents will be mandatory: passport, utility bill for proof of residence, resume with personal and professional qualifications, personal bank statement from the country of citizenship.
Such an account usually opens within 1-2 weeks.
Please note that if you receive any income to your non-resident bank account in Dubai, you may need to declare it in your country and pay taxes.
To enjoy all the benefits of a UAE bank account, we recommend obtaining a UAE residence visa.
How We Work: Simple Steps to Successful Account Opening
Our clear algorithm ensures high-quality service and your peace of mind.
We guarantee the execution of each stage to achieve your financial goals.
We value your time and strive to make the bank account opening process as comfortable and productive as possible. Our approach is based on clear steps ensuring high-quality service and your complete understanding of the process.
Your Documents: What’s Needed to Open an Account
General list of required documentation to start effective cooperation.
-
For individuals (residents and non-residents):
- Valid passport (copy and original).
- UAE resident visa (for residents).
- Emirates ID (for residents).
- Proof of address (utility bill, rental agreement).
- Proof of income source (employment certificate, employment contract, bank statements).
- CV/resume.
-
For legal entities (corporate accounts):
- Trade License.
- Memorandum/Articles of Association (MOA/AOA).
- Certificate of Incorporation.
- Board resolution for account opening.
- Passports and visas of all partners/directors/shareholders.
- Emirates ID of all partners/directors/shareholders (for residents).
- Company profile, activity description, business plan.
- Corporate account statements from other banks (if applicable).
Successfully opening a bank account requires providing a specific package of documents, which varies depending on the account type (personal, corporate, for residents or non-residents). Below is a general list to help you get oriented.
We will help you collect and organize all necessary documents.
Cost and Timeframes: Opening Bank Accounts in the UAE
Transparent conditions: what affects price and time.
Accounts in UAE banks can be opened in dirhams, US dollars, euros, and British pounds. The dirham rate is pegged to the US dollar: 1 USD = 3.6725 AED.
Banks in the UAE don’t charge fees for opening accounts. However, business consultants providing account opening services do charge fees.
|
Service Name |
Price, $ |
TIMEFRAMES |
|---|---|---|
|
Resident Account Opening |
$1000 |
1 day |
|
Non-Resident Account Opening |
$2000 |
1-15 days |
|
Corporate Account Opening for Offshore Companies |
$4000 |
from 4 weeks |
|
Corporate Account Opening for LLCs and Companies Operating in FZs (Free Zones) |
$3000 |
1-3 months |
There are two types of corporate account services: with and without a personal manager. For high-risk category clients, which now includes clients from Russia, it’s recommended to choose the tariff with a personal manager. In this case, the bank may require keeping a deposit of 250,000 or 500,000 dirhams depending on the financial institution and specific situation.
We will provide you with a complete cost estimate and help you understand all the nuances.
Account Comparison: Residents / Non-Residents
Evaluate the advantages and disadvantages for each status.
|
Feature |
With Residence Visa |
Without Residence Visa |
|---|---|---|
|
Non-reportable bank account |
+ |
– |
|
Checkbook |
+ |
– |
|
All financial services |
+ |
– |
|
Wide choice of banks |
+ |
– |
|
Online banking |
+ |
+ |
|
Debit and credit cards |
+ |
+ |
|
Ability to take bank loans |
+ |
+ |
|
Access to funds |
+ |
Limited |
Guide to Getting UAE Residency
Planning to move to the UAE? Want to get residency? This guide will help you understand visas, requirements, and procedures and navigate this path confidently.
Opening a Bank Account with Emirate Company
Emirate Company is your reliable partner in opening bank accounts in the UAE and Dubai. We ensure all necessary documents are up-to-date and timely interaction with banks, minimizing complexities and guaranteeing a fast and successful process. Our team of experienced specialists prevents delays and errors that could negatively impact your financial operations, ensuring high accuracy and efficiency at every stage.
Frequently Asked Questions
Find answers to the most common questions about opening a bank account in the UAE.
How Long Does it Take to Open a Bank Account in Dubai?
Time depends on the business type and shareholders’ background. Mainland companies get accounts faster, while offshore companies typically wait longer. Timeframes can range from 2 weeks to 2 months. A resident account usually opens in 1 day. Card delivery typically takes 3-5 business days after account opening. A non-resident account opens within 1 to 15 days (depending on compliance). Corporate account opening takes 1-3 months.
Can I Open an Account without Visiting the UAE?
Personal presence and having a local phone number are mandatory for opening an account.
What's Needed to Open an Account in Dubai?
To open any type of bank account in Dubai, you’ll need:
- Personal presence
- Original passport
- Financial documents (proof of funds)
- Proof of residence (utility bill)
- Business description for corporate accounts
- Owners’ resumes
Which UAE Bank is Best for Opening an Account?
There isn’t a single best bank in this case. Each business has different capabilities and requirements. There’s no one-size-fits-all bank.
The most well-known UAE banks are: Emirates NBD, First Abu Dhabi Bank, Emirates Islamic Bank, Mashreq, RAK BANK, Dubai Islamic Bank.
Is a Residence Visa Required to Open a Bank Account?
It’s easiest to open a UAE bank account if you have a residence visa. Residents can open a current account with a checkbook. Non-residents can only open a savings account. Typically, the bank asks to justify the need for opening an account, and the balance should be at least $138,000.
Can I Open an Account for a Minor?
Only persons over 21 can open accounts in the UAE. From age 18, account opening is possible if the applicant works for a government or semi-government organization in the UAE. To open an account for a minor, participation of the father or male guardian is required. Money cannot be withdrawn from the account until the child turns 18. Some banks issue debit cards to children starting from age 15.
Can a Foreign Company Open a Bank Account in the UAE?
Yes, but the approval process will be very long, and the account opening may simply be rejected. It’s recommended to open a local company in the UAE and apply for a bank account under this company for faster results.
What are the requirements for opening a business bank account in Dubai?
Typically, the requirements are:
- Personal presence
- Corporate documents
- Bank statements of owners
- Utility bills and owners’ resumes
- Turnover forecasts
- Business plan
What Documents are Needed to Open a Bank Account?
The list of required documents will vary depending on your status and account type.
For residents:
- passport and its copy;
- resident visa;
- Emirates ID card;
- salary certificate.
For non-residents:
- passport and its copy;
- utility bill as proof of residence;
- personal bank statements for the last 6 months as proof of funds;
- resume with personal information and work experience;
- information about sources of income.
Corporate account:
- UAE business registration documents (license, registration certificate, share certificates, memorandum and articles of association);
- passports and visas of all shareholders, utility bills for proof of residence, resumes with relevant work experience, personal bank statements of shareholders;
- certificate of authority for officers;
- documents of any other existing business (if applicable) + bank statement for such business;
- business activity scope;
- projected annual turnover and initial deposit for the new account.
Will My Account be Closed if I Don't Renew My Resident Visa?
The account will be converted to a non-resident savings account and a compliance procedure will be initiated. There is a risk that the account may be closed.
How to Transfer a Large Sum of Money to the UAE?
For transactions over $100,000, we recommend opening a premium account with a personal manager. Such an account requires a minimum average monthly balance of $138,000.
Why might a Bank Refuse to Open an Account?
A UAE bank may refuse to open an account if the applicant has not provided comprehensive information about their line of work, source of funds, or if financial documentation doesn’t match the resume.
