RVG provides Corporate Bank Account Opening services in UAE, simplifying the process for individuals and businesses to open accounts in Dubai and other Emirates. You can open a bank account in Dubai, UAE for both personal and business purposes. If you are not a resident of UAE, you can open a personal bank account in UAE with specific limitations on the choice of banks and the features they offer. Most banks in the UAE permit non-residents to open savings bank accounts only.
List Of Documents Required For Opening Bank Account In UAE:
- Company Trade License.
- Certificate of Registration.
- Company Memorandum & Articles of Association.
- Board Resolution empowering a Company Officer to open the account.
- Passport copies for shareholders and authorized signatories.
- Utility Bill, as proof of address (issued on the last 3 months).
- Personal Bank Statement for each shareholder for the past 6 months.
- Corporate Document that indicates proof of ownership for your existing company, issued within the last 6 months from the Authority.
- Business Plan, which should include all information with regards to business activity of the company, financial plan, potential clients, and partners, the background of the management team.
- Open Your Business Bank Accounts Easily with
FAQ's - Corporate Bank Account Opening in UAE
Yes, in most cases. Most banks in the UAE allow non-residents to open only a Savings Account and not a Current Account. So you won’t be able to ask for a cheque book however, you will be given a debit card to withdraw money. However, banks will often limit the facilities available to the company/individual. Typically, they will only allow the use of an internet banking facility for online transfers. The majority of banks will not provide credit or debit cards for non-residents.
It’s legal to open a business bank account in the UAE with a foreign registered company. You can form a business in the UAE with local partners, which may make the checking process simpler. Or you may be able to get help from your local bank at home.
For local UAE banks, this balance starts from 50k AED to 500K AED, this depends on which bank you will apply to. For instance, for Emirates NBD, it starts from 50,000 AED. If you are not maintaining the minimum monthly average balance, the penalty applicable starts from 250 AED per month
Most local banks require a minimum balance to be maintained, which can vary dependent upon the particular bank and the particular type of account. Banks typically require the account to maintain an average monthly balance between AED 20,000 (approx. US$ 5500) and AED 150,000. If the average balance falls below the required amount, a nominal fee will be charged to the account.
There is no set timeframe for this process. Each bank has its own internal procedure and timeframe for account opening. It generally takes approximately 2 to 4 weeks to open a bank account for an LLC or Free Zone company in the UAE. However, this is not guaranteed (especially in respect of Offshore Companies) because each application is subject to a bank’s internal compliance and management approval.
Yes, in the case of the account being opened in the UAE. However, all the information and documents required by the bank will have to be provided by the client
