You can open a bank account in Dubai, UAE for your personal purposes as well as business purpose. 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.
RVG provide bank account opening services in UAE making it easier for people to open bank accounts in Dubai and other Emirates.
The commercial banking sector in the UAE can be generally classified into two types. And they are locally incorporated banks and branches of overseas/foreign banks.
It is a general system that UAE banks will enquire you about your account transactions while opening your personal or corporate bank account in Dubai, UAE. RVG can guide you on KYC requirements to open a bank account in Dubai and it makes the documentation process easier for the applicants.
Be it a personal or corporate account, bank account opening in UAE requires certain basic requirements.
At RVG, we will help you get through the entire process involved with opening bank account in Dubai.
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.
- Can a non-resident open a company/personal bank account in the 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.
- Can a foreign company open a bank account in UAE?
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.
- How Much Will It Cost You to Open a Bank Account?
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
- Are there any minimum holding requirements for banks in the UAE?
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.
- How long does it take to open a bank account in the UAE?
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.
- Do I need to meet the banker in person?
Yes, but only in the case of the account being opened in the UAE. We have agreements with offshore banks where we obtain the client’s signatures and verify their authenticity. However, all the information and documents required by the bank will have to be provided by the client.