Bank Account Opening Assistance in UAE
UAE has emerged as a business hub of the world, and it has a well-structured banking system commensurate with the needs of all types of businesses and individuals. All businesses in Dubai need to have a local bank account to be able to make and receive payments in Dirhams (AED), the local currency in the UAE. N R Doshi & Partners provides hassle-free bank account opening assistance in UAE.
Bank Account Opening assistance in Dubai
Bank Account Opening in UAE
Involving a good amount of paperwork, the account opening procedures in UAE are rigorous. The documents required differ with respect to the type of accounts and banks. It takes around 2-3 weeks to open a bank account in the UAE.
The majority of banks do not charge a maintenance fee. But payment needs to be done for the use of internet banking services. Personal presence is also deemed mandatory in most cases.
The major benefits of opening a Bank Account in UAE-
- The UAE financial and banking system is stable and reliable.
- Low charges for processing payments.
- The account holder’s information remains confidential.
- Capital can be freely moved in any direction.
- The national currency rate is stable i.e.: 1 US dollar = 3.67 AED.
Types of Bank Accounts that can be opened
Resident Bank Account, Non-Resident Bank Account, Off-Shore Bank Account
1. Resident Bank Account
This one is the most popular type of bank account. Once the businesses obtain their trade license, they apply for a resident corporate bank account. The bank account might also be required as a part of the licensing process in some cases. However, mostly, companies open this bank account after the authorized signatory gets a residence visa in the UAE.
It has the following features-
- Cheque book facility
- The account holder can avail bank facilities
- Online banking facility
- Debit and credit cards
- Dedicated Account Manager
2. Non-Resident Bank Account
In case the authorized signatory does not have a UAE residency, he has the option to go for a non-resident bank account.
A non-resident bank account is restrictive in nature, and one needs to fulfill extensive KYC requirements to open an account. Further, it takes a long period to open a non-resident bank account.
It has the following features-
- Limited bank facilities are available
- Online banking only
- Debit card and credit card facilities are not available
3. Off-Shore Bank Account
An offshore bank account offers the following features:
- Extra secured and have the highest privacy level
- Allows 100% repatriation of capital and profits
- Fast to open
- Can be opened without UAE Residence Visa
- Have no currency or funds transfer restrictions
- Have user-friendly online banking system
- Not eligible for cheque books, credit or debit cards, and ATMs
List of required documents
For Personal and Corporate Bank Accounts
Different banks require different types of documents for the entire procedure. But below is the list of general documents that are commonly required in most of the cases.
1) Personal Account
- Original passport of the applicant
- Permission of entry to UAE or the Visa
- A letter of recommendation from the bank
- A utility bill or any other document as address proof of applicant’s residence
2) Corporate Account
- The original passport of the applicant
- The entry mark to the country (Emirates)
- Resume of the founder of the company
- Company summary
- Original letter of recommendation from the bank of the founder
- Six months of bank account extract of the founder
- Company statutory documents
Some recommended UAE Banks
- Emirates NDB
- Mashreq Bank
- RAK BANK
- ABCD
- NOOR Bank
- Union National Bank
- Sharjah Islamic Bank
- FGB
- Emirates Islamic Bank
- First Abu Dhabi Bank (FAB)
Frequently Asked Questions
Bank Account Opening in UAE
Yes, they do, in currencies like USD, Euro, AED, CHF, etc.
Yes, being a foreigner, you can open a Non-Resident Personal Bank Account.
UAE has 28 foreign and 22 local banks.
Yes, the presence of the authorized signatory is mandatory, and the bank would require him to be present personally while opening a bank account.
Being one of the leading accounting firms and business setup consultants in Dubai, we’ve been driving growth for our clients for more than 34 years in UAE. With our headquarters in Dubai, we have a team of over 100 professionals. We offer numerous services in the fields of accounting and assurance, VAT consulting, accounting, advisory, company formation, and outsourcing services.
We have worked with many banks across the years, and we aim to serve our clients to meet all their requirements. We follow a personalized approach and advise our clients in the right direction. We can help you in preparation of required documents for bank account opening, arranging a meeting with bank officials, assisting in account opening formalities, and seeing that the entire process is completed in a timebound manner.
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