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Open Bank Account in Dubai

Open Bank Account In Dubai

Opening a bank account in Dubai is an easy process. You just have to follow some instructions and provide the right kind of documentation and you’re good to go. A bank account is essential now a day. Many business organization demands you to open a bank account for various reasons. Your employer will send you a monthly salary or you might transfer money to other bank accounts, the list goes on and on. In Dubai, residence and non-residence citizens are required to have a different bank account. Although the procedure is almost identical there are some additional requirements in case you’re an outside citizen. Here we’ve provided complete information regarding how you can open a bank account in Dubai for residence and non-residence citizen. But first of all, let’s talk about some benefits.

Banking Benefits in Dubai, UAE

  • Attractive Interest Rates
  • Zero Taxation
  • Easy funds transfer
  • Dedicated Relationship Manager
  • Non-restrictive Banking
  • Flexible investment

Open a bank account for UAE residence

To open a bank account in UAE, the process is very simple. The most usual type of bank account for UAE citizen is a current/checking account. The requirements of all banks are different. Some bank allows you to open a saving account and some set a minimum balance limit.

Documents Required

  • Residency Identity (passport copies)
  • A letter of No-objection

Depending on which type of bank you choose, you may also need;

  • Visa Copy
  • Emirates ID card
  • A letter of recommendation
  • Company profile
  • Recent Utility bill

Procedure:

Carry the above mention documents to your nearest bank. You can also ask HR to open your account. Contact us, in case you have any confusion.

Open a bank account for Business/non-residence

If you want to open a bank account for business purpose, then the banking sector offers corporate/company accounts. You can open your bank account in Dubai Mainland or Free Zones.

Documents Required

  • Personal documents of shareholders
  • Memorandum of Association
  • Article of Association
  • Certificate of Incorporation
  • Ownership Documents
  • Company plan
  • Information regarding your business
  • Copies of Conflict and business agreement

KYC requirement of UAE Banks

Some banks may also ask you to provide 6 months bank statements of shareholders or a customary KYC (Know Your Customer) questions. All banks in Dubai are regulated with the Central Bank of UAE. In order to meet international standards and business requirements, Central Bank has placed a KYC. UAE banks may ask you questions and comment on your bank account transaction as well as your corporate or personal account.

Setup Dubai business is an experienced business consultancy firm in UAE, offering a wide range of business solutions for our clients to set up their businesses in Dubai. Our team of experienced individuals can assist you in business formation, company registration, Visa processing, Bank account opening, and other business-related services.

At setup Dubai business, our in-depth knowledge of the business and banking sector has helped hundreds of our clients for opening a corporate bank account in Dubai with local and international standards.

Want to know more about Open Bank Account in Dubai?

for more details call +971 4 310 8000 or e-mail us in info@ebsuae.com

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