Opening a Bank Account in Dubai
Dubai is one of the fastest-growing business hubs in the world, and it is regarded as a great city to live, work, and invest in. If you’re planning to set up a Dubai branch for your company, or already have offices here, you can take advantage of the customer-friendly banking practices.
Bank account for non-residents
The Dubai banking system is very flexible and accommodating, and it allows non-residents to open and operate a personal or corporate account. However, if you don’t live in the UAE, you may only open a savings account – with no chequebook. You’ll get a debit card though, so you can withdraw your funds from anywhere in the world.
Below are the requirements to open a personal bank account in Dubai as a non-resident. Please note that you must be inside the UAE at the time of opening the account.
- An application profile
- A copy of your passport biodata page and your UAE entry visa page
- An original reference letter from your bank (either from your country of origin OR anywhere else in the world)**
- An original bank statement that shows your transaction history over the past 6 months. This may be gotten from a bank in your country of origin or anywhere in the world. (If you can only tender a company bank account for this, submit the statement alongside legal documents that prove your ownership share).
- You’ll need a minimum monthly balance to to maintain a non-resident personal account in Dubai or the UAE.**
**This requirement may vary from bank to bank.
Opening a corporate account as a non-resident
Below are the requirements to open a corporate account in Dubai as a non-resident:
- Copies of the passport biodata pages (and UAE entry stamps) of the shareholders
- Copies of Emirates ID of the shareholders (if they have UAE residency)
- A copy of the business’s trade licence
- A copy of MOA/AOA
- A copy of the business’s share certificate
- A copy of the business’s incorporation certificate
- A list of existing and prospective clients (this may include suppliers and buyers)
- Copies of the shareholders’ bank statements for the past 6 months
- Copies of the shareholders’ utility bills – to serve as proof of address
- Copies of corporate legal documents and bank statements (if the shareholders have companies outside the UAE).
Opening a bank account as a Dubai resident
If you live in Dubai, the process for opening a personal bank account is easier, and you can maintain a current or savings account. Here are the documents you’ll need:
- Your Emirates ID
- A copy of your passport biodata and your UAE entry visa page
- A copy of your labour contract
- A copy of your salary certificate
- A “no objection” letter from your sponsor
- An account statement showing your last salary
- A consolidation letter
- A recent utility bill or signed rental contract – to serve as proof of address
- A recommendation letter from another bank, preferably the bank you use in your home country.
All-in-all, the account opening process in Dubai is quite straightforward if you know the right steps to take, but it can be overwhelming for people without the required knowledge. If your company has a branch in Dubai, even if you don’t live in the UAE, you would benefit greatly from maintaining an account in the Emirates. It helps when you’re applying to get a mortgage or financing, and it will make your investment process easier.
If you have enquiries about opening a non-resident personal or corporate bank account in Dubai, you’re in the right place. Please fill the form below and a representative will be in touch shortly.
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