How to Open Your Bank Account in UAE
Cera offers Corporate Bank Account Opening 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 still proceed with Corporate Bank Account Opening in UAE under 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.
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- FAQ
FAQ's - Corporate Bank Account Opening in UAE
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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. For Corporate Bank Account Opening in UAE, banks 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. Alternatively, you may get help from your local bank at home for Corporate Bank Account Opening in UAE.
How Much Will It Cost You to Open a Bank Account?
For local UAE banks, the minimum balance starts from AED 50,000 to AED 500,000, depending on which bank you apply to. For instance, with Emirates NBD, it starts from AED 50,000. If you are not maintaining the minimum monthly average balance, a penalty starting from AED 250 per month may apply.
Are there any minimum holding requirements for banks in the UAE?
Most local banks require a minimum balance to be maintained, which can vary depending on the particular bank and account type. For Corporate Bank Account Opening in UAE, banks typically require an average monthly balance between AED 20,000 (approx. US$ 5,500) and AED 150,000. If the 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 internal procedures 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 for 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, 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 during the Corporate Bank Account Opening in UAE process.
