Opening a bank account in the UAE

Your bank accounts in Dubai and the UAE

Dubai has become a globally recognised business and banking centre, attracting companies from all over the world. Renowned UAE branch banks offer first-class service quality and modern, efficient systems for remote account management via online Banking or telephone. Opening a bank account in Dubai or the UAE offers a number of benefits that make it an attractive option for individuals and businesses around the world.

Stability and security: The UAE is considered politically stable and economically robust. The country has a clear economic policy and strong regulation of the financial sector, which ensures a high level of security and confidence for bank customers.
Tax benefits: Dubai and the UAE offer an extremely tax-friendly environment. There is no income tax, no capital gains tax, no withholding tax and only 5% VAT. This makes the UAE an attractive place to manage and invest money.
International business opportunities: Dubai is an important trading centre and a hub for international business. By opening a bank account in the UAE, companies can benefit from the numerous trading opportunities and global networking.
Favourable access to international financial markets: The UAE offers easy access to international financial markets and investment opportunities. Many banks in Dubai have partnerships and links with global financial institutions, making it easier to trade and invest.
Variety of financial services: Banks in Dubai offer a wide range of financial services, including personal accounts, business accounts, savings accounts, credit cards, loans and investment opportunities. The variety of services offered allows customers to find tailor-made solutions according to their needs.
Modern banking infrastructure: Dubai is known for its advanced technology infrastructure, which extends to the banking sector. Online Banking, mobile apps and digital payment solutions are widely used and facilitate banking transactions.
High privacy: Banks in the UAE place great emphasis on maintaining the privacy of their customers. Most bank accounts can be operated with a high degree of discretion, which may be of interest to individuals and companies who wish to keep their financial affairs confidential.

Who can open a UAE bank account

Opening an account in Dubai and the UAE is possible for both individuals and legal entities, but it is subject to strict guidelines. As of February 2019, the UAE Central Bank mandatorily requires the presentation of a Emirates ID Card, which is automatically issued along with the residence visa. For non-UAE residents (Non-Residents), opening a UAE bank account is extremely difficult. Few banks offer such accounts, which are usually intended mainly for investment clients.

Open your UAE bank account quickly & easily with Dubai Company:

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Open a company account in Dubai

A central and very important concern in any company formation in Dubai undoubtedly relates to the establishment of a business account. A company without such an account is incapable of acting and in the vast majority of cases practically useless. As a trustworthy service provider, we assure you the smooth opening of a corporate bank account at one of the renowned branch banks in Dubai.

Our partner banks offer you the possibility to hold accounts in the currencies AED, EUR, USD and GBP.
Each account is assigned an individual IBAN suitable for payment transactions within the EU.
You have the freedom to access your account at any time via online Banking or a Mobile Banking App, whether to check your balance or to make transactions.
In addition, you will receive a VISA or MasterCard that allows you to pay in shops or withdraw cash from ATMs worldwide.

In the area of company account opening, the requirements vary depending on the bank. As a rule, the presence of a director or shareholder is required to open a company account. Only in rare cases can lawyers also open a UAE business account on behalf of their clients, but this tends to be the exception. Most banks require the following documents to open an account:

Passport of the shareholder or representative
Residence visa and Emirates ID of the shareholder or representative
Copy of the passport of the head of the company
Articles of Association and Memorandum of Association of the Company
Certificate of registration of the legal entity (depending on the type of company)
Evidence on the organisational and ownership structure
Description of the planned business activities
Possibly letters of recommendation from business partners

It is important to note that the opening of an account must in principle be approved by the Central Bank. Approval depends on various factors, whereby the careful, complete and timely submission of all required documents plays a decisive role. As a rule, the opening of a corporate account takes about 1-2 weeks.

Open a private account in Dubai

If you are an expatriate on a UAE Residence Visa and wish to open a current account, savings account or debit account with a UAE bank, the following documents are usually required:

Residence visa
Emirates ID
Passport (original and copy)
Employer certificate (NOC = no objection certificate)
Possibly a copy of your tenancy agreement as proof of address

The NOC certificate serves as proof of your income. Often there are internal bank requirements regarding the minimum salary, and in some cases a minimum monthly balance is also required. Likewise, the costs and fees vary greatly between different banks.