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Opening a bank account in the UAE
Opening a corporate bank account in Dubai is very easy, although requirements vary from bank to bank. Banks in UAE prefer to manage bank accounts for mainland onshore companies and for free zone companies. Offshore companies such as Ras Al Khaima offshore, Ajman offshore, and Jebel Ali offshore can also open bank accounts in the UAE, however there are quite a number of Central Bank restrictions, and certain banks in fact do not even permit opening of bank accounts by offshore companies. We therefore suggest to opt for a free zone company rather than an offshore one. Our team will guide you to ensure you meet the requirements so that opening your bank account will be much easier and quicker.
You will require the following documents to open your corporate account:
- Originals of corporate documents
- Bank reference letter for the shareholders
- Bank statement
- Brief business plan
- (Various additional documents might be required by bank compliance)
Opening a personal bank account in Dubai is very easy, although requirements vary from bank to bank. To open a current/checking account you must be a resident. However, some banks allow non-UAE residents to open saving accounts. Some banks require that you maintain a minimum account balance limit.
You will require the following documents to open your personal account:
- Passport with residency (original and copy)
- A letter of no-objection from the employer/sponsor