Having a bank account in Dubai opens up a gate of opportunities and eases your trading or services requirements internationally and locally.
You can open a bank account in Dubai for personal goals as well as for your company operating locally and for conducting global
business.
To open a corporate bank account in Dubai, a business setup will be required. And personal account can be opened under a personal name of an individual.
Outlined below are the main steps involved in opening a personal or business bank account as a non-resident bank account in Dubai.
Personal bank account for Non-resident in Dubai
If you are a non-resident of the UAE, you can open a personal bank account but with certain restrictions on the choice of banks as well as the aspects they offer. It is uncommon to obtain a checkbook with this account. Rather, most banks will allocate an ATM card so that users can withdraw money while they wait for their residency visas. Also, as a non-resident, you may be subject to a minimum and/or maximum balance.
Corporate/business account in the UAE
If you require a bank account for commercial reasons, you’ll have to establish a company first and then open the business bank account. UAE regulations do not permit you to do business through a personal account. When it comes to the corporate account, you have two primary options to choose from; either an offshore or onshore company account. Both companies are 100% foreign-owned and differ a little.
- UAE offshore company account – An offshore bank account offers tax advantages, global trade, discretion, and access to global markets. It is also less costly but difficult to open with higher requirements on the minimum account balance. Since the company bank account is for a non-resident, it will be subject to strict official compliance laws.
- UAE onshore company account –This account is more costly to register but gives you the alternative to attain a personal UAE residency visa as well as gives your account an UAE –resident status along with other benefits such as minimum regulations, minimum account balance requirements, and an incredible choice of banks.
Documents frequently request by the Dubai banks to open a bank account
The central challenge for an applicant is that it’s impossible to open an account online. The applicant must be present to confirm the opening of the account because a bank officer must witness the signing of the application and other documents.
Damalion introduces you to major banks in Dubai and help our international clients to open a bank account as a non-resident in Dubai.
The documents required to open a bank account in Dubai include the following:
- Original passport
- duplicate of your visit visa and entry stamp page
- Proof of address
- Personal and recent bank statements
As for a corporate/business bank account, the extra documents required are:
- synopsis of your corporate structure
- identity documents
- certificate of incorporation and company license
- Share certificates
- company memorandum and articles of association,
- passport duplicates of shareholders and shareholders’ signatures,
- forecasts of future profits and transactions for the business.
- details on the planned activities of the company
If you are from a country where the official language is not English, it’s highly recommended to get all of the documents translated.
Know Your Customer (KYC) Requirements of the UAE Banks
All banks in UAE are regulated by the UAE Central bank and in order to meet global standards and requirements, the Central Bank required a KYC policy for all banks to guarantee that they remain compliant with international standards. Bank tellers or other representatives may ask questions about transactions before or after opening the account.
Opening a bank account in the UAE is relatively easy, although requirements differ from bank to bank. To open your corporate or personal bank account in the UAE, let’s go ahead and contact your Damalion expert now.
