Dubai has earned a reputation for being an international city due to the overwhelming presence of globally-renowned businesses, plentiful job opportunities, tourism, and many other reasons. At present, more than 85% of residents in Dubai are foreigners. Majority of foreigners are living in the United Arab Emirates as investors, professionals, workers, traders, and more. For foreigners living or working in Dubai, opening a bank account is an necessary activity that needs to be taken care of as soon as possible. 

Why Open a Bank Account in Dubai?

A bank account allows you to manage your finances and eliminates the need of carrying cash everywhere. It is an essential tool for all types of transactions and many foreigners will feel stranded if they living in a country without an efficient medium for processing financial transactions. Whether you are a non-resident staying in Dubai for work or looking to open a company, here is a step-by-step process on how to successfully open a bank account in the Dubai. 

Choose from banks that allow opening non-resident accounts

While Dubai is a highly developed city and is filled with a combination of local and international banks, not all caters to non-residents. With this in mind, make sure to select from banks that offer accounts to non-residents.

Know the General Bank Account Requirements in Dubai

Here are some general requirements that non-resident account holders must know before opening a bank account in Dubai:

• Residence in Dubai or UAE

For foreigners who are not living in Dubai, bear in mind that there are different conditions that you must meet to be permitted to open a bank account for personal or wealth preservation purposes. 

• Ideally, You Must Be in Dubai

Opening a bank account in Dubai for non-residents will involve a lot of signing documents in front of a bank officer. If it is not possible to make an appearance during application, a non-resident applicant must give the right to a representative based in Dubai to facilitate the account opening. This is applicable for personal bank account opening for asset protection and wealth management reasons.

• Know There is a Minimum Account Limit

Many financial institutions in Dubai Set an amount limit, but this condition is not applicable to all banks. 

• IBAN

The United Arab Emirates government has mandated the use of International Bank Account Number (IBAN) for all electronic transactions. It is therefore important that non-resident applicants must obtain an IBAN to successfully process payments within Dubai and overseas. 

Document Requires for Opening a Bank Account in Dubai for Non-Residents

For Private Bank Accounts

• You must submit at least six-months worth of savings account statement from your bank account in your country of origin.
• You may also be required to submit documents proving your ownership and shares if you own a company. 
• Original copy of bank reference letter, resume, recent utility bill for proof of address, passport copy, and other additional documents to verify your identity. 
• In most banks that allow account opening for non-residents, a USD 10,000 monthly balance must be maintained. The rate may vary from bank to bank.

For Corporate Bank Accounts

Apart from opening a personal bank account, it is possible for investors and company owners and investors to open a corporate or business account in Dubai. 

In essence, there are two bank account types available for business owners or investors who do not hold resident status in Dubai, namely onshore and foreign Dubai bank account. 

• A foreign bank account in Dubai is less expensive to set up compared to an onshore bank account. However, a foreign bank account is more challeneging due to its higher minimum account balance. Additionally, banks implements stricter regulations for non-residents. 
• A Dubai onshore company is more expensive to set-up, but non-resident account holders gain better access to receiving a UAE residency visa. It is also helpful as it expends your selection in the preferred bank where you can open a bank account. 

Here are the requirements for opening a corporate bank account in Dubai:

• Articles of Association
• Memorandum of Association
• Documents describing the source of funds invested in the company
• Information regarding the business experience and professional track record of company owners
• Standard personal documents from company shareholders
• Description of a company’s planned activities

Whether it’s a personal bank account or a corporate bank account, Damalion can help you in opening a bank account in Dubai. Our global service network consists of service providers that will make the process of opening a bank account easy, fast, and worry-free. For investors and business owners opening a bank account for business purposes, we also have consultants that can help you in the company formation process. As a premier consulting firm, we have the experience and expertise to ensure a successful establishment of your company in Dubai. To learn more about bank account opening in Dubai, reach out to a Damalion expert today. 

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. 

How to open a Dubai bank account for non-residents — eligibility, required documents (ID, address, tax, source of funds), remote onboarding options, clear payment flows, sector/country risk, and a practical path from pre-check to activation.

For individuals, entrepreneurs, family offices, holding companies, SPVs and international groups • Damalion helps with scoping, document preparation and coordination so banks can review efficiently. Acceptance is always at the bank’s discretion.

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What speeds up UAE bank onboarding?

Pick the right account type (personal/wealth or corporate), show a clear source of funds, and present a short, consistent profile: who you are, why you need the account, and what activity you expect (amounts, currencies, countries, counterparties). We help you build a clean file so compliance can validate KYC/AML faster.

Documents most banks request

• Valid passport/ID and recent proof of address.
• Tax residency and status (TIN; FATCA/CRS where relevant).
• Source of funds proofs: salary, business proceeds, dividends, capital gains, inheritance — with traceable evidence.
• For companies: trade license/incorporation, constitutional documents, register extract, UBO chart, signatory powers, activity description.
• Expected use: incoming/outgoing amounts, currencies, countries, counterparties for the next 12 months.
• Certified translations/apostilles if the bank requests them.

Account types at a glance

Topic	Personal / Wealth	Corporate
Use	Savings, custody, investments	Operations, suppliers, payroll, clients
Documents	ID, address, tax, source of funds	As personal + company license, org chart, signatory rules
Minimums	Varies; higher for private banking	Ongoing fees; evidence of real activity
Timeline	Faster with a complete, consistent file	Depends on sector, countries and payment pattern
Payments	IBAN (AE), cards, FX	IBAN (AE), multi-currency, FX, online banking controls

Step by step

1. Pre-check and bank fit. Match purpose, eligibility, and fees; shortlist banks in mainland and free zones.
2. Build the file. ID, address, tax, source of funds; add company papers if corporate.
3. Explain payment flows. Volumes, currencies, countries, counterparties — simple and consistent.
4. Compliance review. Reply quickly to follow-ups; keep one clear trail of evidence.
5. Activation and first funding. IBAN issued, test payments cleared, user roles and limits set.

Costs and timelines

• Setup, monthly account fees, payments/cards, FX and compliance fees (vary by bank/tier).
• Minimum balance often applies for personal/wealth; corporate accounts face ongoing fees and activity checks.
• From complete file to active account: a few days to a few weeks, depending on profile and sector.

Related reading

• How to open a Dubai bank account for non-residents
• More articles on bank accounts
• Register your company (example process)
• Damalion services overview

Frequently asked questions

Can non-residents open accounts in Dubai?

Yes. Banks apply their own eligibility and risk criteria. A clear profile, lawful purpose and complete documents are required.

Is in-person presence mandatory?

Many banks support remote onboarding, but some may ask for a physical meeting before or after approval, depending on risk assessment.

Which core documents are required?

Passport/ID, proof of address, tax residency (TIN), and source-of-funds proofs. Corporate files add license/incorporation, UBO chart and signatory rules.

What does “source of funds” mean?

Clear, traceable evidence of how funds were earned and moved (salary, business sale, dividends, capital gains, inheritance), supported by statements and contracts.

How long does onboarding take?

Usually a few days to a few weeks after a complete submission. Complex ownership, high-risk sectors or countries can extend timing.

Are minimum balances common?

Yes, especially for personal/wealth accounts. Corporate accounts typically have monthly fees and activity requirements.

Do UAE banks issue IBANs?

Yes. IBAN (AE) is used for domestic and cross-border transfers. You receive the IBAN after account approval and setup.

Can a foreign company open a UAE corporate account?

Yes, subject to clear ownership documentation, lawful business, and understandable payment flows aligned with invoices and contracts.

Are free-zone companies treated differently?

Requirements are similar, but banks review license scope, real activity, and control framework. Additional evidence may be requested.

How are FATCA/CRS handled?

Banks collect self-certifications and report where applicable under FATCA/CRS. Accurate tax residency information is mandatory.

How are PEPs and sanctions risks treated?

Enhanced due diligence applies. Banks may request extra documents or decline where risk tolerance is exceeded.

Can a bank decline without detailed reasons?

Yes. Decisions follow internal policies and risk appetite. Another institution may be more suitable for the same profile.

Is remote onboarding available for corporate accounts?

Often, with certified copies, video-KYC or verified signatories. Some banks still require an in-person step for higher-risk cases.

What internal controls should companies set?

Named user roles, payment limits, dual approvals, segregation of duties, and clear signatory rules recorded in corporate resolutions.

Which sectors face more scrutiny?

Cash-intensive, high-risk or cross-border sectors; activities with virtual assets; and business tied to higher-risk jurisdictions.

How are taxes handled by the bank?

Banks collect tax self-declarations and may report under FATCA/CRS. Clients remain responsible for correct tax filings and advice.

What proof of address is acceptable?

Recent utility bill or bank/credit card statement, or government document showing your name and address. Certification may be requested.

Will translations or apostilles be needed?

Only if the bank asks. For non-English or non-Arabic documents, certified translations and legalizations may apply.

How should expected activity be presented?

Summarize incoming/outgoing amounts, currencies, countries and counterparties for 12 months, consistent with invoices, contracts and business plans.

What happens after approval?

You receive the IBAN, run test payments, set user access and limits, and provide any outstanding documents needed for ongoing compliance.