As a business owner in UAE, you need to have a business bank account. Opening a business bank account in Dubai or elsewhere in UAE is not a simple task, as strict compliance procedures need to be followed as mandated by the UAE Central Bank. As part of our full-range of business consultancy services, we offer business bank account opening service in Dubai. Our team of banking experts can walk our clients through every phase of opening a business bank account in a hassle-free manner
Business Bank Account Opening in UAE: The Process
Client study is the first stage. The IBM Global Team will study your company’s activities, operations, expected annual turnover and initial funds available for opening the account. In the light of this assessment, our team will recommend the most suitable bank for your business.
The next step is liaising with the bank. We will help you with all documents and act as a liaising agency that takes away from you all the stress related to preparing and submitting the right documents to the bank. If required, we can meet the bank’s Verification Agent on your behalf.Required Documents
The documents required by the bank include certified company incorporation documents, Company profile, passport copies and personal profiles of all shareholders, 6-month personal bank statements of all shareholders, Emirates ID and residence visa copy of the authorized signatory, and a copy of the Ejari.Bank Account Opening in UAE: Know the Details
It is essential to have a business bank account for small businesses as well as large corporations to ensure smooth financial management.Mode of Banking in the UAE
The UAE banking system is robust and is regulated by the country’s central bank. Also, nearly 50 international and local banks operate across the country.
Deposits are the main staple of most banks in the UAE. They enjoy strong capital levels that provide a fairly good buffer against losses.
The four types of banks in UAE are commercial banks, investment banks, industrial banks and Islamic banks. Islamic bank windows and full-fledged Islamic banks make up almost 20% of the UAE’s banking sector. UAE banks serve foreigners and international consumers and offer services in both Arabic and English. There are a range of different of bank accounts available for both non-residents and residents of the UAE.Current Accounts
These are used mainly for daily money transfers and transactions. They come with cheque books.Investment Accounts
This is another account type in the UAE. You need to sign an investment agreement with a bank to open an investment account. The investment period for this type of account can start from 12 months and go up to 10 years or more. The investment agreement usually guarantees an annual ROI of 3-7%. There is a minimum balance requirement for investment accounts. The minimum required balance is different for different banks.Offshore Accounts
Offshore bank accounts essentially target expatriates. Offshore banks have jurisdictions across the world. Anyone with a valid residence visa can open offshore bank account in Dubai. This account can be used to import and export funds. They provide a secure, stable, and reliable means to transfer money. Lower taxes make this attractive compared to other banking options.
UAE’s offshore banking offers multiple features and services including Protection of Assets, Wealth & Portfolio management, Private bank accounts, Company formation and inheritance planning.How to Open a Bank Account in UAE
Opening a bank account in UAE can typically take anywhere from a couple of days to a couple of weeks.
To open either a current account or a savings account in UAE, resident applicants are required to provide various documents such as original passport and its copy, a copy of your UAE resident visa, salary certificate, and the Emirates ID card or a copy of registration form if it is under processing.
Non-resident applicants can open only a savings account, and comes with a debit card.
UAE banks run a background check to open a savings account as a non-resident. The following documents are required: a copy of recent utility bill, a reference letter from your home bank, latest six-month bank statements from your home bank, and details about funding sources.
Opening non-resident bank accounts in UAE can be a bit lengthy process.Mobile Banking in UAE
It is possible for you to open a bank account in UAE using the banks’ mobile app.
Banks that allow you to open mobile bank accounts include Liv, backed by Emirates NBD; Neo, supported by Mashreq; and YAP–UAE’s first independent digital banking platform.
The first step to open a mobile bank account with any of these banks is to download the application, followed by scanning your Emirates ID into the system. Once you are done with these, you can follow the online instructions to complete the process. You are required to deposit some money to get the account activated. You will be provided with a bank card that has international validity and can be used with multiple bank ATMS.Corporate Accounts
Corporate bank accounts are for those who intends to do business in UAE using a bank account. UAE laws don’t allow persons with only personal accounts to do business in UAE. Corporate accounts are usually current accounts. These accounts support large volumes of transactions. The timeframe in which your current corporate bank account will be opened can be 2-4 weeks.
Documents required to create a corporate bank account in the United Arab Emirates:
- Company trade license
- Company registration certificate
- Share certificates
- Company’s articles of association and memorandum
- A letter from the board granting the power to open a corporate account
- Visas and passports of all shareholders
Opening a bank account in the UAE is not that simple, as it involves submission of various documents and approvals. With almost 85% of the UAE’s population being expats, banks are fully geared to offer various services to expats including account opening.
The check list:
- Minimum balance requirements
- Fees and penalties linked to the account
- Need for salary transfers
- Monthly withdrawal limit
- International money transfers
- ATM locations and debit cards
- Cheque books
If you want to set up your business in UAE, you can partner with us to open the most suitable business bank account in UAE, in a hassle-free manner. Call our team and get the best advice. They will walk you through the entire process of opening business bank account in UAE.
We offer standard rates for Trade Finance. Our professional relationship managers and dedicated customer service personnel are always at your service. Whether you want to start a business in Mainland, Free-Zone or Offshore, we can offer the best banking services. You need to submit to us all the mandatory documents such as Trade License, Memorandum (if applicable), Passport, Visa & Emirates Id of all partners (if applicable), and Office Tenancy Contract, along with supporting Documents including 6 months bank statement (UAE or Home Country), tenancy contract, Company Profile, Signatory Resume, VAT Certificates etc.
Frequently Asked Questions (FAQ's)
The requirements for opening a bank account in the UAE differ from one bank to the next. Although, in most cases, the presence of a key director or shareholder is essential.
The advantages of having a business account include the ability to track costs, calculate tax liabilities quickly, and manage cash flow.
Yes, you may create a business account in a variety of major international currencies other than UAE dirhams.
We can speed up the process of opening a corporate bank account in UAE using our expertise and experience. Our services are affordable and reliable.