Whether you are setting up a company in the United Arab Emirates or moving for professional reasons, opening a bank account is a requirement. Having your own bank account is an effective means of protecting your monetary assets.
Banks and other financial institutions in Dubai offer a wide range of bank account solutions for non-residents with various benefits and features. While Dubai residents who wish to open a bank account are deemed to meet a set of eligibility criteria, non-residents on the other hand can easily open a bank account online. It can, however, become problematic to open a bank account online for non-residents, especially if you fail to comply with the correct process and submit the right paperwork. Let’s look at the basic process of opening a Dubai bank account for non-residents.
The Process of Bank Account Opening in Dubai for Non-Residents
Follow these simple steps to succeed in opening a bank account in Dubai.
Don’t forget to analyze your options
You don’t set up a personal or bank account in the first bank that you search online. As a discerning customer, it is best to explore all banking options available for non-residents in Dubai. Visit the websites of potential banks and learn more about the features and benefits of the different bank account types they offer.
Choose bank account type
When choosing a bank account type; whether for savings, checking, investment, or corporate account, you must consider different crucial elements, including the interest rates, minimum balance requirements, and other benefits before starting an application.
In Dubai, majority of banks offer higher interest rates on maintaining balance. Ideally, you must choose a bank account type with the best interest rates to grow your savings significantly on a short-term or long-term basis.
Check the eligibility criteria of your chosen banks in Dubai
You must remember that the eligibility criteria to open a bank account in Dubai will vary across banks. As an applicant, you must meet all eligibility criteria and basic document requirements, too. Additionally, you must also check the list of documents that you are required to submit. Organize them in a folder and make sure everything is furnished before visiting a bank for bank account opening application.
Submit the application as soon as possible
After filing an online application form, you must upload all the necessary documents as soon as possible. Some banks require applicants to send documents via mail even when the application form was sent online. Wait for a bank representative to contact you to confirm your application and verify if all details you provided are accurate. Typically, approving a bank account in Dubai takes up to two weeks to complete for non-residents.
Requirements for Opening a Non-Resident Personal Bank Account in Dubai
- Proof of identity, such as a valid passport, UAE entry page, or identification card
- Proof of address, such as utility bill that confirms the address in a municipality or city council
- Reference letter from previous bank from your country of residence where you have an active bank account
- Curriculum vitae with updated personal and professional information
- Copy of personal bank statements in the last three to six months
- Applicant signature
Requirements for Opening a Non-Resident Corporate Bank Account in Dubai
If you need to open a bank account for business purposes in Dubai, you must open a corporate bank account type in a bank based in Dubai. As a non-resident investor or entrepreneur, you have two options:
- UAE onshore company to create a corporate bank account
- UAE Free Zone onshore company to create a corporate bank account
Both company structures are 100% foreign owned.
- A UAE international company account is less costly to set up but more difficult to open due to higher minimum account balance requirements. Since the company account is owned by a non-resident, it will be subject to stricter official compliance regulations.
- On the other hand, a UAE Free Zone onshore company account is more costly to set up but offers applicants the option to obtain a personal UAE residency visa, as well as grant your bank account a UAE-resident status along with its many benefits, including minimum account balance requirement, minimum regulations, and greater choice in banks.
Documents Required to Open a Corporate Bank Account in Dubai
- Company Memorandum of Association (MOA) and Articles of Association (AOA)
- Standard personal documents on company shareholders
- Certificate of Incorporation/License, depending on company structure
- Corporate structure and ownership documents
- Description of planned activities for your foreign-owned company
- Information on the business experience of company owners
- Documents on source of funding which will be invested into a company
Know Your Client Requirement of Dubai Banks
All banks and financial institutions in Dubai are closely regulated by the UAE Central Bank. To uphold to international standards and requirements, the Central Bank has enforced a KYC (Know your Client) Customer Policy, which pertains to regular practice where Dubai banks must ask certain questions and comment on your account transactions and history before approving your bank account application.
Once all documents and requirements are furnished, the bank will assess your application. Upon approval, your bank will send a confirmation through email. You will also be provided with log in instructions through your e-mail address.
The bank account opening process in Dubai is simple and straightforward. We hope that your gained understanding helps you in preparing your application to open a personal or corporate bank account in Dubai. If you are a foreign investor looking to open a company in Dubai, opening a bank account should be one of your top priorities. Our global service network of professionals will help you at every turn; from gathering all the necessary documents to choosing the right bank for your needs. For more information, 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.
