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.