Whether you are intending to move to the United Arab Emirates (UAE) for work, going to open a Dubai company, or make an investment, a bank account will be important for navigating the relocation of part of your life.
From the number of branches, the benefits you can gain from saving, income requirements, to broad documentation needed, and other standard measures, here are the details you need for managing the method of finding the right home for your finances.
The UAE Banking System
The United Arab Emirates has the most enhanced economy in the GCC (Gulf Cooperation Council) region and the second-largest economy in the Arab world, and that brings an advanced banking industry with it. Both Dubai and Abu Dhabi are significant economic hubs, so despite where you choose to stay, there’ll be sufficient banking options to satisfy your needs. Whether you need a non-resident bank account or something to benefit your life there longer-term, you won’t be disappointed.
Can a foreigner open a bank account in the UAE?
The UAE is a unique country, in that its citizens only make up around 15% of the population. The bulk of those living, working, and banking in the Emirate are expatriates, so the economy and banking networks are well setup to cope with foreign workers opening bank accounts. So with expatriates making up the majority of the Emirati population, there are pathways for foreigners to open their bank accounts. However, there is a significant difference that will affirm where you can bank and what types of accounts you can open. That is your residency status in the UAE – as most banks will need you to submit your passport (along with copies of your passport photo) and a no-objection letter from either your employer or your sponsor. The second of these conditions state that you must have residency to open an international bank account in the UAE. However, some financial products are limited to residents.
Requirements for Opening a Bank Account in the UAE
To open a personal account, a residency visa and Emirates ID card are essential documents you need to begin this process. But, you can also submit the registration form as evidence that your documentation is under process as most banks may accept this instead of the finalized documents.
Extra items that should be on your application list for opening a personal bank account include an original passport (with UAE entry stamp) and a passport photo.
For a business account, the necessary documents comprise a valid trade license, certificate of incorporation, share certificates, company memorandum, articles of association, and passport copies of shareholders and shareholders’ signatures. Business owners may be asked for extra documents depending on the bank, type of business activity industry, and legal form of the company.
Each bank will also expect you to hold a minimum amount every month and the amount will depend on the certain institution and the products offered.
Can I have a bank account in Dubai without a residence visa?
When you are in the UAE, opening a bank account as a non-resident is easy. There are few documents required and the process is simple. The most significant document is your residence visa, which can take a while to obtain but until you obtain your residence visa, you can only open a savings account. That indicates that current accounts or other services are open to residents only. While as a non-resident, you will not get a checkbook, non-resident accounts receive debit cards you can use to withdraw and/or deposit funds at ATMs. Note that most banks opening an account for a non-resident will require a minimum balance or even impose a maximum balance you can carry in your account at a time. Some banks will enable their non-resident account holders to select the currency for the money in their account, whether it be dirhams or another major currency.
Requirements to Open a Bank Account as a Non-Resident
Requirements to open a bank account as a non-resident differs from bank to bank, but in general, below are the documents you will need to provide:
- passport with the UAE entry stamp,
- passport photo,
- completed application form,
- proof that your residency visa, or Emirate ID card,
- document stating your employer’s name and salary details,
- letter of recommendation from previous bank, and
- letter of No Objection from either your sponsor or employer.
As a non-resident, you may be subject to a minimum or maximum balance. Be extra conscious of this as the amount is frequently high and the penalties for dipping below the balance are strict.
The process of opening a savings account will take longer than opening a bank account with a residency visa and do not expect to have access to your savings account right away.
Requirements for a Business Account in UAE
As for a corporate bank account, the requirements vary for business accounts, and the Ministry of Foreign Affairs will need you to verify some of your documents. The documents that banks may request include:
- proof of address,
- the overview of your corporate structure,
- identity documents,
- certificate of incorporation/company license,
- and sometimes they may want forecasts of future profits and transactions for your business.
If you are from a country where the official language isn’t English, it’s best to get all of your documents translated. In conclusion, the Central Bank in the UAE required a Know Your Customer (KYC) policy for all banks to confirm that they remain law-abiding with international standards. Bank tellers or other representatives might ask you questions about transactions before and/or after opening the account.
Can I open a bank account in the UAE from abroad?
Opening an account from outside of the country will not be especially easy, as many accounts need a signature in the presence of a bank officer. On the other hand, Damalion experts may help you to facilitate opening of your bank account.
If you want to open your bank account in the UAE, Dubai included, please contact your Damalion expert now.
