Damalion is the leading platform that helps:
- foreign non-residents to open a bank account in Dubai
- foreign non-resident corporations to open a corporate bank account in Dubai.
Dubai is one of the most significant financial centers in the Middle East and this has reflected in its banking area. Several professionals in the banking sector had claimed that Dubai is a favorable banking haven for people and businesses from around the world.
Dubai’s banking system offers a friendly environment to foreign investors
The Dubai banking system is suitable for everyone and it welcomes everyone. And once you’ve opened a Dubai bank account, you are likely to receive interest rate (which varies from bank to bank), access to ATM/debit card, a 24-hour ATM facility, access to a branch, bill payment facilities, and a first free cheque book (exclusively for residents)
If you have just moved to Dubai and want to bring your finances in order, you’ll be delighted to know that the process to open a bank account in Dubai is reasonably simple.
Whether you need a non-resident bank account in Dubai or something to support your financial life there, you won’t be disappointed.
Requirements for opening a bank account in Dubai for residents
If you are a resident, you can open a bank account in Dubai following the process outlined below.
Select the applicable bank
Choosing the relevant financial institution is a significant and crucial task that has to be done carefully. If you are opening a personal or business bank account in Dubai, some banks may require you to maintain a minimum balance. Also, if you want to open a salary account, it’s best to ask your company about the bank they work with.
Select a bank account type
When you are planning to open a bank account in Dubai, you can decide whether to open a Current Account or Savings Account.
- Current accounts: these accounts are primarily used for salary transactions, but they are also ideal for everyday transactions and transfers and they come with checkbooks. Generally, banks in the UAE offer two kinds of current accounts, with and without salary transfers.
- Savings accounts: these accounts are better fitted to those who want to save money for assets and to deal with any unanticipated circumstances. These accounts generally offer higher interest rates than current accounts, but may have restricted access to funds, and presume penalties for withdrawals.
Submit the required documents to Dubai bank
Whether it is a Savings or Current Account, the following documents are required.
- passport
- no-objection letter
- visa (for new arrivals to the UAE)
- Emirates ID card
- document that states your salary
- proof of address
If you are still waiting for your Emirates ID, you can use a copy of your application.
However, Damalion helps you open a bank account even if you are a non-resident without visa.
Opening a personal bank account in Dubai as a non-resident foreigner
With expatriates making up most of the Emirati population, the country’s economy and banking systems are well set up to cope with foreign workers opening bank accounts.
But a non-resident will not receive a checkbook, in its stead, debit cards will be issued and can be used to withdraw or deposit funds at ATMs. The Dubai bank will also verify the applicant’s documents before opening the account.
Opening an account from outside of the country will not be especially easy, as many accounts require a signature in the presence of a bank officer. Alternatively, it can be remotely opened by giving a financial advisor legal approval to act on the owner’s behalf. Note that not all banks will accept this solution.
The documents required to open a non-resident account in Dubai
Here is a list of documents required to open a non-resident bank account in Dubai
- valid passport
- utility bills (gas bill, electric bill not older than 3 months)
- copy of the last six months of the customer’s bank statements
Opening a corporate bank account in Dubai
If a bank account is required for commercial reasons, the owner needs to establish a company first and then open the account.
While the requirements of opening a corporate account differ from bank to bank, the presence of a director and shareholder is necessary.
Expats in the market for corporate accounts require an extra set of documents. While these documents vary according to the bank and type of company, they might include the following:
- Company trade license
- Certificate of registration
- copy of the passport of the director
- Share certificates
- The company’s Existing contracts
- The Company memorandum and articles of association
- The company’s corporate documents
- Passport and visa copies for shareholders and authorized signatories
- Disclosure of the type of business activities and the company’s source of funds.
Here are the main processes for opening a bank account for corporate use in Dubai:
- Filling out an application form, mentioning detailed company records.
- Once the application is approved, the bank will verify information about the company’s management team and financial projections. Followed by an interview. And once this stage is completed, the corporate bank accounts will be opened.
There might be a monthly average balance requirement which varies depending on the type of bank selected. Make sure to check and confirm with the bank to know the accurate figures.
Note that after opening a bank account in Dubai, there might be miscellaneous bank charges attached.
Do you need help opening a bank account in Dubai, either for yourself or for your company? If so, let’s go ahead together and contact your Damalion expert now.
