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Bank ACCount Opening Assistance

One of the first few considerations you should make when establishing a new business entity for bank account opening in UAE. For commercial entities and High Net Worth Individuals of various nationalities, banks in the United Arab Emirates offer a range of bank accounts to choose from. For the purpose of opening a banking account, businesses must be fully aware of what their bank requires. Certain procedures must be followed for new firms to open a UAE Business or Corporate bank account.

Why should a company open their bank account in the UAE?

Stable economy

UAE is one of the most financially stable economies in the world.

Secure banking systems

The lending institutions in the uae are extremely secure.

Stable Local currency

the aed is pegged to a lot of strong currencies in the world such as the u.s dollar.

Presence of international financial institutions

UAE is a hub for international financial insitutions. uae is also home to dubai international financial center (difc) - the biggest financial free zone in the middle east & north africa region.

Ease of account operation from any location in the world

uae banks offer its customers the flexibility to remotely operate their accounts from any location in the world.

  • Chamber of Commerce certificate.
  • Business profile or company summary.
  • Certificate of documents by the Ministry of Foreign Affairs
  • Information about a few external stakeholders (buyers or sellers) to the company.

Documents Required for Bank Account Opening in Dubai:

Among other things, banks have various criteria for paperwork, minimum balances, and sector-specific expertise. The requirements may change based on the circumstances. We may offer a list of appropriate and reputable banks to our clients based on their requirements and preferences.

Following are the documents required for corporate bank account:
  • Trade license, commercial register & partner’s details.
  • Passport, visa copy of the shareholder’s & the local sponsor.
  • Identity proof of the account signatory e.g. – Emirates ID.
  • Memorandum Of Association.
  • Share certificate.
  • Chamber of Commerce certificate.
  • Business profile or company summary.
  • Certificate of documents by the Ministry of Foreign Affairs
  • Information about a few external stakeholders (buyers or sellers) to the company.

Note - In some circumstances, additional supporting documents, such as trade invoices, references etc. may be needed for bank account opening in UAE  in addition to the standard ones. Bank statements and records pertaining to the parent firm must be provided if the business is a branch.

Following are the documents required for offshore bank account opening in UAE:
  • No limitations on the currency.
  • Complete remittance of funds and profits.
  • Simple to use online.
  • Relatively quick to open.
  • Ineligible to obtain a chequebook or Debit/Credit cards.
  • Complete discretion - information about customers is kept private by UAE banks.

Top banks in the United Arab Emirates

We help our clients in
opening a bank account
with all themajor banks in the
United Arab Emirates.

Why hire
Oxford Auditing
for opening a
bank account?

We work closely with major banking professionals, relations with whom have been developed as a result of our long time presence in the UAE market. Also having a clear comprehension of the bank’s requirements & compliance procedures enables us to provide our clients with the quickest way for bank account opening in UAE.

FAQ

When it comes to banking in Dubai, there is a diverse range of accounts to cater to the financial needs of both residents and non-residents. Here are some of the most common types of bank accounts available for account opening in Dubai:

  1. Personal Savings Account: A personal savings account is designed for individuals who want to deposit their funds securely while earning interest on their balances. It's an excellent option for those looking to save money and build their wealth over time.

  2. Current Account: A current account is ideal for everyday transactions and offers features like check books, debit cards, and online banking services. It provides easy access to your funds and enables seamless payments and transfers.

  3. Fixed Deposit Account: For those seeking a safe and low-risk investment, a fixed deposit account is an attractive choice. By depositing a specific amount for a fixed tenure, you can earn a predetermined interest rate.

  4. Business Accounts: Dubai offers various types of business bank account opening in Dubai to support the needs of entrepreneurs and companies. These accounts come with tailored services such as business loans, merchant solutions, and trade financing.

  5. Non-Resident Accounts: If you are not a resident of Dubai but wish to have a bank account in the city, non-resident accounts are available. These accounts are suitable for conducting international transactions and managing offshore financial activities.

  6. Islamic Accounts: For individuals and businesses seeking Sharia-compliant banking, Islamic accounts adhere to Islamic principles and do not involve interest. Instead, they operate on profit-sharing or investment-based models.

  7. Joint Accounts: Joint accounts allow multiple individuals to share ownership and access to the account. This type of account is commonly used by families, couples, or business partners to manage shared finances.

    Bank account opening in Dubai can be a straightforward process, but it's essential to choose the right type of account that suits your financial goals and requirements. Different banks may offer variations in account features, fees, and services, so it's advisable to compare options before finalizing your choice.

If you encounter any complexities during bank account opening in Dubai or require professional guidance, consider seeking assistance from a professional firm such as Oxford Auditing Chartered Accountants who can help navigate through the requirements and ensure a smooth bank account opening experience in UAE.

In conclusion, Dubai's banking sector offers a wide array of bank accounts, providing individuals and businesses with ample choices to manage their finances efficiently. Whether you need a personal savings account, a business account, or an Islamic banking option, the city's banking system is well-equipped to meet your needs for bank account opening in UAE.

Yes, there are minimum balance requirements for bank account opening in Dubai. Each bank in Dubai may have its specific set of criteria, including minimum balance requirements, for different types of accounts they offer. These requirements can vary depending on the type of account, whether it's a personal savings account, a current account, or a business account.

It's essential to check with the specific bank where you intend to open an account to determine the minimum balance requirement for the account type you are interested in. Generally, the minimum balance requirement for personal savings accounts tends to be lower compared to business accounts, which may require a higher minimum balance.

Meeting the minimum balance requirement is crucial during the account opening process, as it demonstrates your ability to maintain a certain level of funds in the account. Failure to meet this requirement may result in the account being subject to additional fees or, in some cases, closure by the bank.

Before bank account opening in Dubai, it's advisable to carefully review the terms and conditions of the account, including the minimum balance requirement, to ensure you can comfortably fulfil the obligation.

Keep in mind that different banks may have varying benefits and features associated with their accounts, so it's worth comparing multiple options to find the one that best suits your needs and financial objectives.

  1. Residency Status: Non-residents and residents may have different requirements and types of accounts available to them.

  2. Documents: Generally, you will need to provide the following documents to bank account opening in Dubai.

    • Valid passport with a residency visa (for non-residents) or a national identification card (for residents).
    • Proof of address (e.g., utility bill or tenancy contract).
    • Proof of income (e.g., salary certificate or bank statements).
    • Completed application form provided by the bank.
  3. Minimum Deposit: Some banks may require a minimum initial deposit to open certain types of accounts.

  4. Source of Funds: Banks may inquire about the source of your funds to comply with anti-money laundering (AML) and counter-terrorism financing regulations.

  5. Introduction: Some banks might ask for a letter of introduction from an existing customer or a relationship manager.

  6. Business Accounts: If you are opening a business bank account in UAE, you will need additional documentation, such as the company's trade license, Memorandum of Association (MOA), and other relevant business documents..

  7. Fees: Be aware of the fees associated with maintaining the account, as they may vary between different banks.

  8. Background Check: Banks in Dubai conduct due diligence and background checks on their potential customers as part of their Know Your Customer (KYC) process.