This article will provide you with essential information on how to open a bank account in Dubai UAE.
If you’re planning on doing business in Dubai, either by setting up your own company or expanding an existing business into the region, you will need a local corporate bank account. With around 50 bank brands serving a population of approximately ten million, the UAE has plenty to offer to both expats and local citizens in terms of choice and product offerings.
Banks, in the UAE, have witnessed an unprecedented boom in recent years. The UAE has a rapidly growing retail banking sector because of the country’s increasing expatriate population. However, UAE banks are primarily focused on corporate customers because they are considered low-risk and lucrative. Corporate bank accounts lead to other lucrative business opportunities such as a letter of credit or corporate loans.
Opening a Bank Account in Dubai as a Foreign Company
It is possible to open a business bank account in the UAE with a foreign registered company. However, the process is cumbersome. All company documents will need to be translated and notarized both in the country the business is registered in, and again in the UAE.
To meet KYC requirements set by the UAE Central Bank, you will need to share a great deal of information with your bank about your business, the countries you engage in business with, and your local plans, to fulfill their duty to stop money laundering and abide by local and international trade sanctions.
In short, you will need to answer a lot of questions to convince a local bank to allow you to open an account. Some entrepreneurs do not feel comfortable sharing a significant amount of information on their trade practices.
Suppose your overseas business has an account in global banks such as Citibank, HSBC, Standard Chartered, and others with a UAE presence. In that case, the process to open an account could be substantially easier for your business. Nevertheless, an alternative option would be to open a new company, subsidiary, or branch in the UAE.
Open a Bank Account as a UAE Incorporated Business
Banks in the UAE have special programs to lure in newly incorporated businesses to start an account with them. If you incorporate your business through a consultant, they will most likely connect you with a bank to simultaneously begin the process of opening your business account.
The length of time you need to open your bank account will depend on the bank, the account type, and your business. With free zone and locally registered limited liability companies, the time scale may be relatively short, ranging from 1 to 3 weeks. It is a common requirement that you will need to meet staff from the bank in person in the UAE before you can set up your bank account.
Ensure you confirm the documents needed before you meet with a banker, as each bank will have its own rules. The type of documents you need include:
- A completed application form. This form is often available on the bank website to download.
- Passports and/or Emirates ID for the owner, shareholders, and manager.
- Company certificate of registration and trade license.
- Share certificates.
- Company memorandum and/or articles of association.
- A board resolution confirming the opening of the account has been appropriately approved.
Once you set up your account, you can operate it remotely without making visits to the physical branch. There is no legal reason why you cannot have an account as a non-resident for business use. However, many banks limit the type of account they offer to non-residents due to risk management, which may mean your local bank account has specific stipulations such as a higher minimum balance requirement.
Let Us Help You With Opening Your Corporate Bank Account in Dubai
Over the years, we have helped thousands of businesses open bank accounts in Dubai with the leading banks in the UAE. We have trusted relationships with local bankers that can ease your mind by letting you know what you need. In some cases, we have helped people get an account within 36 to 72 hours of incorporation. Please speak to one of our consultants to help you today.
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