Bank account opening in Dubai, UAE

Bank Account Opening - Dubai, UAE

The UAE enjoys a superb banking system known for its exceptional customer service throughout the world. Nex Consultants can support you with company incorporation and bank account opening in UAE.

Benefits you will get when you choose to open a bank account in Dubai

You will get a safer and reliable banking service
Your account will be confidential
Your account will require low maintenance cost
You will be able to take advantage of online banking services
You will be able to deposit and withdraw money easily

How to open a personal bank account in Dubai, UAE

A personal bank account is an account for use by an individual for that person’s own needs. Personal bank account in Dubai refers to one’s account at the bank that is used for non-business purposes.

An individual – resident in Dubai or non-resident in Dubai is also eligible for a private/ personal bank account in Dubai. Most of the banks in the Dubai UAE allow non-residents to open only a Savings Account and not a Current Account. Non- residents are not able to attain a cheque book however, non-residents will be given a debit card to withdraw the money. As a non-resident, will be subject to a minimum and/or maximum balance.

Conditions & Requirements for opening personal bank account in Dubai for non-residents as follows :

Applicant presence is mandatory in Dubai/UAE
Passport copy with UAE entry page
Profile of the applicant (CV)
Original bank reference letter from the personal / company bank account of the applicant from the country of origin or anywhere in the world (requirement varies bank to bank . mentioned document is advisable)
Original latest six months personal bank statement from the country of origin or anywhere in the world. (If applicant have only company account /or owner of company out side or inside UAE , then latest six month bank statement and also provide the Legal documents from the company proofing his ownership or share)
Most of the banks in Dubai / UAE requires monthly average balance to open non -resident personal account in Dubai / UAE and it varies depends on the bank to bank .

To open a non-residential bank account in the UAE, you will need to follow a procedure to verify your identity. You will also need to submit some documents to the bank executives. We help you in all this procedure and ensure that you get the best services of the bank. For more details on bank account opening process in Dubai, Consult with our banking account opening advisers.

How to Open Company Bank Account in Dubai / Corporate Bank Account in Dubai

Dubai is one of the leading investor’s friendly business hub in the world . In all business, hassle free financial transactions are playing a vital role in business growth. Bank account in Dubai offers the investors and companies very customer friendly and hassle free services once the applicant meets apt requirements by the banks . Company bank account in Dubai process is a easy task if you know the right documentation and KYC requirements of the banks . During the time of company account in Dubai the bankers may ask further questions or supporting documents to open the bank account . So its very critical to respond in this information by the applicants . We Nex Consultants can guide you on KYC requirements , prior to starting the bank account opening in Dubai and it makes easy documentation process to the applicants .

Documents Required for corporate Bank Account in Dubai

Copy of trade license
Copy of MOA/AOA
Copy of share certificate
Copy of Incorporation Certificate
Copy of passport with UAE entry stamp page of shareholders
Copy of Emirates ID of shareholders (if the shareholders having UAE residency)
Copy of Visa page of shareholders (if the shareholders having UAE residency)
List few prospective clients / or existing clients (suppliers/ buyers)
Copy of last 6 months bank statement of the shareholders
Copy of utility bill of the shareholders showing the proof of address
Copy of corporate legal documents and bank statements ( if the shareholder having company outside UAE)

Note : Above documents are the usual documents required /requested by the bankers while opening the corporate bank account in Dubai . Apart from the mentioned above documents and information , bankers might ask further clarification on transactions or invoices or contracts . The applicants will be informed by the bankers as and when they require any further documents or information on bank account opening in Dubai .

Bank Account for Free Zone Company in UAE

Freezone companies are considering as a special economic zone which offers 100% ownership and tax benefits to the companies . Due to the tax as well as coustoms duty exemption on exporting & re-exporting , UAE freezone become a popular choice among the investors for their company registeration in Dubai , UAE. Open and operate the Freezone company in UAE required proper guidance and consultation due to the UAE corporate compliance requirements from the licensing authorities and the banks . Now a days its very important to opens a bank account for your Freezone company for your hassle free daily operation of the company . It’s also important to do your banking transaction with right banks as well as financials institutions. Due to the high compliance, KYC requirements it’s not easy to open a bank account compared to earlier times but your Freezone company bank account opening in Dubai can be make easy if you are aware of bank KYC and compliance requirements. [ Read more ]

Bank Account for Limited Liability Company (LLC) in Dubai, UAE.

A Limited Liability Company (LLC) is a popular option for foreign investors looking to establish a business in Dubai. An LLC allows the investor to retain full ownership of the company while limiting their liability for any losses incurred by the business. To open a bank account for a Limited Liability Company (LLC ) in Dubai, the following steps must be taken:

1. Choose a Bank – There are many local and international banks operating in Dubai that offer business bank accounts. Research and compare the various options to find the one that suits your business needs.
2. Gather Required Documents – The documents required to open a bank account for an LLC in Dubai typically include the company’s trade license, articles of association, memorandum of association, company profile, passport copies of the company directors and any other relevant identification documents.
3. Meet the Bank Representative – You will be asked to meet with a bank representative to discuss the account’s specifics.
4. Submit the Application – Once all required documents are gathered, an application for a bank account can be submitted through the bank’s website, mobile app or in person at a branch.
5. Await Approval – The bank will review the application and, once approved, will email the account details and necessary activation instructions to the registered email address.
6. Follow Up: Follow up with the bank after submitting the required documents, as the process may take about five business days to complete. [ Read more ]

Do you want help in opening bank account for your company ? We’ve got you covered. Nex Consultants provides its clients with a complete range of services regarding bank account opening and maintaining. We have a team of specialist professionals who can suggest you the bank which completely meets your business needs. Our services will save your valuable time. Contact us for all your bank account opening requirements.

FREQUENTLY ASK QUESTIONS OPENING ON COMPANY BANK ACCOUNT IN DUBAI, UAE

Can a company in Dubai UAE open a bank account?

Yes, a company in Dubai UAE can open a bank account.

What documents are required to open a bank account for a company in Dubai UAE?

The documents required to open a bank account for a company in Dubai UAE may vary from bank to bank, but typically include the company’s Trade License, Memorandum of Association (MOA), Article of Association (AOA), passport copies of shareholders, directors and authorized signatories, and a Board Resolution authorizing the opening of the bank account.

Do banks in Dubai UAE require a minimum balance for a company's bank account?

Yes, most banks in Dubai UAE require a minimum balance for a company’s bank account. The amount may vary depending on the bank and the type of account.

Can a foreign company open a bank account in Dubai UAE?

Yes, a foreign company can open a bank account in Dubai UAE, provided they have the necessary documents and fulfill the bank’s requirements.

How long does it take to open a bank account for a company in Dubai UAE?

The timeline for opening a bank account for a company in Dubai UAE may vary depending on the bank, the complexity of the account opening requirements, and the completeness of the documentation. Typically, the process can take between a few days to a few weeks.

Are there any restrictions on using a company's bank account for international transactions?

No, there are no restrictions on using a company’s bank account for international transactions. However, the bank may require additional documentation to validate the nature and purpose of the transaction.

FREQUENTLY ASK QUESTIONS OPENING ON NON RESIDENT BANK ACCOUNT IN DUBAI, UAE

Can a non-resident of Dubai UAE open a bank account?

Yes, non-residents of Dubai UAE can open a bank account, but the process may be different from that of residents.

Can a non-resident open a bank account remotely without visiting Dubai UAE?

Some banks in Dubai UAE may allow non-residents to open a bank account remotely, but the process and requirements may vary depending on the bank.

What documents are required to open a bank account for a non-resident in Dubai UAE?

The documents required to open a bank account for a non-resident in Dubai UAE may include a passport copy, residential proof from the home country, bank statement from the home country, and a reference letter from a bank in the home country.

Can a non-resident of Dubai UAE use their bank account for international transactions?

Yes, a non-resident of Dubai UAE can use their bank account for international transactions, but the bank may require additional documentation or authorization to validate the transaction.

Is there a minimum balance requirement for non-resident bank accounts in Dubai UAE?

Yes, there may be a minimum balance requirement for non-resident bank accounts in Dubai UAE, depending on the bank and the type of account.

Are there any restrictions on the currency of the non-resident bank account in Dubai UAE?

Most banks in Dubai UAE offer accounts in major currencies such as USD, EUR, GBP, and AED. However, the availability of currency options may vary depending on the bank.

FREQUENTLY ASK QUESTIONS ON OPENING SAVING BANK ACCOUNT IN DUBAI, UAE

Can an individual open a savings bank account in Dubai UAE?

Yes, an individual can open a savings bank account in Dubai UAE.

What documents are required to open a savings bank account in Dubai UAE?

The documents required to open a savings bank account in Dubai UAE may include a passport copy, residence visa, Emirates ID, and proof of address such as a utility bill or rental agreement.

Is there a minimum balance requirement for a savings bank account in Dubai UAE?

Yes, there may be a minimum balance requirement for a savings bank account in Dubai UAE, depending on the bank and the type of account.

What are the interest rates for savings bank accounts in Dubai UAE?

The interest rates for savings bank accounts in Dubai UAE may vary depending on the bank, the account type, and the amount deposited.

Can a savings bank account be used for international transactions?

Yes, a savings bank account in Dubai UAE can be used for international transactions, but the bank may require additional documentation or authorization to validate the transaction.

Can a savings bank account in Dubai UAE be opened jointly with another person?

Yes, a savings bank account in Dubai UAE can be opened jointly with another person. The required documentation for a joint account may vary depending on the bank.

FREQUENTLY ASK QUESTIONS ON OPENING SALARY BANK ACCOUNT IN DUBAI, UAE

Can an individual open a salary bank account in Dubai UAE?

Yes, an individual can open a salary bank account in Dubai UAE.

What documents are required to open a salary bank account in Dubai UAE?

The documents required to open a salary bank account in Dubai UAE may include a passport copy, residence visa, Emirates ID, proof of salary (such as a salary certificate from the employer), and proof of address such as a utility bill or rental agreement.

Is there a minimum balance requirement for a salary bank account in Dubai UAE?

There may be a minimum balance requirement for a salary bank account in Dubai UAE, depending on the bank and the type of account.

Can a salary bank account in Dubai UAE be used for international transactions?

Yes, a salary bank account in Dubai UAE can be used for international transactions, but the bank may require additional documentation or authorization to validate the transaction.

Are there any benefits to opening a salary bank account in Dubai UAE?

Some banks in Dubai UAE may offer benefits such as zero minimum balance requirements, free ATM withdrawals, and discounts or vouchers from partner merchants.

Can a salary bank account in Dubai UAE receive remittances?

Yes, a salary bank account in Dubai UAE can receive remittances from overseas or from other banks within the UAE. The bank may require additional documentation or authorization to validate the transaction.

Bank Account Opening in Dubai, UAE