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BANK ACCOUNT OPENING IN DUBAI

OPENING BANK ACCOUNT IN DUBAI

Are you interested in opening a bank account in Dubai? Get in touch with us at Ibara Consultancy for end-to-end assistance.

Opening a bank account in Dubai can be a complex process involving strict compliance procedures mandated by the UAE Central Bank. However, our bank account opening service can simplify this for you. Our expert team will guide you through each stage, ensuring a hassle-free experience. Open a bank account in Dubai with ease and peace of mind.

What You Should Know

In-person application

You will need to be physically present during the application process. This is necessary so that you can meet with a bank representative, sign the application form, and submit all the required documents. Make sure to bring all the essential paperwork and identification with you.

Online Application

If you are located outside of the UAE, you can start the process of opening your bank account online. However, the bank will still require your presence through phone calls or online meetings. After your application is approved, you must visit the UAE and sign the account opening form per the bank's requirements.

Opening Bank Account in Dubai: Our Approach

Detailed Assessment

Our team will evaluate the activities, operations, projected annual turnover, and initial funds available for opening an account for your company. Based on this information, we will suggest the most appropriate bank for your business needs.

Collaborating With The Bank

If the bank needs more information or additional processing, we will contact them and help you complete the necessary requirements. In some instances, if you can't meet with the Contact Point Verification Agent, we can act as your representative. Rest assured, we will assist you every step of the way.

Documentation

We offer comprehensive assistance in gathering and organizing the necessary documents for the bank. These may consist of certified company incorporation documents, a company profile, valid passport copies of all shareholders, personal profiles (CVs) of all shareholders, 6 months' personal bank statements of all shareholders, Emirates ID and residence visa copy of at least the signatory, as well as a copy of your Ejari.

Opening a Bank Account in Dubai for Expats

Dubai, a thriving metropolis in the heart of the UAE, has emerged as a global hub for business, finance, and innovation. The city attracts expatriates from around the world who come to live, work, and invest. For these expatriates, opening a bank account is essential. A local bank account enables easy transactions, salary deposits and offers access to various financial services and products tailored to meet their needs. It also provides a secure and convenient platform for money management and savings, thereby facilitating a smooth financial transition into the new environment.

Overview Of Banking In Dubai

The banking sector in Dubai is robust and highly regulated, maintaining a strong presence of both domestic and international banks. These banks offer a wide range of services, from traditional banking services such as savings and current accounts to comprehensive financial solutions like loans, investments, and wealth management services. The UAE Central Bank governs the banking landscape, ensuring the stability and integrity of the financial system. Furthermore, Dubai’s innovative approach to banking has led to progressive leaps in digital banking and fintech solutions, offering customers unparalleled convenience and security in their financial transactions. With a strong customer-focused approach, the banking sector in Dubai provides an essential pillar to the city’s economic vitality and growth.

Opening a Bank Account in Dubai for Expats: Types of Bank Accounts

Current Account: This type of account is ideal for regular transactions, such as paying bills or receiving a salary. It generally offers a checkbook, an ATM card, and online banking services. Overdraft facilities may also be available.

Savings Account: Suitable for individuals who want to save money and earn interest on their deposits. These accounts may come with ATM cards, but usually do not provide a checkbook.

Fixed Deposit Account: These accounts are for those looking to deposit a significant amount of money for a fixed period and earn a higher interest rate than a regular savings account. The longer the money is kept in the account, the higher the interest accrued.

Business Account: Designed for businesses and corporations, this account type caters to the specific needs of companies, allowing for a high number of transactions, payroll solutions, and other business-related banking services.

Offshore Account: These accounts are for those residing outside the UAE but who want to keep some finances in Dubai. Offshore accounts offer tax advantages and provide a safe haven for assets.

Islamic Account: These accounts comply with Sharia law prohibiting earning interest. Instead, banks invest account funds and share the profits with the account holder. These accounts are halal and provide an option for Muslims who want to bank ethically according to their religious principles.

How to Open a Bank Account in Dubai

With all the necessary information at your disposal, you are well-prepared to initiate the process of opening a bank account in the UAE. This procedure is known for its efficiency, typically taking anywhere from a few days to a few weeks.

To open either a current or savings account, UAE residents must furnish the following documentation:

  1. Your original passport and a photocopy.
  2. A copy of your UAE resident visa.
  3. A salary certificate.
  4. Your Emirates ID card or a copy of your registration form if you have not yet received the ID card.

For non-residents: the option available is typically limited to opening a savings account. While a chequebook may not be provided, you will receive a debit card for withdrawals.

To open a savings account as a non-resident, most banks conduct background checks and request the following documents:

    1. A recent utility bill.
    2. A reference letter from your home bank.
    3. The six most recent monthly bank statements from your home bank.
    4. Documentation verifying consistent funding sources.

These documents are essential to ensure you possess the necessary financial means to maintain a bank account in the UAE. Opening a non-resident savings account may take longer due to the additional documentation required.

Opening a Business Bank Account in Dubai

Opening a business bank account in Dubai is a streamlined process catering to small and large corporations’ needs. It offers entities many benefits, including easy fund management, seamless transactions, business loans, and customized services. To open a business account, companies need to provide a set of documents which typically include, but are not limited to:
  1. Account application form
  2. A signed directors resolution approving the account opening.
  3. A copy of your Emirates ID and passport
  4. Proof of a residency visa
  5. Proof of residential address, from the home country if the applicant is not a resident of the UAE.
  6. Certified corporate documents, such as share certificates, certificate of incorporation, and articles of association.
  7. A business plan and company profile
  8. Bank statements for the past 3-6 months
The process can take anywhere from a few days to a few weeks, depending on the bank and the completeness of the documentation provided. Businesses may also need to maintain a minimum balance in their account, the amount of which varies from bank to bank. It’s crucial to research and select a bank that aligns with your business needs and provides services suitable for your business operations.