In the United Arab Emirates, a flourishing hub for business, commerce, and finance, you’ll find a diverse banking market ready to serve both expatriate residents and local and international investors.
The Central Bank keeps a watchful eye on the banks in the UAE, ensuring everything runs smoothly for commercial, investment, and Islamic banks, as well as currency exchange firms, financial intermediaries, and investment companies. In this vibrant marketplace, you’ll find both domestic and foreign banks. In 2023, there are 23 domestic banks and 28 foreign banks operating in the country.
Retail banking in the UAE
If you’re an expat looking to open a bank account in the UAE, you’ll be pleased to hear that the process is relatively simple. You will be required to provide a number of documents, such as:
- Your passport
- A copy of your work or residence visa
- A copy of your Emirates ID card
- A salary confirmation letter or no-objection letter from your employer or sponsor.
Once you’ve opened an account, you’ll have access to a range of banking services like cash and debit cards, direct debits, standing orders, transfers, and advanced online banking services. Plus, UAE law allows banks to offer Islamic finance services alongside conventional ones.
UAE banks generally operate during standard business hours, but specific days and times may vary depending on the bank and branch location. Language won’t cause any barriers as thanks to the high expatriate population, most bank staff speak English. While interest rates in the UAE are low, meaning you won’t earn much from deposits, it’s still a good idea to explore different options due to the wide range of services available.
Business banking in the UAE
Investors keen to open a corporate account in the UAE will enjoy many advantages. A case in point is that banks in the UAE are more proactive in lending to private enterprises, offering a comprehensive variety of products and services. Plus, the country’s low-interest-rate environment means borrowing costs are relatively low. However, be prepared for a more intricate application process for business accounts, as each bank may have its own unique procedures for corporate banking.
When making your application to open a business account in the UAE, you’ll generally need to verify the identity of signatories, provide an in-depth structural overview of the company, and present certificates of incorporation and trade licences. Banks may also request detailed information about the company’s directors and financial aspects, such as the nature of the business and financial projections. Verification documents must be signed in the presence of a banking officer, and for non-resident accounts, documents require certification from the Ministry of Foreign Affairs.
Dubai banking made easy
Given that opening a business bank account in the UAE is therefore likely to be an unfamiliar, bureaucratic, and protracted process for foreign investors, it is recommended that they engage the services of an adviser with thorough knowledge of the banking services in the UAE, related laws and customs to guide them through the process.
Fortunately, Europe Emirates Group is poised to assist. Whether you’re interested in retail, corporate, or offshore banking, our team of experienced and knowledgeable experts will prepare you for each and every step of your banking application. And that’s not all: our banking service is included when you set up your company with us. Get in touch with us today.
