Top Tips for a Smooth Account Opening Process
It goes without saying that one of the most important parts of settling in a new country, be it for business or pleasure, is opening a bank account. This article outlines the process to open both personal and business accounts and the key things to keep in mind when it comes to opening a bank account in the UAE.
Opening a personal bank account in the UAE is an option for residents and non-residents alike, but the specifics depend on the residency status of the individual. UAE residents are permitted to open both current and saving accounts while non-residents are only allowed to open a cumulative deposit or call account, the latter typically used to pay for a mortgage. For both, however, the process is quite straightforward, usually requiring just your passport, visa, and Emirates ID.
One important thing to keep in mind is that it is possible to be rejected based on your country of origin/nationality because banks try to avoid customers from high-risk or sanctioned countries. There are many different options available, however, and you should explore all your options in order to find the best bank for you.
Documents required to open a personal bank account in the UAE:
Passport and passport copy
Copy of visa page in your passport
Six months of bank statements from other bank account
Offshore or mainland companies or entities are eligible for opening a corporate bank account in the UAE, but banks tend to favour mainland and Free Zone-based companies and are moving away from offshore companies. Don’t worry, though, offshore companies are able to take advantage of offshore banking options and therefore do not need to have an account in Dubai. If you are looking for a bank for your offshore company, research options such as banks in Switzerland and Mauritius.
Documents required to open a corporate bank account in the UAE:
Passport copies of all shareholders and authorised signatories
Company trade licence
Certificate of Registration
Company Memorandum & Articles of Association
Board Resolution authorising a company officer to open the account
To ensure a smooth account opening process, there are four main factors to keep in mind:
Your company’s business plan is a necessary aspect of opening a bank account in the UAE. A well-designed and detailed business plan is key to proving that you are a serious business owner/entrepreneur.
To prove the legitimacy of your business, updating your existing website or creating a new one is key. A well-designed website will not only show the bank what your company is all about, but it will also attract potential clients and partners. Listing some of the companies and clients you have worked with will also contribute to your reputation.
Each bank may have different requirements for the documentation needed, so make sure you familiarise yourself with their process and requirements so you are prepared. Preparing everything beforehand allows you to stay in control and ensure everything is taken care of within your timeframe.
Do research on the best bank in your jurisdiction. Each bank has different fees, criteria, restrictions, applicable currencies, and processes and ensuring that the bank you choose meets all your needs is crucial. Meet with an impartial banking expert who can help you see both sides of the coin before making a final decision.
Although it may seem complicated, using the aforementioned information can help simplify the process. Europe Emirates Group is here to help you with the entire process from start to finish. Do not hesitate to contact us for assistance in setting up your bank account or company in the UAE.
CEO, Europe Emirates Group