BANK ACCOUNT OPENING IN THE UAE
Opening a business bank account in the UAE can be challenging, mainly due to the rigorous compliance requirements mandated by the UAE Central Bank. However, with our assistance, the process becomes much simpler. Our dedicated team will guide you through each step to ensure a hassle-free experience.
In-Person Application:
You will typically need to be present to meet with a bank representative, sign application forms, and provide the necessary documentation.
You will typically need to be present to meet with a bank representative, sign application forms, and provide the necessary documentation.
Online Application:
If you are currently outside the UAE, you can begin the account-opening process online. However, the bank will require either a phone call or an online meeting with you. Once approved, you will still need to travel to the UAE to sign the final account-opening documents.
If you are currently outside the UAE, you can begin the account-opening process online. However, the bank will require either a phone call or an online meeting with you. Once approved, you will still need to travel to the UAE to sign the final account-opening documents.
Processing Times:
- Digital Applications: Approximately 14 days.
- In-Person Applications: 25 working days or more, depending on the complexity of the account and compliance checks.
Before we explore how to open a bank account, it’s helpful to understand the broader banking environment. The UAE’s banking sector is regulated by a central bank, with around 50 local and international banks operating across the country.
Types of Banks
The UAE primarily recognizes four categories of banks:
Types of Banks
The UAE primarily recognizes four categories of banks:
- Commercial Banks
- Investment Banks
- Industrial Banks
- Islamic Banks
UAE regulations prohibit using a personal account for commercial activities. Therefore, corporate accounts are necessary for companies conducting business in the UAE. Most corporate accounts are current accounts to accommodate frequent transactions.
Typical Setup Time
You’ll need additional documents, which may include:
Typical Setup Time
You’ll need additional documents, which may include:
- Trade license
- Certificate of registration
- Share certificates
- Memorandum and Articles of Association
- Board resolution authorizing a specific individual to open the account
- Passports, visas, and Emirates IDs of all shareholders (if applicable)
- Six months of bank statements (individual or company)
- Utility bills for address proof (for certain nationalities)
- VAT certificate (if applicable)
- Business plan/company profile/website details
- Applicant’s CV (signatory)
- Names of existing or potential suppliers/clients
- Debit & credit invoices
Banking
Accounting
Everything you wanted to ask about
Banking Inside Dubai
Ideal if your business operates locally and you need AED transactions or VAT compliance.
Banking Outside Dubai
Better for international operations requiring multi-currency accounts and global banking facilities.
Bookkeeping
Accounting
Accurate financial reporting designed to keep your business operations on track, ensure compliance, and make tax preparation seamless.
Efficient management of day-to-day transactions, ensuring organized and up-to-date records for smooth operations.
A thorough financial review ensuring compliance with regulations and providing actionable insights for strategic decisions.
Audit
In-depth financial review to ensure compliance and provide actionable insights.
Efficient management of day-to-day transactions for organized financial records.
Accurate financial reporting to keep your business on track and tax-ready.
Accounting
Audit
Bookkeeping
Better for international operations requiring multi-currency accounts and global banking facilities.
Banking Outside Dubai
Ideal if your business operates locally and you need AED transactions or VAT compliance.
Banking Inside Dubai
Banking & Accounting
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+971 08769098567
consult@emiralliance.com
consult@emiralliance.com
Helena James
Client support
+971 08769098567
consult@emiralliance.com
consult@emiralliance.com
Den Anderson
General Manager
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