Bank Account opening

Dubai Bank Account Opening

The current economic constancy of the UAE is very satisfactory for its financial institutions like banks etc. A lot of business people are interested to open a bank account in Dubai, everyone wants to open their personal and corporate bank accounts in Dubai, and so they can secure their monetary assets. Almost all international banks try to open their representative office or branches in Dubai. Most of the above mentioned affirmative facts increase the possible interest of international investors and business proprietors to keep their companies’ capital in the Dubai banks.

How to Open a Bank Account in Dubai?

The procedures involved in opening a bank account in Dubai are quite stringent and involve a considerable amount of paperwork however requirements differ from bank to bank. All standard banking services are offered by Dubai banks including current, savings and deposit accounts, as well as offshore accounts.

This is very much important to mention that the procedure of Dubai bank account opening for corporate use as it varies bank to bank. Bank account opening in Dubai requires some time in order to finish all compulsory steps of the application. In our point of view, the excellent solution to save your valued time is to consult qualified professionals who went through this process many times. However, just to have a general awareness about the Dubai bank account procedure itself, you may interest to read the following information;

Presence Requirements for Opening Bank Account in UAE

As per the legal procedures of the financial institutions of the United Arab Emirates, it is compulsory to be personally present in Dubai for UAE bank account opening. Else, the process will be considered illegal. The reason behind this requirement is the original signature of the documents and personal identity confirmation which permit the applicant to open a corporate bank account in UAE.

Required Documents for Bank Account Opening in Dubai

Following are the list of documents required for opening different types of a bank account in Dubai – UAE.

Corporate Bank Account Opening for UAE Resident Sole Proprietorship Co.

  • Trade License
  • Partnership Agreement
  • Passport copy of all partners
  • Power of Attorney if the account is opened and operated by the Power of Attorney holder.
  • The POA should be a notarized document issued by the court. – A Manager of a company can appoint a POA holder provided his name appears on the Trade License and Partnership Agreement. If the Manager’s name is not mentioned on the Trade License then all partners can appoint a Manager through a Board Resolution and the Manager can in turn appoint a POA holder if he has the authority to sub-delegate his powers. POA holder can only open an account if he is empowered to do so.

In case the Trade license is a Profession License – Rukhsa Manahiya, then the Chamber of Commerce and Commercial Registration certificates will not be required.

Corporate Account for UAE Resident Limited Liability Company (LLC)

  • Trade License (3 Pages)
  • Memorandum of Association
  • Passport copy of the authorized signatory (i.e.) with visa page/Entry Stamp page.
  • Passport copy of the Local Emirati Sponsor with idbara page
  • Chamber of Commerce Certificate copy
  • Power of Attorney if the account is opened and operated by the Power of Attorney holder.
  • The POA should be a notarized document issued by the court – The Manager of a company can appoint a POA holder provided his name appears on the Trade License and the Memorandum and Articles of Association. If the name is not there then a Manager can be appointed through a Board Resolution. Once this is done then the Manager can appoint a POA holder, provided he is empowered to do so. The POA holder can only open the account if he is empowered to do so.

In case the Trade license is a Profession License – Rukhsa Manahiya, then the Chamber of Commerce and Commercial Registration certificates will not be required)

Corporate Bank Account Opening for OFFSHORE COMPANY (RAK IC, JAFZA & AFZA)

  • Certificate Of Incorporation
  • Memorandum and Article of Association
  • Passport copies of the shareholder(s) (Original passport will be seen of the signatory only)
  • Share Certificate, Incase share percentage is not mentioned in MOA or AOA
  • Passport Copy of the ultimate beneficiary (If any)
  • Signing authority’s passport entry stamp page when he came last time in UAE (OR) Visa Copy if he is a resident of Dubai
  • In case of Corporate shareholdings structure, shareholder company`s documents will also be required after legal, notary and MOFA stamping.
  • Company structure tree diagram on Company Letterhead
  • CV of all the partners
  • Company profile or business profile
  • Board Resolution/Power of Attorney in favor of the Authorized Signatory in order to open, operate, and close bank account in the name of the company. (If required)
  • Any other document to verify the record, a bank may request.

Corporate Account for UAE Free Zone COMPANY

  • Incorporation Certificate or Trade License
  • Share Certificate, In case of share percentage, is not mentioned in MOA or AOA
  • Passport Copies for all partners, if any, signed by the signatory (Original passport will be seen of the signatory only )
  • Memorandum and Article of Association
  • Board Resolution if any

In case any change or amendment in the original documents of the company, same will be notarized and attested by that respective free zone.

Corporate Bank Account Opening for FOREIGN COMPANY

This is very much possible to open a bank account in Dubai for a foreign company. A foreign company is a company registered outside the UAE, irrespective it is offshore Company such as BVI Offshore Company or onshore company in any jurisdiction around the globe. In order to open a bank account, all the required documents should be legalized and attested from the UAE embassy in the country of origin and then from the ministry of foreign affairs in Dubai. The process is pretty expensive.

  • Certificate Of Incorporation
  • Memorandum and Article of Association
  • Passport copies of all the partners (Original passport will be seen of the signatory only)
  • Share Certificate, In case of share percentage, is not mentioned in MOA or AOA
  • Passport Copy of the ultimate beneficiary (If any)
  • In case of Corporate shareholdings structure, shareholder company`s documents will also be required after legal, notary and MOFA stamping
  • Company structure tree diagram on Company Letterhead
  • CV of all the partners
  • Company profile or business profile
  • Any other document to verify the record, a bank may request.

Note all documents required to be attested and notarized by the nearest UAE Embassy / Consulate from the country of origin and Ministry of Foreign Affairs in UAE. We can assist you for this process.

Corporate Bank Account Opening for BRITISH VIRGIN ISLANDS (BVI)

  • Memorandum & Articles of Association
  • Certificate of Incorporation
  • Board Resolution/Power of Attorney in favor of the Authorized Signatory in order to open, operate and close a bank account in the name of the company
  • Passport copy of shareholders as well as of the signing authority if any
  • Latest three months bank statement for the signing authority
  • Share certificate of the company if any

Note all documents required to be attested and notarized by the nearest UAE Embassy / Consulate from the country of origin and Ministry of Foreign Affairs in UAE. We can assist you for this process.

Non-Resident Personal Bank Account Opening

  • Passport copy with the entry page
  • 6 months bank statement from the home country
  • Bank Reference letter
  • Utility bill
  • The client needs to invest in some products like investment, bonds, insurance (minimum USD 500) and with this he can get a zero balance account.
  • OR
  • Maintain An average balance of AED 200,000

Please note that the bank reserves the right to ask for additional information in line with the international practice of meeting the required compliance regulations and adequately establishing the “Know Your Customer” principle.

Dubai Bank Account – Cheque book

It is pretty common to use a Cheque book for the modern financial system of Dubai. Using a Cheque book for Dubai bank account is convenient and on the other hand, this is a secure mode of payments for individuals and corporates as well. However, in order to get a Cheque book for the corporate account of the company, it is compulsory that the investor should be the resident of the UAE. Normally banks don’t issue Cheque books to offshore companies.

Bank Account in Dubai – Debit card

Bank account Opening in Dubai provides you an opportunity to obtain a debit card or credit card as well. It is a classic and appropriate instrument for any financial transaction. The debit cardholder can make any payments transaction through ATM or any payments terminals as well as withdraw the cash from the ATM machines. There are certain terms and conditions on the use of debit card which directly depend on the type of the debit card and bank in Dubai

Dubai Bank Account – Online Banking System

Most of the people who are interested in Dubai bank account are generally interested in the online banking system. In the modern business world, Dubai online banking is a unique instrument of managing bank account from anywhere in the world. This online banking system is very attractive for those companies that want to transfer money funds from one account to another worldwide. Moreover, this is very important to mention that online banking systems of UAE extremely secured method to do business transactions and protect its clients from frauds.

List of Commercial Banks in Dubai 

The following is a list of Dubai banks:

  • Arab Bank UAE
  • BNP Paribas
  • Bank Reference letter
  • Commercial Bank International UAE
  • Commercial Bank of Dubai
  • Dubai Bank
  • Dubai Islamic Bank
  • Emirates Islamic Bank
  • Emirates NBD
  • First Gulf Bank
  • HSBC Dubai
  • Invest Bank
  • Mashreq Bank
  • Union National Bank
  • United Arab Bank
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