In year 2022, There are 19 local banks and 24 foreign banks operating in the UAE. The UAE Central Bank is the primary financial regulatory authority in the country.
Opening a UAE bank account could be an extremely complex process.
With adoption of stringent AML/CTF , KYC Requirements, it could take an average 30 to 60 working days to open up a UAE bank account. Our Expert Consultants can fast track this process and can assist you to choose the right type of bank account for your business purposes based on your requirements and business activity.
All the necessary documentation and attestation required will be taken care of by our expert consultants.
Our referred business bank consultants are seasoned bankers have many years of collective experience in the financial services industry & worked with global banks such as ABN AMRO, American Express, Citigroup, Credit Suisse, Emirates NBD, FGB, HSBC, Standard Chartered, UBS, National Bank of Ras Al Khaimah RAKBANK, First Abu Dhabi Bank FAB, Abu Dhabi Commercial Bank, Mashreq Bank, Dubai Islamic Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai.
Few are Documents that will be required for opening a UAE Bank Account
It depends on the below factors.
Every bank has a detailed Service & Price Guide to refer to understand the full costs and operating a UAE business bank account. Further,
Nowadays a bank account in the name of an individual is a must, just as a bank account is inevitable especially if you have any kind of own venture or business. Personal banking refers to a personal account used for an individual’s personal needs. How to open a bank account in Dubai follow the criteria set by the UAE Government? An individual’s personal bank account is important for a number of reasons. Dubai Personal Bank Account refers to a bank account used for non-business purposes.
As in all countries, the UAE has banking rules that guarantee the security of any investor. UAE citizens and expatriates doing business/working there are eligible to open a bank account in Dubai. In other words, a person in Dubai or an expatriate in Dubai is eligible for a personal bank account in Dubai. There are usually some restrictions on expatriate banking. Most banks in Dubai only allow expats to open a savings account. Also, the account holder has some limitations. Not a current account, however expatriates will not receive a check book, but will be given a debit card to withdraw the money.
Procedure to be followed by Expatriates for opening a Private Banking Account in Dubai
The applicant must appear in person
Fill in the applicant’s profile (CV)
Copy of the passport with UAE entry page
Original personal bank statement from country of origin or anywhere in the world for the latest six months. (If the applicant has only one company account or is the owner of a company in or outside the UAE, legal documents providing ownership and the latest six months banking statement should be available)
The applicant should produce the original banking reference of the company or personal account in his or her native country or any part of the world(conditions may vary from bank to bank, however, it is advisable to have the document)
Banks in the UAE require non-residents to maintain a fixed balance in their account to open a personal banking account; the procedure may vary from bank to bank.Banks in the UAE require non-residents to maintain a fixed balance in their account to open a personal banking account; the procedure may vary from bank to bank.
The Dubai banking sector is doing a very generous service to the investors who invest there, that in turn is extremely blessed for any foreigner. Speaking of which, the procedure to follow in Dubai to open a company bank account or corporate bank account in Dubai is relatively hassle free. Dubai is one of the world’s leading business hubs for investors. Here free financial transfer plays an important role in business growth in all sectors. Foreign investors are very enthusiastic about the corporate bank account issue, which is generally mandatory.
For Business or Personal bank account UAE has seen a rise in digital bank platform (branchless) and adoption in neo-banks like
Few advantages of opening of digital bank account in UAE
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