Dubai has gained the reputation of being an international city due to the presence of an extremely large number of foreigners for business, job, and other reasons. Today, more than 85% of the residents are foreigners. They are living there as investors, employees, workers, traders, etc. For all these foreigners living in Dubai, an important necessity is opening a bank account.
General bank account requirements in Dubai
There are several general requirements that are necessary for all types of accounts. Knowing these requirements will allow you to understand the whole process of bank account opening in Dubai.
- Residence in Dubai (or UAE): It is not allowed for any bank in Dubai to open a current/checking account without residency in Dubai/UAE. But few banks allow non-residents to open saving accounts in Dubai. These banks apply different conditions for this type of bank account.
- You have to be in Dubai or UAE: It is because signing documents in front of a bank officer is mandatory for this purpose. The only other option is to give the right to a representative for account opening.
- Minimum account limit: Many banks in Dubai set this limit but this condition is not applied by all banks.
- IBAN (International Bank Account Number): The government of the UAE has now made it mandatory to use IBAN for all electronic transactions. IBAN is necessary for payments within the UAE and abroad.
- Documents Submission: These include a letter of no-objection from sponsor/employer, passport with residency, Emirates’ ID card, copy of visa and recent utility bill payment.
Requirements for non-residents bank accounts
As stated above, few banks in Dubai allow the opening of saving account for non-residents. Following are the important requirements for non-resident bank account opening in Dubai.
- They need to submit at least six-month original personal bank statement from their country of origin (they need to submit documents to prove their company ownership/share if they own a company).
- An original bank reference letter, profile (CV), recent utility bill and a passport copy of the applicant are required.
- Usually, USD 10,000 monthly average balance is required. (It may vary from bank to bank)
- Physical presence in Dubai/UAE is also mandatory.
Requirements for corporate bank account opening
Apart from opening personal bank accounts, it is also possible for investors and company-owners to open corporate/business accounts in Dubai. There are two types of corporate bank accounts available in Dubai. These are Offshore company account and onshore company account. There are several differences between offshore and onshore bank accounts.
- Dubai offshore company account is less costly as compared to an onshore company bank account. But opening such account is difficult due to the higher minimum account balance. It has strict regulations also as it is non-resident account.
- Dubai onshore company account is costlier but can assist you to get a UAE residency visa. It is also helpful for obtaining freedom to choose banks, few regulations, and minimum account balance requirements.
Following are important requirements for a corporate bank account opening:
- Submission of Articles of Association (AoA) and Memorandum of Association (MoA).
- Ownership documents along with corporate structure documents
- Documents describing the source of funds invested in the company
- Information regarding the business experience of company owners
- Standard persona documents of company shareholders
- Explanation of the company’s planned activities
You can contact RIZ & MONA Consultancy for further guidance and support. Our firm has experienced professionals who can give you a premium service for bank account opening in Dubai.