Bank Account Opening
in the UAE

Emirates NBD (ENBD), First Abu Dhabi Bank (FAB), & Mashreq Bank

All banks in UAE, local and foreign, are safe and provide efficient services. However, local banks are more flexible with SME companies in terms of chances of getting the approval for Bank Account Opening in the UAE and credit facilities.

Banking in the UAE is considered safe due to robust regulatory oversight by the Central Bank of the UAE, which sets stringent standards for financial institutions. Additionally, many banks in the UAE have strong capital adequacy ratios and adhere to international best practices in risk management. Moreover, the UAE government has demonstrated a commitment to maintaining stability in the financial sector, providing further assurance to depositors and investors.

Current accounts are applicable only for UAE Resident signatories while Call Accounts are applicable for Non-UAE Resident signatories.

UAE local banks don’t charge any fees for Bank Account Opening.

Yes, UAE banks provide multi-currency Bank Accounts in AED, USD, Euro, GBP, CHF etc. There is the possibility to apply to the multi-currency Bank Account in most UAE banks without additional service fees or maintain a minimum, or average balance for the Bank Account.

You can apply for current (Resident) or call (Non-Resident) Personal Bank Account at any UAE local or foreign bank in the UAE. Choose the right bank which offers all the facilities you are looking for, and where you can qualify for their minimum maintaining balance requirement.

Yes, as a foreigner, you can open a Priority Personal Bank Account (Call Account) in the UAE with a minimum maintaining balance of 500,000 AED. In case you are not able to maintain such a balance, please proceed with processing your UAE Resident Visa to benefit from a current account with a minimum maintaining balance of 3,000 AED or a salary account without maintaining a balance.

Time frame varies depending on the type of account and background of the individual. Minimum time frame as follows:
Salary account 1-2 days
Current/savings/priority account 3-5 days

The initial documents to open resident bank account are as follows:

• Physical / Original Emirates ID
• Original Passport
• Electronic UAE Residence Visa copy
• Utility Bill issued within last 3 months for your UAE residential premises, rented or owned
• Salary Certificate from employer or contract with the employer (for employees). For investors, it should be the latest corporate document, showing ownership in the company

Any bank may require additional documents based on their special requirements and submitted case.

The initial documents to open resident bank account are as follows:

• Original Passport
• Utility Bill issued within last 3 months for your UAE residential premises, rented or owned
• Comprehensive CV / Resume
• Document proving the source of the applicant’s income: 6 months personal bank statement and salary certificate if individual is employed outside UAE and/or corporate bank statement of existing business outside UAE if individual owns a company outside UAE.
• Latest entry stamp in the passport in the UAE / Tourist Visa with Entry Stamp

Yes, you can have as many bank accounts as you like in different UAE banks. There are several reasons to have more than one Bank Account.

Yes, the presence of the signatory is mandatory to apply to Bank Account opening in UAE. The banker should verify the original passport and meet the signatory personally. This rule is valid for all UAE Bank Accounts: Resident, Non-Resident and Offshore Bank Accounts in the UAE.

The initial deposit must be equivalent to the chosen package’s minimum maintaining balance.

Please, check our expert blog to find out how to open a Corporate Bank Account in the UAE.

The time frame depends on the structure of the company, risk assessments (jurisdiction, nationality, business activity) and UBO’s existing banking transactions. Minimum time frame is 20 working days after the complete set of documents are provided.

Once the account is approved you will receive a Welcome pack with account details, access to online banking, debit card, and cheque book (if requested).

It is recommended to have at least 2 bank accounts in the UAE.

All main documents of the parent company such as Certificate of Incorporation, Memorandum and Articles of Association, Certificate of Incumbency or Extract of Registry, and Share Certificate must be legalized in the UAE at the Embassy of the issuing country and Ministry of Foreign Affairs (MOFA) in the UAE.