mybusinessconsulting.ae
Opening A Bank Account in Dubai UAE

Bank Account Opening
in the UAE

Establish a bank account in the UAE, one of the world's most stable and secure countries
Why to choose UAE banks

Discover one of the world's non-reportable UAE bank accounts

These days, most offshore jurisdictions are experiencing serious problems due to the implementation of the Common Reporting Standard (CRS), under which all your financial data must be reported to the country of your tax residence (which is a CRS participating jurisdiction). The secrecy of customer information cannot be assured by even Swiss or Singaporean banks today. Due to the fact that UAE Resident bank account information is non-reportable, UAE banks are the most suitable option. Additionally, UAE banks have a strong economic performance and are autonomous from international financial institutions, making UAE a highly desirable destination for foreign businessmen and investors.

Full exemption from taxation of interest

Economic Stability 1 USD = 3.6725 AED since 1997

No currency exchange regulations

Best Modern Online Banking

Innovative Banking Facilities with Apple Pay, Samsung Pay

Multi Currency Bank Accounts

Dedicated Relationship Manager

UAE ranked World’s 2nd safest country

Access to Global Investment Opportunities

Learn more about reportable and non-reportable UAE Bank Accounts in in-depth article of our expert: “CRS and Its Impact on UAE Bank Account Holders

WE ARE HERE TO HELP

My Business Consulting DMCC is here to assist you with bank account opening in UAE.

Top banks in UAE

Top UAE banks by version of My Business Consulting DMCC

The procedure for opening a Corporate Bank Account in the UAE varies from bank to bank. Here are the top 6 UAE banks with whom we have worked for many years and highly recommend to our clients. Below you will find the Bank Account Opening packages with a minimum maintenance balance total from all currencies on account, both with and without dedicated Relationship Manager (RM).

Top Banks in UAE - Emirates NBD (ENBD)
Emirates Islamic Bank (EIB)
  • Gold – 100,000 AED (with RM)
  • Platinum – 250,000 AED (with RM)
Top Banks in UAE - Emirates NBD (ENBD)
Emirates NBD (ENBD)
  • Business Banking Plus – 200,000 AED (with RM)
  • Business Banking Select – 500,000 AED (with RM)
Top Banks in UAE - Dubai Islamic Bank (DIB)
Dubai Islamic Bank (DIB)
  • Plus – 250,000 AED (with RM)
  • Premium – 500,000 AED (with RM)
Top Banks in UAE - Mashreq Bank
Mashreq Bank
  • Premium – 150,000 AED (with RM)
  • Platinum – 350,000 AED (with RM)
  • Priority – 1,000,000 AED (with RM)
Top Banks in UAE - First Abu Dhabi Bank (FAB)
First Abu Dhabi Bank (FAB)
  • Advantage – 250,000 AED (with RM)
  • Preferred – 500,000 AED (with RM)
Top Banks in UAE - RAKBank
RAKBank
  • Business Current – 25,000 AED (with RM, online application only)
  • RAKelite – 500,000 AED (with RM
My Business Consulting DMCC team with CEO Keren Jadhav.
How can we help?

How we can assist you in opening a bank account in the United Arab Emirates

With over 15 years of experience in opening all types of Bank Accounts in the UAE, My Business Consulting DMCC is able to leverage strong connections with the top UAE banks to meet all the requirements for the successful opening of a Bank Account in the UAE for both individuals and corporations. As a result of our hyper-personalized approach to all our clients, we have a 100% Bank Account Opening Success Rate since 2018.

With us you will get:

  • Follow-up of Bank Account opening
  • Assessment of individual/corporate background
  • Regular updates on the status of your application
  • Full assistance during application and interview
  • Preparation of required documents with a company profile specially crafted for banks
  • Coordination with Relationship Officer before account opening application meeting
  • Meeting scheduling with Relationship Officer of a chosen bank
Service fees

Successfully open a UAE bank account with assistance of My Business Consulting DMCC

Fees Service Scope of Service
Package 1 – 500 USD Introduction to Banker My Business Consulting DMCC will provide list of trusted bankers in the UAE with following
information:

  • Banker’s Email Address
  • Banker’s Mobile Number
  • Banker’s Location
  • Bank Tariff / List of Packages
  • Personal introduction via online call
Package 2 – Starting from: 1000 USD Consultation & Assessment The service includes:

  • Assessment of Company Structure and Operations
  • Assessment of Shareholder’s Background
  • Assessment of Affiliated Company
  • 1 hour Consultation after assessment (online or personal)
Package 3 – Starting from: 3000 USD Complete Assistance for Bank Account Opening The service includes:

Part 1

  • Assessment of Company Structure and Operations
  • Assessment of Shareholder’s Background
  • Assessment of Affiliated Company
  • Preliminary Consultation with Bankers about the company structure
  • List of Banks accepting the structure of the company with its conditions

Part 2

  • Preparation of Required Documents with a Company Profile specially designed for banks.
  • Coordination with Relationship Officer before Account Opening Application Meeting
  • Scheduling Meeting with Relationship Officer
  • Full Assistance during Bank Account Opening Application and Interview

Part 3

  • Assistance in Answering Compliance Questions
  • Regular follow-up for Compliance approval

Once the account is approved and activated, My Business Consulting DMCC will assist client in
obtaining the Debit Card & Cheque Book of the Company.

Bank account opening in UAE FAQs

There are 28 foreign and 22 local UAE banks.

They are First Abu Dhabi Bank, Emirates NBD and Abu Dhabi Commercial Bank (based on total assets of banks at the end of the 2017 year).

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.

In 2017 UAE raised to the 4th place as the country with the biggest wealth inflows, which proves UAE as a safe financial jurisdiction for investors to keep their monetary assets in the UAE Bank Accounts. So yes, it is absolutely safe.

The UAE current Bank Account is the account, where the signatory is the UAE Resident, Call Account is the one, where the signatory is a Non-Resident.

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

Yes, UAE banks provide multicurrency Bank Accounts in AED, USD, Euro, GBP, CHF etc. There is the possibility to apply to the multicurrency 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) Personal Bank Account at any UAE local or foreign bank. Choose the right bank which offers all the facilities you are looking for, and where you can qualify to their minimum maintaining balance requirement.

Yes, as the foreigner you can open a Personal Bank Account in UAE. Most of the banks in Dubai/UAE require min AED 100,000 (USD 27,249) as the monthly average balance to open a Non-Resident Personal Bank Account in Dubai/UAE.

3-7 business days and 5-10 business days respectively. The time frame can vary from case to case.

  • Emirates ID
  • Passport copy
  • Valid UAE Residence Visa
  • 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.

  • Passport Copy
  • Proof of address issued within the last 3 months
  • CV
  • Document proving the source of the applicant’s income (it can be the latest 3 months personal bank statement or corporate bank statement which applicant owns).

Make your application process hustle-free and hire a Professional Business Consultant when applying to the UAE Non-Resident Bank Account. Contact My Business Consulting DMCC for free expert advice.

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. You can check the benefits of having an alternative corporate bank account in one UAE banks for your company in our expert blog.

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.

There is no min amount of money required to open a bank account or the initial deposit in order to open the Bank Account, like in other countries. However, UAE banks require to maintain a monthly average balance for the Bank Account. During applying for Bank Account opening in the UAE, the specific package will be chosen upon your needs.

Please, check our expert blog to know more about CRS in the UAE banking system and what Bank Accounts are considered to be reportable and non-reportable.

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

It will take min 3 weeks to open the Corporate Bank Account in UAE, but in the case when signatory is UAE resident. It applies different timings in each specific case.

Still have questions? Please, contact our Experts in UAE Corporate Services and Bank Account Management for the professional advise at [email protected] or call by clicking on the form below.

Let us help you succeed in the UAE

Reach out to our experts to start a successful business in the UAE.