Bank Account Opening
in the UAE

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.