Bank Account Opening in UAE – My Business Consulting DMCC

Bank Account Opening in UAE

Before choosing which type of bank account to open and which UAE bank to choose - contact our experts to get a free advice and we will find the best solution which will suit your business needs and budget the best.

HOW WE CAN HELP YOU
OPEN YOUR BANK ACCOUNT IN UAE

At My Business Consulting DMCC we are proud to leverage over 10 years’ experience in opening all types of personal and corporate Bank Accounts in UAE, strong connections with the TOP UAE Banks, and serve our Clients to meet all the requirements for a successful opening of a Bank Account in the UAE.

Our hyper-personalized approach to all Clients resulted in 100% Bank Account Opening Success Rate in 2018 and 98% Success Rate in 2017.

WITH US YOU WILL GET:

SERVICE FEES FOR UAE BANK ACCOUNT OPENING:

TYPE OF SERVICE SERVICE FEE (AED) TIME FOR EXECUTION
Personal Resident Bank Account
Opening
Starting from
AED 925
3-7 working days
Personal Non-Resident Bank
Account Opening
Starting from
AED 3,699
5-10 working days
Corporate Bank Account Opening for
UAE Offshore company in UAE Bank
Starting from
AED 9,200
4 weeks
Corporate Bank Account Opening
UAE Free Zone/LLC Company
Starting from
AED 7,500
3 weeks
Corporate/Individual Bank
Account Closing
Starting from
AED 1,850
4-10 working days
General Consultation on Bank
Account Opening
Starting from
AED 1,850
Cost per 1 hour
Assistance in Bank Account Opening
(full guidance on how to open a UAE Bank Account yourself)
Starting from
AED 1,850
Cost per 1 hour
* All fees are subject to an additional 5% VAT charge.

SERVICE FEES FOR UAE BANK ACCOUNT OPENING:

TYPE OF SERVICE FEE & TIMEFRAME
Personal Resident Bank Account
Opening
  • Starting from
    AED 925

  • 3-7 working days

Personal Non-Resident Bank
Account Opening
  • Starting from
    AED 3,699

  • 5-10 working days

Corporate Bank Account Opening for
UAE Offshore company in UAE Bank
  • Starting from
    AED 9,200

  • 4 weeks

Corporate Bank Account Opening
UAE Free Zone/LLC Company
  • Starting from
    AED 7,500

  • 3 weeks

Corporate/Individual Bank
Account Closing
  • Starting from
    AED 1,850

  • 4-10 working days

General Consultation on Bank
Account Opening
  • Starting from
    AED 1,850

  • Cost per 1 hour

Assistance in Bank Account Opening
(full guidance on how to open a UAE Bank Account yourself)
  • Starting from
    AED 1,850

  • Cost per 1 hour

* All fees are subject to an additional 5% VAT charge.

WHY TO CHOOSE UAE BANKS

These days, the vast majority of offshore jurisdictions are facing serious problems due to implementation of the Common Reporting Standard (CRS), under which all your financial data is reported to the country of your tax residency (in a CRS participating jurisdictions). Today, even Swiss and Singapore banks can't ensure 100% secrecy of their customers' data.

In this spotlight, UAE banks are the best option as the UAE Resident bank account information is non-reportable. Aside from that UAE banks have a strong economic performance and autonomy from international financial organizations what makes UAE a highly desired destination for foreign businessmen and investors to park their monetary assets.

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”

TOP-5 UAE BANKS
By My Business Consulting DMCC

The procedure for opening a Corporate Bank Account in the UAE varies from bank to bank. Below we provide the list of TOP-5 UAE Banks with which we work for many years in a row and highly recommend them to our clients.

In the provided list you can find the Bank Account Opening packages with minimum maintenance balance total from all currencies on account, with and without dedicated Relationship Manager (RM).



Emirates NBD

AED 50,000 (no RM)
AED 200,000 (with RM)
AED 500,000 (with RM)



First Abu Dhabi Bank

AED 50,000 (no RM)
AED 250,000 (with RM)
AED 500,000 (with RM)



Emirates Islamic bank

AED 35,000 (no RM)
AED 100,000 (with RM)
AED 250,000 (with RM)



Mashreq Bank

AED 25,000 (no RM)
AED 150,000 (with RM)
AED 350,000 (with RM)



RAK BANK

AED 25,000 (no RM)
AED 50,000 (with RM)





Emirates NBD

AED 50,000 (no RM)
AED 200,000 (with RM)
AED 500,000 (with RM)




First Abu Dhabi Bank

AED 50,000 (no RM)
AED 250,000 (with RM)
AED 500,000 (with RM)




Emirates Islamic bank

AED 35,000 (no RM)
AED 100,000 (with RM)
AED 250,000 (with RM)




Mashreq Bank

AED 25,000 (no RM)
AED 150,000 (with RM)
AED 350,000 (with RM)




RAK BANK

AED 25,000 (no RM)
AED 50,000 (with RM)


When opening a Bank Account in the UAE there is a bewildering array of complex steps and procedures you have to go through. Therefore, My Business Consulting DMCC offers its services to help you open a Corporate or Personal Bank Account which would save you a big chunk of your precious time.

BANK ACCOUNT OPENING IN UAE FAQs

1How many banks are there in the UAE?
There are 28 foreign and 22 local UAE banks.
2TOP-3 biggest UAE local 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).
3Is it true that local UAE banks are better?
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.
4Is it safe to have a bank account in the UAE banks?
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.
5What is the meaning of Current Bank Account and Call Account in UAE?
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.
6How much will it cost to open a bank account in UAE local bank?
UAE local banks don't charge any fees for Bank Account Opening.
7Do UAE banks provide multicurrency accounts?
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.
8Can I apply for the Bank Account Opening at any UAE bank?
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.
9Can foreigners open the Personal Bank Account in UAE?
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.
10How long will it take to open Resident Personal Account and Non-Resident Personal Account at UAE banks?
3-7 business days and 5-10 business days respectively. The time frame can vary from case to case.
11What are the required documents to open the UAE Resident Personal Account?
  • 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.
12What are the required documents for opening a Non-Resident Personal Account in UAE?
  • 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.
13Can I have two bank accounts with different UAE banks?
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.
14Is the presence of the signatory required to apply to Bank Account Opening in UAE?
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.
15What is the initial deposit to open the Corporate Bank Account in 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.
16What is the CRS in regards to reporting the Bank Account details?
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.
17How can I open the UAE Bank Account for my company?
Please, check our expert blog to find out how to open a Corporate Bank Account in UAE.
18How long will it take to open the 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.