Account Opening

OUR BANK ACCOUNT OPENING IN UAE

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Opening a business bank account in the UAE can be a challenging process, as you need to go through several strict compliance procedures mandated by the UAE Central Bank. With our bank account opening service, this doesn’t have to be the case. Our team will assist you in opening a bank account, guiding you through each stage and ensuring you have a hassle-free experience.

Client Assessment

Our team will assess your company’s activities, operations, expected annual turnover and initial funds available for opening the account. Based on this information, our team will recommend the most suitable bank for your business.

Liaising with the bank

Our team will assess your company’s activities, operations, expected annual turnover and initial funds available for opening the account. Based on this information, our team will recommend the most suitable bank for your business.In case the bank requires further information or processes, we will communicate with them and assist you in completing the additional requirements. In some instances, if you are not available to meet the Contact Point Verification Agent, we can also act as your representative.

Documentation

We will assist you in collecting and preparing the documents required by the bank. These could include:

OPEN A BANK ACCOUNT WITH ANY OF THE UAE’S MOST TRUSTED BANKS

Let our in-house experts make business bank account opening easy and convenient for you.


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MUST KNOW

In-person application: Your physical presence will be required during the application, so you can meet the bank representative, sign the application form and submit the required documents.

The standard processing time can take 25 working days or more, depending on the complexity of the application.

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Bank Account Opening in UAE:

An Entrepreneurs Guide

The UAE is one of the hottest up-and-coming countries for people to move to and attracts roughly 200,000 newcomers every year. It’s a place where you can enjoy the ocean, fast-paced city life, and so much more all in one place!

If you’re going to move to the United Arab Emirates, however, you need to have a bank account. Having a bank account (or several bank accounts) will make it easier for you to move money around and pay for goods and services in your new country.

To make things easier for you, we’ve put together a quick guide on how to open a bank account in UAE. Let’s dive in to learn everything you need to know about the UAE’s many banking services!

An Overview of Banking in the UAE

Before we dive into how to open a bank account in the United Arab Emirates, let’s take a minute to talk about the banking sector. The UAE has a banking system that’s regulated by a central bank.

Apart from the central bank, there is a total of roughly 50 international and local banks scattered throughout the country. The banking system is considered to be fairly stable thanks to the banks’ liquidity buffers and resilient capital levels.

Most banks in the UAE are funded by deposits. Their strong capital levels provide a large buffer that absorbs any losses.

The UAE has four different types of banks. These types of banks include:

Islamic banks are a type of bank that has grown in popularity. In recent years, UAE banks have worked to expand their banking services to consumers using Islamic financial requirements. This is important for the many Islamic citizens living in the country.

Aside from Islamic banks in the nation, the UAE banks also cater to foreigners and international consumers. They have adopted several international regulations and offer all their banking services in both Arabic and English.

A few international regulations that UAE banks comply with include:

Types of Bank Accounts in the UAE

The next thing to know about before looking into bank account opening in the UAE is what types of bank accounts you can open. There are several different types of bank accounts, which cater to both non-residents and residents of the UAE.

Current Accounts

A current account is ideal for transfers and transactions made on a daily basis. Your current account will come with a check-book, which is great for issuing rent checks to your landlord.

Banks in the United Arab Emirates usually allow you to open two types of current accounts. One type comes with salary transfers while the other does not.

If you have a job in the UAE, you can open an account at your employer’s bank to get your salary faster. If you use a different bank from your employer, it could take up to a few days for your salary to arrive.

You can open an Islamic/ Conventional Current Account for several major currencies, including USD*, GBP, AED, Euro, Yen, Saudi Riyal, Kuwaiti Dinar, Canadian Dollar, Qatari Riyal, Bahraini Dinar and Omani Riyal. However if you open your Current Account in a different currency it will not offer debit card and cheque book facility options.

When opening a Current Account the minimum balance requirement must maintain at least AED 3,000 in the account. However when your salary is transferred to the Current Account, the minimum balance requirement is waived.

Savings Accounts

Many people in the UAE open a savings account so that they can get the most out of their money. Savings accounts offer higher interest rates than checking accounts do, but provide limited access to funds. They also can cause penalties for withdrawals.

Savings accounts usually operate on either a variable or fixed interest rate. Within your savings account you can choose which currency you’d like to denominate your funds in.

Savings accounts can also be used as salary accounts. However, savings accounts do not usually come with a check-book, which can make them a little inconvenient for this type of use.

When opening a savings account is important to choose the right bank. The interest rate, minimum deposit and fees for your savings account will differ from bank to bank. While these amounts may be minor they can add up over an extended period of time, costing you money.

Investment Accounts

Another type of service you can take advantage of when opening a bank account in the UAE is an investment account. In the UAE, you can sign an investment agreement with any bank, which allows you to open an investment account.

The investment period for these usually ranges from 12 months to 10 years, but they can be longer, too. The investment agreement gives you a minimum assured ROI of 3-7% annually.

Just note that investment accounts come with minimum balances. The minimum required balance will vary depending on which bank you choose to partner with.

Offshore Accounts

The UAE is a haven for expats, which is why the nation offers offshore banks from jurisdictions the world over. This is especially true in Dubai, where many expats choose to live and work.

In the United Arab Emirates, anyone who holds a valid residence visa is eligible to open an offshore account and use it to import and export their funds. It’s considered to be a secure, stable, and reliable way of moving money and usually involves lower taxes than other banking options.

Offshore banking encompasses many different services in the United Arab Emirates. A few of these services include:

Our Account Opening Services

We offer comprehensive account opening services to cater to the diverse financial needs of both individuals and businesses. Whether you’re looking for personal banking solutions or require corporate financial services, we’re here to assist you every step of the way.

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Our team of experts is dedicated to simplifying the account opening process, ensuring that you have access to the financial solutions that best suit your needs. Feel free to reach out to us for personalized assistance in opening the right account for your financial journey.


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