If you have plans to extend your stay in Dubai or start a business in this remarkable country, dealing with finances cannot be overlooked. It’s crucial to be aware of all the steps to open a bank account in Dubai so that you can handle this in a timely manner. Furthermore, we all know that the UAE boasts a diverse and robust economy, ranking as the 2nd largest in the Arab world. Dubai and Abu Dhabi are considered the main economic hubs for opening a bank account in the country.
Although the process of opening a bank account in Dubai may seem simple and easy, it’s actually not! Opening a bank account in Dubai takes a significant amount of time and can be cumbersome, especially for newcomers to the country. Therefore, it’s essential to be familiar with the complete guide and steps to open a bank account in Dubai. Let me lift the curtain from the entire process and essential documents so that you don’t encounter the issues that others are facing while opening your bank account in this country.
Documents are Required to Open a Bank Account in Dubai
You’re allowed to open a bank account in the UAE even if you don’t plan to apply for residency in the future, ensuring your finances are stable and aligned with your plans. Moreover, whether you plan to open a bank account in the UAE or Dubai, you must have the standard documents with you. However, the bank manager may ask for additional documents based on your visa type and business needs.
Documents for Personal Account
- Here are the following documents for opening a personal account in Dubai or UAE;
- A copy of the passport who is going to apply for the bank account opening
- Utility bill copy to show the proof of address
- Copy of Residency Visa
- Emirate ID
- Must demonstrate the personal bank statements of the last six months ( No matter where your bank exists)
While obtaining these documents is relatively easy for individuals currently living in the UAE, non-residents may find it challenging to collect some of them. However, many banks facilitate account openings for non-residents so that you may consider those options as well. Additionally, you may be asked to provide an updated resume and employment letter for personal and salary account openings.
Documents To Open A Business Account
On the other hand, if you have a business setup in the UAE and are looking to open a bank account in Dubai, you must have the following standard documents for a smooth process. However, additional documents may be demanded by the bank based on the type of business account:
- Clear passport copies of shareholders with their signatures.
- A valid trade license is obtained from the country.
- Certificate of incorporation.
- Share certificates.
- Any additional documents required will be specified by the bank, as each bank has different requirements.
Complete Process To Open A Corporate Bank Account In Dubai
The process of opening a bank account is pretty simple and usually can be accomplished by the following stages;
- Obtain your trade license and essential documents.
- Choose a trusted bank (you may consider from the below-mentioned banks).
- Submit the application, and you’ll be notified via your contact or email once it’s opened.
Advantages Of Opening A Business Bank Account
After meeting the legal requirements for bank opening in the UAE, there are a lot of benefits that a person or entrepreneur can get. Let’s take a bird’s eye view of the some advantages of opening an account in the UAE;
- Ease of depositing and withdrawing amounts as per the need
- Security and Reliability
- There is no need to pay tax on personal or corporate income after opening an account.
- Can enjoy mobile and online banking facilities
Why is it so Difficult to Open a Bank Account in Dubai?
With the increasing number of companies being registered and establishing new setups every month, the analysis of these numerous files often takes considerable time. As a result, it typically takes 3-6 months for the opening of business accounts in the UAE. However, there are some well-reputed companies that provide 100% guarantees and assistance in opening a business account in less than 30 days without any concerns about cash deposits or insurance subscriptions. Therefore, hiring professionals from Alriyady can facilitate the opening of your business account with a 100% guarantee. Book your free appointment today.
Tips For Smooth Account Opening In Uae, Dubai
While submitting your application for account opening, ensure to follow these tips to ensure timely processing and to avoid any delays:
- Ensure that all photocopies of your documents are clear and up to date.
- If any documents are in a language other than English or Arabic, they must be translated.
- Carefully fill out the application form, double-checking the name, address, and dates.
- Some banks may require documents to be notarized, so make sure you have completed this task with the relevant authority as demanded by the bank.
- Be patient while waiting for the approval of your bank, as it takes time to verify details and you may experience delays due to the large number of applications submitted before yours.
Which Bank Should I Choose for a Business Account Opening?
Here are some following banks that are considered the best and very famous for the business owners and deal with the customers in an efficient manner;
- Commercial Bank of Dubai
- Dubai Islamic Bank
- Emirates National Bank of Dubai (also known as Emirates NBD)
- First Abu Dhabi Bank (FAB)
Wrapping Up
In short, having personal or business accounts is essential for managing finances, tracking expenses, and calculating taxes and payments. Moreover, while the process of opening a bank account in Dubai is generally simple, the continuous establishment of businesses each month makes it a cumbersome task, often taking 3 to 6 months. Therefore, hiring professionals to open a business account is highly recommended.
