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EN – Services – Bank Account Opening_NEW

  /  EN – Services – Bank Account Opening_NEW

Bank Account Opening

Would you like to know more about advantages of UAE local bank accounts and difficulties related thereto?

Firstly, we should distinguish between bank account opening of Personal and Corporate bank account, as process varies significantly.

Corporate Bank account

Let’s start with the more complex corporate bank account opening process.

Having UAE based company without local bank account doesn’t allow you to unleash full potential and the best advantages of such corporate setup. That is the main reason, why we at INCORPORTAS do not onboard clients without consulting with local bankers chances to open bank account first.

Process of bank account opening assistance we provide is as follows:

  • Initial informal consultation with selected bankers of UAE most reputable banks;
  • Onboarding of the client and collection of data and documents for bank account opening;
  • Consultation with the client just prior to meeting with the bankers;
  • Arranging and personal assistance/guidance during the meeting with the bankers (usually from two or three different banks);
  • Assistance during bank account opening process (bank queries).

Despite our record of above 95 % success rate, we cannot guarantee successful bank account opening as this is subject of sole discretion of compliance department of each bank.

Our goal is to maximize the chances for success, which is often done at the stage prior to company incorporation by choosing the most appropriate license.

Bank account opening takes usually between 3-8 weeks.

Corporate bank account features:

  • Foreign currency accounts (EUR, USD, GBP);
  • Internet banking;
  • Option for multiple authorized signatories;
  • Debit/Credit card linked to AED account;
  • Business banking relationship – dedicated banker;
  • Cheque book.

Personal Bank account

Personal bank account can be opened either for non-resident – using his passport, or for UAE resident – using his Emirates ID.

The non-resident personal bank account is likely to be savings account only, without cheque book and with higher threshold for initial deposit and monthly average balance. We always recommend the resident personal bank account for full range of banking options.

Personal bank accounts are usually opened within days, without much additional queries from the bank.

If you need assistance with bank account opening, feel free to contact us for free initial consultation.