Bank Account Opening in the UAE
Would you like to know more about the advantages of UAE local bank accounts and the potential challenges involved?
Firstly, it’s essential to distinguish between opening a Personal Bank Account and a Corporate Bank Account in the UAE, as the processes differ significantly.
Corporate Bank Accounts
Opening a corporate bank account in Dubai or anywhere in the UAE can be a complex process, but it is crucial for maximizing the benefits of having a UAE-based company.
At INCORPORTAS, we ensure that our clients consult with local bankers to assess the feasibility of opening a bank account before proceeding with company incorporation.
Our Corporate Bank Account Opening Process:
- Initial Consultation: We begin with an informal consultation with selected bankers from the most reputable banks in the UAE.
- Client Onboarding: We assist in collecting the necessary data and documents required for opening a bank account.
- Pre-Meeting Consultation: We prepare the client for the meeting with the bankers.
- Meeting Arrangement and Assistance: We arrange and provide personal assistance during meetings with bankers, typically from two or three different banks.
Despite our high success rate of over 95%, we cannot guarantee the opening of a bank account, as the final decision rests with each bank’s compliance department.
Our objective is to maximize your chances of success by choosing the most appropriate license before company incorporation.
Typically, the process of opening a corporate bank account takes between 3 to 8 weeks.
Features of an UAE Corporate Bank Account:
- Foreign currency accounts (EUR, USD, GBP)
- Internet banking
- Multiple authorized signatories
- Debit/Credit card linked to AED account
- Dedicated business banking relationship
- Cheque book
Personal Bank Accounts
Opening a personal bank account in Dubai or the UAE can be straightforward.
Personal bank accounts can be opened for non-residents using their passport or for UAE residents using their Emirates ID.
Non-Resident vs. Resident Personal Accounts:
- Non-Resident Accounts: Typically savings accounts without a cheque book, requiring a higher initial deposit and monthly balance.
- Resident Accounts: Full range of banking options, including cheque books.
We recommend the UAE/Dubai resident personal bank account.
Personal bank accounts are usually opened within days with minimal queries from the bank.
Get Assistance with Bank Account Opening
If you need assistance with opening a bank account in Dubai or the UAE, contact us for a free initial consultation.
At INCORPORTAS, we are committed to making the process as seamless as possible for you.