The process of opening a bank account in the UAE is more complicated than it may seem. The procedure is especially difficult and unpredictable when opening a corporate account. Each bank has its own strict rules and requirements. However, our knowledge of the specifics of the UAE banking system will help you successfully get through the intricacies of the process.
UAE bank account
Documents for the bank
CV (Curriculum Vitae - a detailed resume) of the CEO / cofounders of the company
apartment rental agreement of the CEO / cofounders of the company
Emirates ID of the CEO / cofounders of the company
presentation of the company, business plan
resident visa of the CEO / cofounders of the company
Emirates ID and resident visa
Signed contracts with the new company, confirming future financial flows, will be an advantage. Also, you may need to deposit money into the newly set-up bank account as a precautionary balance. The amount varies from bank to bank, but it is usually around $30000 – 50000.
Upon obtaining all the necessary documents regarding your company, the bank starts the compliance procedure, which usually lasts from 1 to 2 months. In rare cases this process can take up to 6 months. At this point, the bank may also require your personal presence for an interview.
Personal bank account with a UAE bank
It is much easier to open a personal bank account in the UAE as opposed to a corporate one. The process is also much less time-consuming. In general, local banks require only 3 documents to start the procedure:
Our managers will help you with the package of documents required by the bank so that you, your company, your family members and employees may successfully open bank accounts with local banks. We will guide you through all issues and help you communicate with the bank. Nearly 100% of our clients receive a positive decision from the banks.
Some banks require a private interview, but many simply allow you to apply for an account via an online app.
The process takes from 1 to 4 weeks and depends on the specific bank.
The minimum package of documents required to open a corporate account includes: