Here, you are to learn how to open bank account in Dubai! As you have concluded plans on doing business in Dubai, and you have already registered your own company /business in Dubai region, you will need a local corporate bank account. In Dubai, there are around 50 bank brands serving a population of approximately 11 million people comprising of Emiratis and the numerous foreigners who are mostly expatriates and business men and women. In fact, the United Arab Emirates has plenty to offer to both expats and local citizens in terms of choice banks, products and services.
In the UAE, banking sector has witnessed an unprecedented boom in recent years. Although, Dubai economy is primarily driven by tourism sector, worthy of note is the rapidly growing retail banking sector because of the country’s increasing expatriate population. However, UAE banks are basically focused on corporate customers because this set of customers are considered low-risk and lucrative. Owning Corporate bank accounts lead to other lucrative business opportunities such as a letter of credit or corporate loans, and this is the major reason we are given you this how to open a bank account in Dubai article free of cost, for we want to help you as a foreigner in Dubai.
Opening a Bank Account in Dubai as a Foreign Company
It is possible to open a business bank account in the UAE with a foreign registered company. However, the process is cumbersome. All company documents will need to be translated and notarized both in the country the business is registered in, and again in the UAE.
To meet KYC requirements set by the UAE Central Bank, you will need to share a great deal of information with your bank about your business, the countries you engage in business with, and your local plans, to fulfill their duty to stop money laundering and abide by local and international trade sanctions.
In short, you will need to answer a lot of questions to convince a local bank to allow you to open an account. Some entrepreneurs do not feel comfortable sharing a significant amount of information on their trade practices.
Suppose your overseas business has an account in global banks such as Citibank, HSBC, Standard Chartered, and others with a UAE presence. In that case, the process to open an account could be substantially easier for your business. Nevertheless, an alternative option would be to open a new company, subsidiary, or branch in the UAE.
How To Open a Bank Account In Dubai As A UAE Incorporated Business
Banks in the UAE have special programs designed to lure in newly incorporated businesses. These programs encourages these newly incorporated businesses to start an account with them. However, if you incorporate your business through a consultant, they will most likely connect you with a bank to simultaneously begin the process of opening your business account.
Check Out How: To Start A Business In Dubai With No Money
The length of time you need to open your bank account depends basically on three scenarios: on the bank, the account type, and your type of business. Within the designated free zones and locally registered limited liability companies, the time frame expectedly is relatively short,and ranges from 1 to 3 weeks. Although in the UAE, you can create bank accounts online, on the contrary it is a basic requirement that you will need to meet the bank staffs in person before you can set up your bank account with no hitches.
Before heading to any of the banks in Dubai, UAE, make sure you have all the basic required documents. Also understand that each bank is unique with its own rules.
Below are the basic type of documents you may need include:
- A completed application form. This form is often available on the bank website to download.
- Passports and/or Emirates ID for the owner, shareholders, and manager.
- Company certificate of registration and trade license.
- Share certificates.
- Company memorandum and/or articles of association.
- A board resolution confirming the opening of the account has been appropriately approved.
Upon successfully setting up your account, you can operate it remotely without making visits to the physical branch. There is no discrimination and legal reason why you cannot have an account as a non-resident for business use. On the contrary, many banks in the UAE do limit the type of account they offer to non-residents due to risk management, which may mean your local bank account has specific stipulations such as a higher minimum balance requirement.
Hope This How To Open A Bank Account in Dubai Is Helpful?
In some cases, we have helped people get an account within 36 to 72 hours of incorporation. Please speak to one of our consultants to help you today.