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Setting up a business bank account in the UAE might seem tough due to the strict regulations of the UAE Central Bank. But with our help, it doesn't have to be hard. Our team will walk you through the process, making sure it's smooth and stress-free.
Another unique offering is the easy access to more than 2 billion consumers in multiple markets, all located within a 4-hour flight. Dubai’s enviable location also results in an international and vastly multicultural workforce.
You'll need to be there physically to meet with the bank representative, sign the form, and submit your documents.
If you're outside the UAE, you can start the process online. However, you'll still need to be present, either through a phone call or an online meeting. After approval, you'll have to come to the UAE to sign the form.
Digital applications can take up to 14 days, while in-person ones may take 25 working days or more, depending on complexity.
Our team will evaluate your company’s activities, operations, anticipated annual turnover, and initial funds available for account opening. Based on this information, we’ll recommend the most suitable bank for your business.
If the bank requires additional information or processes, we’ll communicate with them and assist you in fulfilling the extra requirements. In cases where you’re unavailable to meet the Contact Point Verification Agent, we can act as your representative.
We’ll help you gather and organize the necessary documents required by the bank, which may include:
The UAE is rapidly becoming a top destination for expatriates, drawing around 200,000 new residents annually. With its blend of coastal beauty and bustling city life, it’s an enticing place to call home.
However, if you’re planning to relocate to the United Arab Emirates, having a bank account is essential. Multiple bank accounts can streamline your financial transactions and make it easier to manage your finances in your new country.
To simplify the process, we’ve compiled a brief guide on how to open a bank account in the UAE. Let’s explore everything you need to know about the country’s diverse banking landscape!
Understanding Banking in the UAE
Before delving into the steps for opening a bank account in the United Arab Emirates, it’s important to grasp the fundamentals of its banking sector. The UAE operates under a banking system regulated by a central bank.
In addition to the central bank, the country boasts approximately 50 local and international banks. Thanks to robust liquidity buffers and capital levels, the banking system is known for its stability and resilience.
Most banks in the UAE rely on deposits for funding, maintaining substantial capital levels to absorb potential losses.
The UAE hosts four main types of banks:
Islamic banking has gained prominence in recent years, with UAE banks expanding their services to comply with Islamic financial principles. This is particularly significant for the country’s Muslim population.
Currently, the UAE houses 23 Islamic bank windows and 8 full-fledged (six local and two foreign) Islamic banks, constituting nearly 20% of the banking sector.
In addition to catering to local Islamic consumers, UAE banks serve a diverse international clientele, adhering to various international regulations and offering services in both Arabic and English.
These regulations include:
Before embarking on the bank account opening process in the UAE, it’s crucial to understand the different types of accounts available, tailored for both residents and non-residents alike.
An Emirates Islamic Current Account is designed for everyday transactions and comes with check-book and debit card facilities. It’s suitable for frequent transfers and transactions, such as rent payments to landlords. Banks in the UAE typically offer two types of current accounts: one with salary transfers and one without. Salary transfers can expedite the receipt of your pay, while using a different bank may delay it by a few days. Emirates Islamic Current Accounts support major currencies like USD, GBP, AED, Euro, and others, but if opened in a different currency, they may not include debit card and check-book options. The minimum balance requirement for opening a Current Account is AED 3,000, which is waived when salary is transferred.
Many UAE residents opt for savings accounts to maximize their savings. These accounts typically offer higher interest rates than checking accounts but have limited access to funds and may incur penalties for withdrawals. Savings accounts operate on variable or fixed interest rates and allow you to choose the currency denomination. While they can function as salary accounts, they usually do not provide check-book facilities. When opening a savings account, it’s essential to consider factors like interest rates, minimum deposits, and fees, as they vary among banks and can impact your savings over time.
Opening an investment account in the UAE allows you to enter into an investment agreement with a bank, providing opportunities for long-term growth. Investment periods typically range from 12 months to 10 years or longer, offering a minimum assured annual ROI of 3-7%. Investment accounts require minimum balances, which vary depending on the chosen bank.
The UAE offers offshore banking options for expatriates, especially in Dubai. Residents with valid visas can open offshore accounts, which offer secure and reliable means of importing and exporting funds with potentially lower taxes. Offshore banking services in the UAE include asset protection, wealth management, portfolio management, private bank accounts, company formation, and inheritance planning.
Opening a bank account in the UAE is a straightforward process that typically takes a few days to a couple of weeks. Whether you’re interested in a current or savings account, residents will need to provide the following documents:
For non-residents, only a savings account can be opened. Although a checkbook won’t be provided, a debit card will allow for withdrawals. Non-residents are subject to background checks and are required to submit additional documents:
These documents ensure the applicant’s financial capacity to maintain a UAE bank account, though the process for non-resident accounts may take longer due to the additional documentation required.
Mobile banking is a convenient option in the UAE, with certain banks offering account opening through their mobile apps. Banks like Liv (supported by Emirates NBD), Neo (powered by Mashreq), and YAP (UAE’s first independent digital banking platform) facilitate mobile account creation. To open an account via mobile app, follow these steps:
Corporate Accounts
For business purposes, opening a corporate bank account is necessary as UAE law prohibits business transactions through personal accounts. Corporate accounts are typically current accounts due to their ability to handle large transaction volumes and take approximately two to four weeks to open. Additional documents required for corporate account opening may include:
With these documents prepared, you’re ready to proceed with opening a corporate bank account in the UAE.
Opening a bank account in the UAE as an expatriate might seem daunting, but given that around 85% of the country’s population comprises expats, banks are well-equipped to cater to your needs. However, it’s essential to ask pertinent questions to ensure you’re selecting the right financial institution:
Getting answers to these queries will help determine if the bank aligns with your requirements. Additionally, consider if your employer banks with the chosen institution, as it can streamline salary access.
Seeking feedback from colleagues, friends, and online reviewers can offer insights into the bank’s service quality.
Business credit cards in the UAE are tailored to assist business owners with small purchases on credit, primarily for business expenses. Building a credit score for your business is a key benefit, though emergency financial use is also possible. When selecting a business credit card, compare offerings from various banks, considering factors like eligibility criteria (age, income, valid trade license), to find the best fit.
Understanding how to open a bank account in the UAE is crucial for your life and work in the country. With this guide, navigating the process becomes straightforward, allowing you to efficiently manage your finances.
If you’re considering relocating to the UAE to establish a business, ThinkBiz offers assistance throughout the process. Get in touch with our team for guidance on moving to the UAE and setting up your business.
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