If you’ve just moved to Dubai and want to get your finances in order, you’ll be pleased that the process for opening a bank account in Dubai is quite similar at all banks. The bank will usually ask you to provide certain details and documents, as well as a minimum amount to fund your new account. Here you will find everything you need to know about opening a current, savings and business account in Dubai.
From overseas, How to open a bank account in dubai
Are you wondering if a foreigner can open a bank account in Dubai? The answer is yes, foreigners can open a bank account in Dubai as long as they meet certain criteria.
However, they can only open savings accounts in Dubai, which means they will be given a debit card instead of a checkbook. The bank checks the applicant’s documents before opening an account.
How to Open a UAE Bank Account
The requirements for open business bank account dubai vary from bank to bank, but having a significant interest usually requires an owner or director. To open a bank account, the first step is to fill out an account opening application, which must be supported by detailed company documents; this information can include business coupons such as contact and invoices, and information about the company’s customers and suppliers. The steps to open a corporate bank account in the United Arab Emirates are:
Obtain your business license
When starting a business, one of the most important steps in obtaining a valid license, without a license, the bank does not recognize you as a company and you cannot open a company bank account.
Obtain the necessary documents
The next important step is to make sure that your legal and corporate documents are online.
Check visa requirements
The next step in opening a commercial bank account is to determine whether the shareholders of your company require a residence visa. Some banks require proof of this from at least one shareholder, others do not require it at all. Therefore, the question of whether your stakeholders have valid residence visas can have an impact on which banks you want to apply to.
Select the bank
When you have all the documents, you can find a bank that meets your needs. As mentioned above, there are several national and international banks to choose from. When determining the bank, consider income and eligibility criteria.
Now is the time to begin the formal account opening process? In general, it is advisable to visit a bank branch and have a personal conversation with an advisor who can answer any questions you may have. Can you continue the process?
Requirements for opening business bank account in Dubai
The exact documents required may vary slightly from bank to bank. Here are some of the documents required to open a corporate bank account in the UAE:
Bank account opening form
Board of Directors’ decision to approve bank account opening and account signatories
- A copy of the license
- A copy of the share certificates
- the passports Copies of all business partners and associates
- the articles Copy of association and the articles of association
- Copies of the valid passports of all shareholders