Headquarter
Meydan Grandstand, 6th floor, Meydan Road, Nad Al Sheba
Dubai, United Arab Emirates
OPENING A BANK ACCOUNT
United Arab Emirates
Simplify the opening of your bank account with the best banks in the Emirates:
- Current accounts
- Savings accounts
- Investment accounts
The banking sector in the United Arab Emirates includes over 50 institutions, including local and international banks. These financial institutions offer a wide range of services and products, including those complying with Islamic finance requirements. Banks in the Emirates are regulated by international standards such as International Accounting Standards (IAS), International Financial Reporting Standards (IFRS), as well as Basel III capital requirements, ensuring rigorous compliance with global standards.
Whether you're an entrepreneur or a freelancer, having a bank account in Dubai is essential for modern financial management, smooth international transactions and services tailored to your specific needs.
In the United Arab Emirates, including Dubai, you have access to a variety of bank accounts to meet the specific needs of residents and non-residents alike. Explore the options available to choose the bank account that best suits your financial goals, whether you're an individual or a business.
Our team is with you every step of the way, from understanding banking requirements to preparing the necessary documents, to simplify the opening of your account.
Our partners
Banking in UAE
Our partner banks in the United Arab Emirates :
- Emirates NBD
- Mashreq
- Rakbank
- FAB First Abu Dhabi Bank
- ADCB
We recommend working with a coach for at least a year. This will enable you to establish a relationship of trust, and give you time to work on any limiting beliefs or other inner blocks that prevent you from moving forward. All coaching programs begin with a free 30-minute strategy session during which you identify obstacles and set ambitious goals.
In the first few sessions with Mohamed, you'll identify the limiting beliefs that prevent you from living an extraordinary life. This step is what makes the coaching programs unique. Before tackling professional goals, you must first do some inner work to develop a better understanding of yourself, your habits and the way you perceive yourself and the world.
How do I open a bank account in the United Arab Emirates?
We recommend working with a coach for at least a year. This will enable you to establish a relationship of trust, and give you time to work on any limiting beliefs or other inner blocks that prevent you from moving forward. All coaching programs begin with a free 30-minute strategy session during which you identify obstacles and set ambitious goals.
For residents:
- Original passport and copy : Your valid passport is required, along with a copy for verification.
- Valid residence visa : A copy of your UAE residence visa is required to confirm your legal status.
- Proof of income : Provide a salary statement or other official document proving your regular income, as required by the bank.
- Emirates identity card or application form : Your valid Emirates identity card is required, or alternatively, a copy of your application form.
These documents are essential for completing the administrative formalities with local banks, guaranteeing rapid account opening and compliance with current standards.
For non-residents
Non-residents wishing to open a savings account in the United Arab Emirates should be aware that they will not have access to a checkbook, but will receive a debit card. This card will enable them to make withdrawals and manage day-to-day transactions.
UAE banks generally require extensive background checks to guarantee the financial security of new non-resident customers. Here are the documents required to finalize the account opening:
- Proof of address: A recent utility bill to confirm your current address.
- Bank reference letter: A letter from your home bank attesting to your reliability as a customer.
- Bank statements: The last six monthly bank statements from your home bank, demonstrating your financial history.
- Proof of stable financing: Documents or information proving regular sources of income to fund the account..
Submission of these documents is essential to validate your application and prove that you have the necessary means to maintain an account in the Emirates. The opening process may take a little longer due to additional verifications required to comply with local and international banking regulations.
Professional bank account
If you plan to conduct business activities in the United Arab Emirates, opening a corporate bank account is mandatory. Local regulations require the separation of business and personal transactions, prohibiting the use of a personal account for business purposes.
Corporate bank accounts in the United Arab Emirates are generally current accounts, suitable for managing a high volume of transactions, which is crucial for the smooth day-to-day running of your business. The time required to open this type of account can vary, generally between two and four weeks.
To open a business bank account, you'll need to provide a series of specific documents. While the exact requirements may vary depending on the bank and the nature of your business, the following documents are commonly requested:
- Commercial license: Proves you are authorized to operate in your business sector.
- Certificate of registration :Proves the official registration and legitimacy of your company.
- Share certificates : Details the distribution of capital among shareholders.
- Articles of association and memorandum of association : Describes the company's structure, purpose and operating rules.
- Letter from the Board of Directors :Authorizes a legal representative to open an account in the company's name.
- Shareholder visas and passports : Verify the identity and residency status of major shareholders.
Preparing and submitting these documents is essential for opening a corporate account in the United Arab Emirates, facilitating your business transactions while ensuring compliance with local regulatory requirements.
Opening a bank account in the United Arab Emirates can be complex due to the strict compliance procedures imposed by the country's Central Bank. However, this process can be greatly simplified with the assistance of Diwan International's specialized teams. These experts will assess your activities, operations, projected sales, and initial funds to facilitate the opening of your bank account. They will also act as intermediaries with the bank, should additional information or specific procedures be required.
Please note : Applicants must be physically present at the time of application to meet with a bank representative, sign the form, and provide the required documents. However, for those living abroad, it is possible to start the account opening procedure online. Once the application has been approved, the bank will require a visit to the Emirates to finalize the signing of the documents.
To sum up, opening a bank account in the United Arab Emirates is a crucial step for any entrepreneur wishing to develop his or her business in this fast-growing country. It is therefore essential to have a good understanding of the local banking sector and to rigorously follow the steps involved in opening an account. Diwan International is here to guide you every step of the way.