Here are some of the frequently asked questions by our clients on Bank Account Opening in the UAE.
1. Can a Company/Individual Open a Bank Account in the UAE?
A Company/individual can open a Bank Account in the UAE by providing the required documents to the bank. Once your Bank Account is opened you can enjoy the multi-currency account, online banking, debit/credit card facilities.
2. What are the Requirements for Opening a Company/Personal Bank Account in the UAE?
Documents for Opening a Corporate Bank Account
- New UAE Company Documents ( Company Trade License, Certificate of Registration, Share Certificate (s))
- Board Resolution empowering a Company Officer to Open the Account
- Details of the expected Annual Turnover
- Details of the first transaction amount coming to account
- Details of 3 Suppliers/ 3 Buyers
- Passport Copies for Shareholders and Authorized Signatories
- Any other documents that the bank may ask for (Company Memorandum & Articles of Association, etc)
Documents Required for a Personal Bank Account
- Original Passport and copy
- Copy of visa page
- Salary Certificate
- Emirates ID ( or copy of Emirates ID Registration Form, if the ID is not ready)
- 6 Months Personal Bank Statement from any other bank ( if already have an account)
3. Are there Minimum Balance Requirements to Open a Company/Personal Bank Account in the UAE?
Most of the Local Banks require an average minimum monthly balance to be maintained, it depends on the type of account and the Bank. For corporates, the minimum balance can range anywhere from 50k AED to 200K AED. If the average balance falls below the threshold, the bank will levy a small fee for that.
For a Personal Bank Account, the average minimum balance ranges from 3K to 5K AED.
4. What is the Timespan for Opening a Bank Account in the UAE?
There no specific time span as such. Each Bank has its own internal process. Generally, it takes anywhere between 7 to 20 days to open a Corporate Bank Account. It requires submission of the right documents, assessment of the investor credentials, internal compliance process, etc.
For Offshore companies it might be slightly delayed as banks internal compliance and management approval can take longer.
5. Is it Required to Certify the Documents of a Foreign Company to Open a Bank Account in the UAE?
As the UAE did not sign the agreement on Apostille. The documents have to be certified at the consulate of the UAE in the country where the company is registered. Then it has to be certified in the UAE Ministry of Foreign Affairs. The government charges approximately 2000 AED/equivalent per document for such attestation of documents.
6. Is there any alternative to Open the Corporate Bank Account faster?
The easiest way to open a Corporate Bank Account and enjoy the benefits of international banking is by incorporating a company in one of the cheapest Freezones of UAE. The company registration process in UAE is hassle-free and streamlined. In 3-4 working days, you can get it approved if all the documents are in place.
7. For Opening the Bank Account in UAE, Should the Signatory be Physically present in the Bank?
For Bank Accounts Opening in UAE, the signatory has to be present during the bank account open with the documents for assessment and review.
The shareholders of a company can assign any one of them to be the authorized signatory in the bank via a resolution of the company. And the shareholder appointed as above can visit the bank to open, operate and close the account.
If you have any specific query on banking in UAE, feel free to reach out to us right away!
Contact: Aurion Business Consultants
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