UAE has grown into a key financial hub of the Middle East. The banking sector in UAE is a major contributor to the progressive economy, growth in business establishments, and the flow of investors into the UAE.
The banking sector is a major component that supports and drives business operations and daily life in the UAE.
The Banks in UAE offer various custom made financial solutions for the business and personal customers based on their requirements.
The Banking sector is at the forefront with the latest innovations, digital processes, mobile banking, etc. The banks in the UAE are known for their information security and maintaining the privacy of the account holders.
The banking sector in the UAE has built a robust IT Infrastructure to keep all the transactions secured.
The banking sector in the UAE is matured with a lot of local as well as international banks operating and offering a wide range of services for the public.
Let’s look at what are the pre-requisites to open a Corporate and Personal Bank Account in the UAE.
Corporate Bank Account in Dubai – General Requirements
The following are the general requirements for all types of Bank Accounts. The whole process of banking in the UAE is based on these requirements.
1. Residence Visa in the UAE
For opening the current account in Dubai, the signatory should be having a residence visa. Certain banks in the UAE allow non-residents to open savings accounts in Dubai.
There are certain guidelines for such type of bank accounts based on various factors like nationality, the purpose of opening the bank account, etc.
2. Physical Presence of the Account Holder in the UAE
For opening a bank account in UAE, you must be physically present in UAE for signing documents and meeting the bank personnel.
3. Minimum Account Limit
Most of the banks in Dubai have a certain minimum account limit that corporates and individuals have to maintain on a monthly basis.
Depending on the Banks, the limit varies. In general, for the Corporate bank account, the minimum average monthly account balance is from 50 K AED to almost 200K.
The minimum balance is decided by the bank based on various factors like the nature of the business, company financials, business operation, etc.
4. IBAN (International Bank Account Number)
The government of the UAE mandates the use of IBAN for all electronic transactions. IBAN is required for payments within the UAE and abroad.
5. Documents Submission
There is a list of documents required to be submitted to the bank by the corporate/individual customer like personal and business identification documents.
Depending on the business activity, the bank might request additional documents like a previous bank statement, bank account details of the home country.
Requirements for Non-Resident Personal Bank Accounts in Dubai
Few banks in Dubai open saving accounts for non-residents. The following are the important requirements for non-resident bank account opening in Dubai.
1. Six-month original personal bank statement from their country of origin
2. Passport copy, utility bill & bank reference letter of the applicant
3. Minimum balance required as per the bank
4. Physical presence in Dubai/UAE is mandatory
Requirements for Corporate Bank Account Opening in Dubai
There are two types of Corporate Bank Accounts available in Dubai – Offshore Banking and Onshore Company Account.
Opening an Offshore Bank Account in Dubai is becoming difficult due to the bank’s background check and regulations. Also, Offshore banks require the account holder to maintain a high minimum account balance to open the account.
Onshore Bank Accounts are the preferred way of banking in UAE as it offers more freedom to choose the banks and more services to choose from.
Documents required for Corporate Bank Account
- Business documents such as Company trade license, Memorandum of Association, company incorporation, etc.
- Company Ownership documents like Share Certificate
- Source of funds, supplier information, and expected revenue
- Business experience, the inflow of funds, and planned activities
- Passport copies for shareholders and authorized signatories
Documents required for a Personal Bank Account
- Original Passport for verification and copies for preparing the application form
- Copy of visa Page
- Salary certificate
- Emirates ID
- 6-month personal bank statement from any other bank (if already have an account)
KYC Requirements of UAE Banks made stricter
The banks in the UAE are regulated by the UAE Central bank. There is Know Your Customer policy set by the Central Bank to meet international standards and requirements.
Hence, it is mandatory to provide certain supporting documents and answer questions on your account transactions while and after opening a personal/corporate bank account in the UAE.
Instant Bank Account Opening for UAE Entrepreneurs
The KYC Blockchain platform a consortium of Dubai Economy and all leading banks in the UAE has led way to easy bank account opening for start-ups and entrepreneurs.
The platform will empower banks to streamline and fasten the onboarding process and enhance customer satisfaction as well as ease of doing business in the UAE as a whole.
To know more on Opening a bank account in the UAE, read
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Contact: Aurion Business Consultants