A holistic guide to opening a bank account in the UAE
Opening a bank account in the United Arab Emirates is extremely easy. With an excellent set of features and benefits, UAE banks offer plenty of account opening options for applicants.
Most banks allow applicants to open an online bank account with just a few clicks. All they need to do is visit the bank’s online portal, submit the required documents and open a bank account in no time.
On the other hand, some of these banks have offline account opening processes. To open a bank account with these banks, applicants need to go to the bank branch.
In this article, we will walk you through the basic requirements for opening a bank account in UAE, followed by the corresponding procedure.
Documents required to open a bank account in UAE
In order to simplify the account opening process for you, we have listed here the documents required for opening an Bank account in the United Arab Emirates. Make sure you have all the documents organized before you apply to open a bank account. It will help you streamline the process and open the bank account with great ease.
UAE residents and non-residents have separate documentary requirements to open a bank account in UAE. Let’s find out the list of documents required for them.
UAE residents can open any bank account including current, savings, investment, fixed deposit, etc. in UAE. Here is the list of required documents.
- Original passport
- A copy of the Passport with Residence Visa page
- An account opening form
- Salary certificate / payslips to verify your income
Note: You can obtain salary documents from your company’s HR department.
- Emirates ID
Note: You can submit the Emirates ID later if you have not received it yet. Instead, you can submit a copy of the Emirates ID registration form that you filled out when applying.
Non-residents are only allowed to open a savings account in UAE. They will not receive a checkbook with the savings account. However, they can apply for a debit card.
Most banks offer bank accounts to non-residents with minimum and / or maximum account balance requirements. Banks can also request the reference letter from the previous bank or perform a background check on non-residents.
In addition to the documents mentioned above, non-residents may also have to provide these documents.
- Utility bill (for the last three months)
- A reference letter from the previous bank (from the bank with which you already have / had an account)
- Personal bank account statement (for the last six months) from the applicant’s home country
- Details of the source of incoming funds
You must first set up a business in the United Arab Emirates to open a business bank account. Business bank accounts in the United Arab Emirates are generally the checking accounts that allow account holders to perform an unlimited number of transactions each day.
Here is the list of documents required to open a bank account for your business.
- Original and a copy of the commercial license
- Share certificates
- Registration certificate
- Company constitution and articles of association
- Utility bills to verify address (for the past three months)
- Copies of existing contracts and agreements of the company
- Reference letters from business partners
- Original and copies of Passport for all shareholders and authorized signatories
- A copy of the passport with the residence visa page for one of the shareholders
Let’s move on to the steps of opening a bank account in the United Arab Emirates.
Steps to open a bank account in the United Arab Emirates
Banks in UAE offer different types of bank accounts depending on the preferences of their customers. If you want to do personal transactions, you can simply open a checking account or a savings account. On the other hand, if you are going to carry out business transactions, you must open a business bank account.
In accordance with UAE regulations, you cannot use a personal bank account to conduct your business transactions.
Here are the steps to open a bank account for your business.
- Gather the required documents
To open a bank account, you must first collect all the required documents and organize them in a file or folder. If all the documents are in place, you will be able to open a bank account without any hassle.
- Choose the bank and the type of account
Choose the bank with a good reputation in the market and check the types of accounts they offer. To open the right type of bank account, you need to analyze your financial needs and make an informed decision.
- Check the account opening process
Banks in the United Arab Emirates have different account opening processes. Some of them allow you to file an online account opening request, while others require you to go to a bank branch to complete the account opening formalities. Check the account opening process for the bank of your choice and apply accordingly.
Once you have chosen the bank and the type of account, submit an online or offline account opening request as per the bank’s requirements. If you are applying online, you must upload the essential documents along with the account opening application form. On the other hand, if you go to a branch to open a bank account, make sure you have all the required documents with you.
If all goes well, the bank will only take two business days to open an account for your business. Most banks deliver the welcome kit to your doorstep, while others want you to go to the bank to get the same. Make sure to contact the bank representative and check how it works for them.
Now that you know the process, it’s time for you to open a bank account and get started. manage your finances in a better way. Make sure you take into account a few factors like interest rates, minimum balance requirements, number of withdrawals allowed per month, etc., before choosing a bank to open a bank account.
You can also contact one of the aggregators, such as policybazaar.ae to check the bank account options available based on your financial needs.