Bank Account Opening
Bank Account Opening in Dubai, UAE
A lot of people are interested in opening a bank account in Dubai-UAE, everyone needs to open their personal and corporate bank accounts in Dubai, and to protect their monetary assets. As a result, almost all foreign banks are seeking to open their representative office or branch office in Dubai. Much of the above listed optimistic facts raise the future interest of foreign investors and company owners to maintain the capital of their businesses in the banks of Dubai.
Corporate/Business Bank accounts in Dubai
When you use an account for commercial reasons, you cannot use a personal account, which means that you need to open a company/corporate account.
To open a corporate bank account in the UAE, it is compulsory for the individual owners of the company to be present in the UAE. If there are any inconveniences for the Shareholders to be present here at the moment, a resolution can be passed and authorised by the Offshore or Free zone Authority to allow any individual to be present in the bank and to be the signatory to open and close the company’s bank account.
Documents required to open a business Bank account in Dubai:
• Valid Trade License
• Company memorandum and articles;
• Certificate of incorporation / License
• Share Certificate(s)
• Documents on corporate structure and ownership;
• Description on the planned activities of a company;
• Information on the business experience of the company owners;
• Info and documents on source of funds which would be invested into company.
Requirements for opening a bank account in Dubai
• Applicants must be available in Dubai/UAE
• Copy of passport with UAE entry page
• The applicant’s profile (CV)
• bank reference letter from the applicant’s personal/company bank account in the country of origin or elsewhere in the world (requirement varies bank to bank . mentioned document is advisable)
• Individual’s actual bank statement for the past six months from the country of origin or elsewhere in the world. (If the claimant has only a business account/owner of the company outside or within the UAE, then a bank statement no less than six months and also include the legal documentation of the company evidencing to his or her possession or share)
• Most of the banks in Dubai/UAE need a monthly average balance to open a non-resident personal Bank account in Dubai/UAE and this varies from bank to bank.
The following is a List of Banks in Dubai
Arab Bank UAE
Commercial Bank International UAE
Commercial Bank of Dubai
Dubai Islamic Bank
Emirates Islamic Bank
First Gulf Bank
Union National Bank
United Arab Bank