Bank account opening in the UAE

Almost every entrepreneur, who aims to operate in the United Arab Emirates, is interested not only in state support of business, but also in quality servicing from the banking and other financial structures. Obviously, being a global business and economic center, the UAE provides exceptionally high-quality financial services that provide complete security to the company’s financial assets and allow detailed control of all funds on corporate accounts.


The UAE banking system is now considered to be one of the safest and most sustainable in the world. For several decades, local banking institutions have confidently possessed an impeccable reputation and deservedly occupy a leading position in specialized world-class ratings. In addition to its reliability, the banks and financial structures of the Arab Emirates have a lot of other advantages that favorably distinguish them among the other states’ banking systems.


The first thing that foreign investors, who conduct their business activities on the territory of a prosperous Arab state, pay attention to is a simplified reporting mechanism and low rates for client servicing by the banking structure. As a country that actively uses innovative technologies, the banking system of the United Arab Emirates uses technological innovations and a modern approach to the banking segment, which makes it possible to facilitate and automate the procedures of interaction with customers as much as possible, and to provide them with the highest degree of security and confidentiality.


How to open a bank account in the Emirates?

Having a personal or corporate bank account in the UAE, foreign citizens have the opportunity to make a wide range of financial transactions: obtaining and transferring funds, opening a letter of credit, getting credits and loans. The process of interaction with local banks in the UAE is quite simple and does not require a lot of manipulation with documents and long negotiations with the staff of the institution, but at the same time, every potential account holder in the financial institutions of the UAE is required the closest acquaintance with the specifics of the local banking system and, due to the personal aims, choose the most optimal bank and type of account.


In order to open an account in the UAE bank, while choosing a really suitable organization, the most rational solution is to consult with the qualified specialists, who will help not only to become more closely acquainted with the banking industry of the United Arab Emirates, but will also tell in detail about all possible nuances and requirements of financial institutions. Business without borders company is ready to provide a full range of advisory services, as well as to provide assistance for the most efficient account opening in the bank of Dubai or any other emirate.


The standard list of documents and information for opening a bank account consists of:

  • Articles of association of the company.
  • Passport of the owner with a note on the entrance to the UAE.
  • A reference confirming the existence of a personal account of a company’s shareholder in a banking institution and extracts for the last 6 months (provided that it is open outside the Emirates). If the personal account is opened in one of the local banks, an extract is required for the last 3 months.
  • Company owners’ CV.
  • A document describing the nature of the company’s activities. In some cases, additional information may be required, for example, if the firm works in the field of trade, the banking institution has the right to request a detailed description of the sold goods, as well as the methods of goods’ delivery and companies that will perform transportation.
  • The names of several counterparties: buyers or providers of service and goods. In most cases, 3-5 names are enough.


It is worth emphasizing that in some situations, the bank administration may also require the additional documentation depending on the type, scale of the company and its activities, in order to open a bank account in Dubai.


It is noteworthy that the procedure for issuing the documentation and opening an account in the banks of the United Arab Emirates is performed fairly quickly, and in the absence of inconsistencies and violations, it can be opened for 2-3 weeks.


Features of accounts’ opening in the UAE banks

Before account opening in Dubai bank, it is worth familiarizing with some of the nuances that may arise during the documents’ processing. Depending on whether the administration of the institution has additional questions, the timing of the accounts’ opening may increase. Factors that may affect the procedure’s duration:


  • The type of company’s activities, for which an account is opened. If the direction is classified by the relevant department of the bank as of the high-risk (oil and gas industry, banking sector, insurance companies and others), then the administration can increase the amount of time for the request’s consideration.
  • The citizenship of the potential owner also plays a significant role. As a rule, local banks will carefully check information about companies and their shareholders, especially if they are citizens of the CIS countries. In addition, there are some «gray lists» of states, to citizens of which additional control is also applied in the Emirates’ banks.
  • The company has the status of an offshore company and does not have a real office on the territory of the state.
  • As practice shows that banks that also plan to provide consulting services, banks also apply more careful control measures, which may serve as a reason for increasing the account’s opening time.


The qualified specialists will help to clarify all the requirements of the United Arab Emirates’ banks, as well as to familiarize themselves with possible nuances. Being armed with professional help you can avoid possible mistakes and risks.

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One thought on “Bank account opening in the UAE”

  1. Валентин говорит:

    Столкнулся со следующей проблемой. Не смотря на всю, кажущуюся простоту открытия банковского счета в оаэ, оказалось, что это реально проблема, которую решить самостоятельно не удалось. При чем, без видимых на то причин, в роди бы и доки были в порядке и процедура соблюдена, но сотрудники банков отказывали без объяснения причин. Как оказалось – есть целый список подводных камней: какой банк, к кому, день недели, время и т.д.

    Добрый день. Спасибо, что обратились в нашу компанию. Вы совершенно правы, более того, часто можно встретить мнение, по типу:”в своем ли Вы уме с таким ценами, если счет можно отрыть самостоятельно и бесплатно.” Но здесь возникает целый ряд но, из-за которых, в итоге Вы заплатите больше, например: подбор банка и количество обращений – каждый раз Вы заплатите соответствующие сборы и без каких либо положительных гарантий, в принципе ведение бухгалтерии и т.д., то есть, кто будет заниматься Вами. Более подробную информацию можно узнать позвонив по контактным номерам телефонов или через соответствующую заявку на контактные почты.

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