UAE is a land of opportunities and you can enjoy unlimited benefits if you open your bank account in UAE. Bestax is here to provide complete bank assistance in UAE and help you open your corporate bank account in UAE for business and other purposes.
Complete Process to Open a Business Bank Account in UAE 2024?
Author:
Haseeb Hamdani
Last Updated
September 11, 2024
Table of Contents
UAE is a land of opportunities and you can enjoy unlimited benefits if you open your bank account in UAE. Bestax is here to provide complete bank assistance in UAE and help you open your corporate bank account in UAE for business and other purposes.
The United Arab Emirates has implemented new policies and started programs to attract over 200,000 talented individuals. A place that has a diverse range of top-class health facilities, higher education, advanced technology, new business ventures, and other opportunities.
It is essential to open a corporate bank account in UAE if you want to set up a business or registered company in this best economic country. Opening a bank account in UAE helps you move money around the globe and receive it from anywhere. Selling and purchasing goods and services require you to open your corporate bank account in UAE.
We have produced a complete guide to help you open a corporate bank account in UAE, the easy way. Let’s dig a little more into how to open a business bank account in UAE.
Banking Sector in UAE
Looking at the banking sector of the United Arab Emirates, you will find the whole banking system regulated by the central bank. There are 50 international and local banks present throughout the country with stable capital structures and liquidity buffers. These banks are funded by deposits with capital levels strong enough to bear serious losses.
Here are the four kinds of banks where you can open your bank account in UAE.
- Commercial banks
- Investment banks
- Industrial banks
- Islamic banks
UAE has been expanding their banking arena to top-class Islamic for the citizens living in the country. To cater to their financial requirements, there are around 23 Islamic windows with 8 complete Islamic banks making up 20% of the total UAE banking sector.
For foreign customers, the UAE has adopted many international banking regulations translated into Arabic and English. Here are some of them;
- International Accounting Standard
- International Financial Reporting Standards
- Capital Adequacy Regulations from the Basel III Regulations
Types of Best Banks to Open Accounts in Dubai
Now what kind of UAE best bank account can you open for business purposes? To enjoy complete Bank Assistance in UAE, you must know about different types of banks and bank accounts in UAE. We have listed comprehensive details on how to open a business bank account in UAE.
The local banks for opening a corporate bank account in UAE are;
- Emirates NBD
- Ras Al Khaimah Bank (RAK Bank)
- Mashreq Bank
- First Abu Dhabi Bank
- United Arab Bank
- First Gulf Bank
- Abu Dhabi Commercial Bank of Dubai
Whereas, foreign banks for opening business bank accounts in UAE;
- Standard Chartered Bank
- HSBC
- Citibank
- Barclays
Best Bank Accounts in Dubai
Here is a detailed guide on the types of bank accounts a resident or a non-resident person can open.
Current Accounts
Current account is called a transaction account with checking option for the account holder. Opening a current bank account in UAE provides you with the benefit of checkbooks and a Debit card facility. If you want to make transactions on a daily basis, the current account is the best option to issue rent checks, etc.
While living and working in UAE, you need a different current account to get the salary faster. However, if you are a UAE non-resident, your salary may take a few days to reach your current account.
You can open a bank account in UAE in various currencies such as; USD, GBP, AED, Euro, Yen, Saudi Riyal, Kuwaiti Dinar, Canadian Dollar, Qatari Riyal, Bahraini Dinar, Omani Riyal etc.
The minimum balance for opening a business bank account in UAE varies from bank to bank. This balance is waived when your salary is transferred to your current account.
Savings Accounts
Most business owners and individuals prefer to open bank accounts in the UAE as savings accounts. It offers a higher interest rate but gives limited access to funds. Savings accounts mostly work in variable or fixed interest rates. You can choose any currency in which you want your funds to be saved in your bank account.
It can also be used as a salary account to save money. However, it may be less convenient for you as it does not offer checkbooks. If you want to save money, you have to choose the right bank to open a bank account in UAE. You may face different interest rates, minimum deposit amount and fees for your savings account for different banks.
Offshore Accounts
Move on to our next account called offshore bank account which is valid for those having residency visas. UAE is a land of opportunities for many expats who love to work, stay, and study here. You are eligible to open an offshore bank account in UAE, if you have a residency visa.
An offshore account is suitable for the stable and secure movement of funds or money during import and export. Moreover, it offers low tax rates, making it ideal for businesses to opt for offshore accounts who are not UAE nationals.
If you want to open an offshore bank account in UAE, you can also enjoy other perks such as;
- Asset protection
- Wealth management
- Portfolio management
- Private bank accounts
- Company formation
- Inheritance planning
Investment Accounts
Signing an investment agreement with the bank allows you to open an investment account in UAE. The investment period may range from 12 months to 10 years depending on the project. An investment account provides you with a minimum ROI of 3-7% annually. Investment accounts offer minimum balances that may vary from bank to bank.
How to Open a Bank Account in UAE?
If you have all the information regarding suitable banks for the services you want to open a bank account in UAE, you are one step ahead. To open a quick and efficient bank account as per your business or individual needs, you have to submit relevant documents.
Steps-by-Step Process to Open a Business Bank Account in UAE
Business License
If you want to open a business setup in Dubai, you will need to open a bank account in UAE. For this, you have to get a business license for your corporate company and register your business to proceed with a bank account.
Required Documents
Make sure that your legal and corporate documents must be present. Here are listed documents required to open a bank account in UAE for residents and non-residents.
For Residents
Opening a current account or savings account may require you to submit the following documents;
- Original passport and a copy of passport
- Emirates ID
- Copy of UAE residence visa
- A salary certificate
- Your current visa with proof of residency in UAE.
- You have to submit UAE utility bills,
- Tenancy contract
- Your recent bank statement from your home country
- Proof of consistent funding sources
- Any letter of reference from your home country supporting your UAE residency.
Other Documents for Corporate Bank Account
Exact documents may vary from bank to bank to open a corporate bank account in the UAE. It all depends upon the type of bank you choose or the type of company for which you need a bank account. However, we have listed a few of the requirements to help you figure out the necessary documents.
- Company trade license
- Company Registration Certificate
- Share Certificates
- The articles of association and memorandum of your company
- A letter from the board giving a company officer the power to open a corporate account
- Visas and passports from all shareholders
Check Visa Requirements
This step includes if opening a bank account in a specific bank may require a residency visa of shareholders of the company. Some banks may require at least a residency visa proof from one shareholder. It depends upon the bank’s requirements.
Choose a Suitable Bank
Depending on the needs of your business, you can open a bank account in local or international banks. You can select any one of them depending on your eligibility criteria.
Application Procedure
You can proceed with online or offline methods to open a bank account in UAE after filling required details and submitting relevant documents. Depending upon the corporate needs, you can open a bank account online or offline. Offline opening of a bank account in UAE may require you to visit the local bank branch.
Bestax understands that setting up a company in Dubai and opening a bank account for it may be a difficult process. Therefore, our expert business consultants are here to assist you throughout the process so that you focus on the main business objective of your company. To open a hassle-free business bank account in UAE, contact our professional business consultants now.