UAE banks such as Emirates NBD, Mashreq bank along with the foreign banks in UAE such as Standard Chartered offer great advantages as compared to international banks outside of the country. The advantages include fair requirement on provision of documents, excellent quality of service and a progressive remote account management via e-banking.
You can open a bank account in Dubai for personal purposes as well as for your company operating locally and for conducting international business. In this article we will specifically focus on opening a non-resident bank account in Dubai.
Keep in mind that UAE central bank has imposed a mandatory personal presence of account holder to open any account-whether personal or corporate. This applies to all banks in UAE.
Personal bank account for Non-resident
If you are not a resident of UAE, you can open a private/personal bank account but with certain limitations on the choice of banks as well as the features they offer.
Though, many renowned banks in UAE offer non-resident bank accounts so this limitation is not really a big concern. However, most banks allow non-residents to open only savings account and not a current account. Non-residents are given a credit card to withdraw money but they are not eligible to attain cheque book. Also non-residents are subjected to minimum and/or maximum balance.
Basic requirements to open a personal bank account for non-residents
- Passport copy with UAE entry page
- Personal Profile of the applicant –CV (Curriculum Vitae on your professional and business experience)
- Latest utility bill
- Original bank reference letter of applicant from his/her personal or company bank account in country of origin or anywhere in the world (requirement varies bank to bank)
- Original latest 6 months personal bank statement from applicant’s country of origin or anywhere in the world. (If applicant have only corporate account then latest 6 month bank statement and also provide the legal documents from the company validating his ownership or share in the company)
- Information on the source of incoming funds
- Most banks in UAE require a minimum monthly average balance for opening a non -resident personal account in UAE. The requirement varies from bank to bank.
Corporate/business account in UAE
If you need a bank account for your business purposes, you will open a corporate/ company account. You have two main options to choose; either form a UAE offshore company and create an account for it OR open a UAE free zone onshore company and create its corporate account. Both companies are 100% foreign owned. Let’s look at the difference here,
- UAE offshore company account – it is less costly, difficult to open with higher requirements on minimum account balance. Since the company account is non-resident, it will subject it to under strict official compliance regulations.
Get more information on how to open an offshore bank account in Dubai, UAE in our blog.
- UAE onshore company account – it is more costly to register but gives you with the option to obtain personal UAE residency visa as well as gives your account a UAE –resident status along with associated benefits such as minimum regulations, minimum account balance requirements and greater choice of banks.
Basic requirement to open corporate account in UAE
- Standard personal documents on company shareholders
- Company Memorandum of Association (MOA) and Articles of Association (AOA)
- Certificate of Incorporation / License – depending on the company type
- Corporate structure and ownership documents
- Description on the planned activities of company
- Information on the business experience of the company owners
- Information and documents on source of funds which will be invested into company.
KYC Requirement of the UAE Banks
All banks in UAE are regulated by UAE Central bank and in order to meet international standards and requirements, Central Bank has placed a KYC Know Your Customer policy. It is a regular practice that UAE banks will ask you certain questions and comment on your account transactions before as well as after opening your personal or corporate account.
KWSME provides complete bank account opening services to its clients along with the assistance for your business setup in Dubai. For more information, contact our business representatives.