Open bank account in Dubai

By | July 6, 2015
5/5 (7)
open bank account in dubai

open bank account in dubai

If you have just relocated to Dubai – UAE then you have possibly already visit allot of malls and beach, went for desert safari and barb-Q visit friends and family. Now it’s time to open bank account in Dubai.

But before you jump right in and make that call, you first need to consider a few things.

  1. Are you a resident and do you work for a company as an employee?
  2. You are a resident and do you have your own business?
  3. Are you not a resident?

Open bank account in Dubai is a professional service provided by offshore company advisors to Professional, Commercial, Free zones or offshore companies owners as an approved bank intermediary. While we cannot guarantee the bank will open bank account for every client, by using our professional expertise, we can considerably increase the bank account opening rate for the prospect client. We also can reduce the time of bank account opening which are consume in application hold ups with incorrect or missing documents that the client may not have been aware of.

We contemplate a few factors when recommending banks for account opening:

  • Confidentiality
  • Client’s Nationality (citizenship) and country of residence
  • Volume of payment transfers
  • Soft currency requirements
  • Investment requirements
  • Types of transactions involved (trading / manufacturing / real estate / investment)
  • And most important language issues when communicating with the bank

The procedures involved in a bank account opening in Dubai are quite strict and contain a substantial amount of paperwork however requirements vary bank to bank. All standard banking services are offered by Dubai banks including current, savings and deposit accounts, as well as offshore accounts.

Being business consultants in Dubai we register/incorporate OFFSHORE, FREEZONE, and ONSHORE companies and assist in bank accounts opening. We usually assist our clients to open bank accounts with all local and international banks in UAE. Our bank account opening services include to open bank account in dubai for the following corporate entities

  • Opening bank account in dubai for Sole Proprietorship Company
  • open bank account in dubai for Partnership Companies
  • Opening a bank account in dubai for LLC Company
  • Bank account opening in Dubai for Free Zone Companies
  • Dubai bank account for offshore companies
  • Open a bank account in dubai for Non-Resident Offshore Companies
  • Non-resident personal bank account in Dubai

Documents Required for Open bank account in Dubai

There are different document required for different type of company to open bank account in dubai, which are listed as under.

Opening bank account in dubai for Sole Proprietorship Company

  • Passport copy of the authorized signatory/owner
  • Valid Trade License is a must require document for opening bank account in dubai for sole proprietorship Companies
  • Opening bank account in dubai for sole proprietorship Companies in case, if account is opened and operated by Power of Attorney holder. The POA should be a notarized document issued by the court. The Sole Proprietor can appoint a POA holder and the POA holder should have the powers to open & operate the account.
  • Opening bank account in dubai for sole proprietorship Companies in case, Trade license is issued as Profession License, then the Chamber of Commerce and Commercial Registration certificates will not be required

open bank account in dubai for Partnership Companies

  • Partnership Agreement
  • Passport copy of all partners
  • Valid Trade License is a must require document to open bank account in dubai for partnership Companies
  • Open bank account in dubai In case the Trade license is a Profession, then the Chamber of Commerce and Commercial Registration certificates will not be required
  • Open bank account in dubai in case, if account is opened and operated by the Power of Attorney holder. The POA should be a notarized document issued by the court. A Manager of a company can appoint a POA holder provided his name appears on the Trade License and Partnership Agreement. If the Manager’s name is not mentioned on the Trade License then all partners can appoint a Manager through a Board Resolution and the Manager can in turn appoint a POA holder if he has the authority to sub-delegate his powers. POA holder can only open an account if he is empowered do so.

Opening a bank account in dubai for LLC Company

  • Trade License is a must require document for opening a bank account in dubai for LLC Companies
  • Passport Copies for all partners, signed by the signatory ( Original passport will be seen of the signatory only )
  • Memorandum & Articles of Association (MOA)
  • Opening a bank account in dubai in case the Trade license is a Profession License, then the Chamber of Commerce and Commercial Registration certificates will not be required
  • Opening a bank account in dubai in case of Power of Attorney if account is opened and operated by the Power of Attorney holder. The POA should be a notarized document issued by the court. The Manager of a company can appoint a POA holder provided his name appears on the Trade License and the Memorandum and Articles of Association. If the name is not there then a Manager can be appointed through a Board Resolution. Once this is done then the Manager can appoint a POA holder, provided he is empowered to do so. The POA holder can only open the account if he is empowered to do so.

Bank account opening in Dubai for Free Zone Companies

  • Incorporation Certificate or Trade License is must require document for bank account opening in Dubai.
  • Passport Copies for all partners, if any, signed by the signatory ( Original passport will be seen of the signatory only )
  • Memorandum or Article of Association is also required for bank account opening in Dubai.
  • Share Certificate, Incase share percentage is not mentioned in MOA or AOA
  • In case any change or amendment in the original documents of the company, same will be notarized and attested
  • Signatory`s Resume

Dubai bank account for offshore companies

  • Certificate of Incorporation of offshore company is must require document for Dubai bank account opening.
  • Passport copies of the shareholder(s) (Original passport will be seen of the signatory only)
  • CV of all the partners
  • Memorandum and Article of Association (MOA or AOA)
  • Share Certificate, In case share percentage is not mentioned in MOA or AOA
  • Passport Copy of the ultimate beneficiary (If any)
  • In case of Corporate shareholdings structure, shareholder company`s documents will also be required after legal, notary and MOFA stamping.
  • Signing authority’s passport entry stamp page when he came last time in UAE (OR) Visa Copy if he is resident of Dubai
  • Company structure tree diagram on Company Letterhead
  • Company profile or business profile is also a require documents for Dubai bank account opening
  • Board Resolution/Power of Attorney in favor of the Authorized Signatory in order to open, operate and close Dubai bank account in the name of the company. (If required)
  • Any other document to verify the record, bank may request for opening Dubai bank account.

Open a bank account in dubai for Non-Resident Offshore Companies

  • Passport Copies for all partners, if any, signed by the signatory (Original passport will be seen of the signatory only )
  • Incorporation Certificate or Trade License Memorandum or Article of Association, Share Certificate, Incase share percentage is not mentioned in MOA or AOA (attested by UAE EMBASSY and Ministry Of Foreign Affairs)
  • In case of Non-Resident Offshore companies either shareholder has UAE resident visas or the subject company has its office at UAE.
  • Open a bank account in dubai In case company is having corporative structure then company’s structure diagram with percentage of shareholding till the ultimate beneficiary owners.
  • Open a bank account in dubai in case any change or amendment in the original documents of the company, same will be notarized and attested by that respective free zone

Non-resident personal bank account in Dubai

  • Passport copy with entry page
  • Bank Reference letter
  • Utility bill
  • 6 months bank statement from the home country
  • The client needs to invest in some products like investment, bonds, insurance ( minimum USD 500 ) and with this he can get a zero balance account OR Maintain An average balance of AED 200,000

Please note that the bank reserves the right to ask for additional information in line with the international practice of meeting the required compliance regulations and adequately establishing the “Know Your Customer” principle.

business setup in dubai | Company formation in dubai | business setup in dubai | Dubai company formation |

Please Rate This Page