There are many different types of bank accounts in Dubai. The most common being a personal account, which is usually used as an employee salary transfer account. Other account types include offshore bank accounts, corporate/company bank accounts, private bank accounts. Whichever type of account you choose, you should get to know the requirements for the different types of bank accounts in Dubai, below.
Bank Account Requirements
Your eligibility to open a Dubai bank account is subject to:
- The type of the account you require – private or corporate.
- Your residency status.
- Any additional requirements your choice of bank may have.
In general, most financial institutions will require the following:
- Signing of all bank documents in person, with your banker
- Original passport of account holder.
- If applicable, the entry visa of the account holder.
In addition, private bank accounts in Dubai will require:
- A recent utility bill from your home country or country of residence, with your name and residential address.
- An official bank reference letter and/or bank statement.
- Resume or curriculum vitae, showing full business background and professional history.
Residency visa holders will also be required to show:
- A copy of the UAE visa.
- A copy of the UAE ID card.
- If employed in UAE, an NOC from the employer as permission to open the account.
For corporate bank accounts in Dubai, UAE the following is required:
- All relevant documents outlined above
- The passport copy of the director and all shareholders.
- All company incorporation documents, these will likely include:
- Memorandum and articles.
- Certificate of incorporation.
- Information on company shareholders – shareholders registry, company extract from the official companies registry, share certificate.
- Information on company directors – directors registry, company extract from the official company registry.
- Certificate of good standing.
Dubai banks will typically also require a minimum account balance. This requirement differs from bank to bank, and can range from EUR 3,000 to EUR 100,000 – sometimes more for privileged or premium accounts.
Some banks will have a KYC (know your customer) policy, which makes it necessary for account holders to disclose account activities and the source of funds.
Banks in Dubai may also request additional supporting documents; such as existing contracts, reference letters from current or previous business partners, business plans, etc.
For any questions, or to get started opening a bank account in Dubai, you may contact our business consultants or submit a form on this page to receive a no-obligations consultation call.
Zola Group offers holistic corporate services to local and global business clients. Our most popular comprehensive services include company setup, incorporation, residency and banking services. Contact our professional corporate services consultants via phone or email to inquire about how we can help you achieve success in this region's most rewarding emerging market.