Bank Account Opening Assistance in Dubai, UAE

When you plan to start a business setup in Dubai, you will need to open a corporate bank account for your business use. Businesspeople also want to open a new bank account when they are setting up a business because it can help them to manage their monetary assets, and they can manage their financial dealings in an orderly manner.

Opening up a bank account for a non-resident or a foreign investor is not a difficult process. If you are a foreign business owner, you can easily open up a bank account in Dubai with the help of MW Mideast. Yes, our bank assistance services in Dubai keep you away from any difficulty and stress.

Mist banks offer savings account for non-residents. You can also open a personal account in any of the banks in Dubai. There are 22 national banks currently operating in UAE. International banks that operate in UAE are 27. All the banking-related processes are regulated by the Central Bank of UAE. All your banking-related operations and financial statements are made by the Central Bank of UAE.

Requirements For Opening a Bank Account in UAE

There are some basic requirements that you must fulfill to get your bank account opened in UAE.

It is a compulsion for you to be present in Dubai physically for your bank account opening.

One main reason to be present there at the time of opening of a bank account is that you have to sign many legal documents required for the procedure to start.

Secondly, it is mandatory for personal identity confirmation which can allow you to open a bank account in Dubai, UAE.

Documents Required For Opening a Bank Account in UAE

When you open a bank account in Dubai and you are a non-resident, the bank officials ask you to provide some important documents for the further process to start. The documents required for bank account opening in Dubai are:

Registration certificate
Memorandum and articles of association
Business Trade License
Share certificate
Shareholder’s passport copies
Board resolution allowing a company owner to open a bank account
Certificate of Incorporation
Profile of the company and business
CV of every partner

The Procedure of Opening a Corporate Bank Account Dubai

Company formation in Dubai Mainland gives the advantage of selecting a prominent location for your business from a wide range of locations. The biggest benefit of setting up a business in Dubai Mainland is that the company is not restricted to any geographical boundaries.

1. Application Form

Fill out the application form for bank account opening. It is different for every bank. Fill out the form with proper details and also give additional details such as business owners' details, and invoices.

2. Attachment Of Documents

Attach the above-mentioned documents with the application form. Every document must be original and not even one of them should be missing.

3. Approval From The Bank:

After this, the bank checks and reviews your application and documents. Based on this, the bank officials either approve or disapprove your application for bank account opening.

4. Collection Of Detailed Information:

In case of approval of your application, now the bank will take further steps to gather detailed information about your business or company and all the directors, shareholders, or any local business sponsor.

5. Interview Call

After collecting the information in detail, now you will receive a call from the bank for an interview date and time. After the interview, now your process of bank account opening starts and your corporate bank account gets opened in the UAE.

Frequently Asked Questions

1. Is It Allowed For a Non-Resident of UAE To Open a Personal Bank Account in Dubai?

It is not allowed for a non-resident to open up a bank account in any local bank in Dubai. However, If permission is granted, the facilities offered by that bank will be very limited. Mostly, they only provide internet banking facilities for online payments and transactions. Also, some banks do not issue credit cards, debit cards, or checkbooks to a non-resident of the UAE.

2. How Much Time is Required During The Process of Bank Account Opening?

There is no specific period for this process of opening a bank account in Dubai. It varies with every bank according to their terms and policies but usually, it takes about 2 to 4 weeks o open a bank account in any local bank for a mainland or free zone company in the UAE.

3. How Much Amount Should Be Maintained in The Bank Account?

A certain amount must be present in the bank accounts. Normally, you must have 50k to 500k maintained in your bank account. But, its limit is different for every bank according to their policies. It is up to you to maintain the balance. If you do not do so, it disturbs your relationship with the bank.

4. Can I Open a Bank Account Online in Dubai?

No, you can’t open a bank account online. It is a compulsion to be physically present at the time of bank opening because you have to sign all the legal documents that are then attached to the application form. Also, your identity recognition is a must for the approval of your bank account opening.

Essentials Provided With Bank Account
Opening in Dubai

Cheque Book

It is a common practice that a bank issues a cheque book after you have completed the process of your bank account opening in Dubai. Through cheque book, you can easily perform your transactions or transfer funds. This is a very secure way of payment. The only restriction for getting a cheque book from the bank is that you must be a resident of the UAE. Cheque books are not issued and given to the owners of any offshore companies.

Online Banking System

After opening a corporate account in Dubai, you can enjoy the modern facility of the online banking system. In the online banking system, you can manage your bank account from anywhere in the world. Dubai is recognized worldwide for its online system of managing bank accounts in a modern manner. Those companies who want to transfer monetary funds from one account to another worldwide, use the ideal banking system of Dubai. Moreover, it is the most secure and protected method of funds transfer in Dubai without any prominent risk of fraud.

Debit Card

After you get your bank account opened in Dubai, it provides you with a debit card or credit card. Through a debit card, you can make transactions by being anywhere in the world by using ATM. You can also withdraw cash from your account using ATMs. Every bank has certain terms and conditions for the use of debit cards. The debit card provides you with great ease as you can easily deposit and withdraw money in your bank.

Cost of Opening a Bank Account

Dubai is the hub of business activities because of its strategic location and ideal infrastructure for businesses. As a foreign investor, you will be impressed to know that opening a bank account in Dubai, UAE is free of cost. There are no charges for opening up a local bank account in Dubai. But, the only compulsion in this process is that you have to maintain a certain amount in your bank account.

For local banks in UAE, this amount starts from 50k AED to 500k AED. This amount varies with every bank according to the terms and policies of that certain bank.

If you are planning to open a corporate bank account in Dubai, we recommend you always have a certain amount in your bank because starting a business in a foreign country, you always have to maintain a very good relationship with your bank because you have to deal with many banking-related tasks in your company formation process.

Commercial Banks in Dubai, UAE

Here is a list of some main commercial banks in Dubai:

Dubai Islamic Bank
HSBC Bank
First Gulf Bank
Commercial Bank International, UAE
Arab Bank UAE
Emirates Islamic Bank
Union National Bank
Invest Bank
Commercial Bank of Dubai

Top MW Mideast Services For Bank Account Opening in Dubai

MW Mideast provides you with the best UAE bank assistance services for company formation in UAE. Our experts can guide you through the whole process and can facilitate you in opening a bank account. Sometimes, the procedure of documentation can be a tough task, but our highly professional consultants guide you with the proper ways and steps of your bank account opening and for a great business setup.

This is because we believe in the fact that your success is our success. MW Mideast can assist you in all the procedures of opening a bank account in Dubai, UAE. Our expert team will guide you thoroughly in every step of this process and make it an easy task for you.