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Bank Account Opening

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Dubai Bank Account Opening

Dubai is one of the most preferred banking hubs in the world. With the versatile cross culture, robust business environment, flexible regulations and strong financial markets, a corporate bank account opening here offers a lot of scope.

Corporate Bank Account

A UAE Company (Mainland, Free Zone or Offshore) or a registered branch or subsidiary company in the UAE, can apply for local banks for corporate bank account opening. All types of companies can open multiple corporate bank account with multiple currency. Online banking facility is provided for all corporate accounts. Companies that are owned by corporate entities will need to provide a full set of corporate documents in order to identify the management and ultimate beneficial ownership of the structure.

Benefits of a corporate bank account opening in UAE

Financial institutions of the UAE are the best and safest way to invest and are considered reliable.
The banks offer multi currency accounts with good exchange rates and fixed rate with USD.
The bank accounts in foreign currency are mainly based on USD, EUR, GBP. There are also other currencies available depending on the bank.
Secure online banking solutions. Transfers are made secure and easy with correspondent banks and branches across the world.
All major banks have branches in Europe and Asia helping to significantly reduce the transfer fees.The first step to open a corporate bank account is filling up a bank account opening application, along with detailed company records.

Documents required

Standard personal documents on company shareholders (Passport copies for shareholders and authorised signatories).
Board Resolution empowering a Company Officer to open the account
Company Memorandum of Association (MOA) and Articles of Association (AOA)
Certificate of Incorporation / Trade 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 the company.
Existing contracts
Reference letters from business partners

Most local banks require a minimum balance to be maintained, which can vary depending on the bank and account type. Banks typically require the account to maintain an average monthly balance between AED 10,000 and AED 100,000.

Personal Bank Account

UAE economy and the financial institutions in the country are highly regarded around the world and are considered reliable. A resident or non- resident personal bank account opening provides one with various advantages. Global access and secure payments with high degree of technology support with reliable and safe transactions are the reasons for choosing a personal bank account in UAE.

There are two types of Personal Bank Accounts

Benefits of a personal bank account opening in UAE

Full online banking facilities
Debit cards which can be upgraded to premium and platinum cards with higher withdrawal limits
VISA/MasterCard credit cards are available
Cheque book which gives the flexibility of payments throughout UAE as the preferred method of payment (this benefit is available only for resident accounts)

Documents required

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 from 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

CORPIN helps businesses in establishing an entity in UAE with respect to all aspects. Full money repatriation, zero taxation and asset management are some of the allied functions that CORPIN undertakes along with helping the business set up a bank account.