How to Open a Bank Account in Dubai

The current monetary consistency of the UAE is extremely satisfactory for its financial service institutions like banks and related organizations. The Dubai Bank has created a money related framework that follows the current guidelines and customers prerequisites when it is about open a Bank Account in Dubai. Because of this reason, the United Arab Emirates financial organizations have been recognized worldwide and expanded a flawless repute regarding the services they offer. A great number of individuals and organizations are intrigued to open a Bank account in Dubai or across the United Arab Emirates. Every company and individual is willing to open their own and corporate bank account in Dubai, thus they can secure their fiscal resources. Because of this, all internationals banks attempt to open their representative office or branches in Dubai. This is particularly important to say that the system of Dubai bank account opening for corporate use as it varies from bank to bank. Opening of a bank account in Dubai requires some time keeping in mind the end goal to complete every single mandatory stride of the application to open the Dubai account. In our perspective, the superb answer for spare your valued time is to counsel qualified professionals like us who have experienced this procedure commonly.

Presence requirements for Bank Account in Dubai, UAE

According to the legal systems of the money related organizations of the United Arab Emirates, it is mandatory to be by and by present in Dubai for UAE bank account opening. Else, the procedure will be viewed as unlawful and the bank won’t open a bank account. The reason for an individual presence in UAE is that the original signature of the records and individual identity confirmation is mandatory requirements, which allow candidates to open a corporate bank account in UAE.

Opening Bank Account in UAE for a foreign company

This is particularly conceivable to open a bank account in Dubai for the foreign company. A foreign company is an organization registered outside the United Arab Emirates regardless it is an offshore company, for example, BVI Offshore Company or onshore organization in any jurisdiction around the globe. To open a bank account all the required records ought to be notarized and attested from the Embassy of the United Arab Emirates in the origin country and after that from the ministry of foreign affairs in Dubai. The procedure of UAE bank account opening is truly costly.

Cheque book

Utilizing Checkbook is quite normal for advanced money related arrangements of Dubai. Utilizing a Checkbook for the Dubai bank account is helpful and then again this is a secure method of payments for individuals and corporates also. In any case, keeping in mind the end goal to get a Checkbook for a corporate account of the organization it is mandatory that the investor ought to be the inhabitant of UAE. Typically banks don’t issue Checkbook to offshore organizations.

Debit card

Bank account Opening in Dubai gives you a chance to get a debit card or credit card. It is a great and fitting instrument for any money related exchange. The debit cardholder can make any installments transaction through ATM or any installments terminals and additionally pull back the money from the ATMs. There are certain terms and conditions on the utilization of check cards which specifically rely on the kind of debit card and bank in Dubai.

Online banking system

The vast majority of the companies or individuals who are interested in the Dubai bank account are by and large intrigued by the online banking system. For instance bank account for offshore organizations, the bank doesn’t issue Checkbook and debit card to the customer have stood out choice to work his bank account which is an online banking system. In nowadays, in cutting edge business world, Dubai online banking system is one of a kind instrument of overseeing bank account from anyplace on the globe. This online banking system is exceptionally alluring for those organizations that have global business transactions and need to exchange cash stores starting with one account into the other around the world. Besides, this is vital to say that the online banking system of UAE amazingly secured a strategy to work together exchanges and shield its customers from cheats and frauds. So if you are to open a bank account in Dubai, the fundamental advantages of an online banking system are that you can have full control of your Dubai bank account from anywhere on the globe.

How to Open Bank Account in Dubai?

We can acquaint our customers to open bank accounts in various locales however we are specialized in the opening of bank accounts in Dubai, UAE. Our Dubai bank account presentation is an expert service provided by MSZ corporate services provider to European or Offshore organization proprietors and corporate as an affirmed intermediary. While we cannot ensure the bank will open an account for each client, however by utilizing our expert aptitude, we can essentially build the achievement rate for account opening. We additionally can lessen potential application hold-ups with off base or missing requires documents that the customer might not have known about. We consider the few elements when recommending banks for the account opening to clients such as client’s Nationality (citizenship) and country of residence, confidentiality, investment requirements, the volume of payment transfers, soft currency requirements, types of transactions involved (trading / real estate/investment manufacturing), as well as language and communication issues when communicating with the bank. The processes of opening a bank account in Dubai are quite inflexible and involve a significant amount of paperwork however requirements may vary from bank to bank. Almost all standard banking services are offered in Dubai banks comprising current, and deposit accounts, savings, and also as offshore accounts.

Following are the list of the required documents required to open different types of a bank account in Dubai-UAE

A Corporate Bank Account Opening for UAE Resident Sole Proprietorship Co.:

Following are the required documents to open a corporate bank account for United Arab Emirates resident sole proprietorship:

• A Trade License
• A Partnership Agreement
• Copy of Passport (all partners)
• It also needs the power of Attorney if the account is opened and handled by the Power of Attorney holder.
• The Power of Attorney (POA) must be a notarized piece of document and is issued by the court.

The Manager of a company or business organization can assign a Power of Attorney holder provided his name appears on the Trade License and Partnership Agreement. In case if Manager’s name is not stated on the Trade License then all partners can assign a Manager through a Resolution by the board and the Manager can in turn appoint a POA holder if he has the power to sub-delegate his authority.

The holder of POA can only open an account if he/she is authorized to the Chamber of Commerce and Commercial Registration certificates are not required if the Trade License is a Profession License (Rukhsa Manahiya).

A Corporate Bank Account Opening for UAE Offshore Company (RAK IC, JAFZA & AFZA)

Following are the documents required to open a UAE offshore company bank account:

• A Certificate of Incorporation
• Company’s Memorandum and Article of Association
• Copy of Passport of the shareholder(s) ( only signatory’s original passport will be seen if required)
• Certificate of Shares ( In case of share percentage is not mentioned in MOA or AOA)
• Copy of Passport of the ultimate beneficiary (If there is any) passport entry stamp page of signing authority’s when he/she came last time in UAE (OR) copy of Visa if he/she is resident of Dubai, UAE
• Shareholder company’s documents (In case of Corporate shareholdings structure)
• Company’s structure tree diagram on company Letterhead
• Business/Company profile
• CV(s) of all the partners
• Resolution of Board or Power of Attorney (POA) in favor of the Authorized Signatory is required
• Bank may request any other document to verify the records.

A Corporate Account for UAE Resident Limited Liability Company (LLC)

Following are the documents required to open a corporate bank account for UAE Resident Limited liability company (LLC)

• A Trade License (3 Pages)
• Company’s Memorandum of Association
• Passport copies of the authorized signatory with the visa page (Entry Stamp page).
• Copy of Passport of the Local Emirati Sponsor with idbara page.
• Copy of Chamber of Commerce Certificate
• The Power of Attorney (POA) must be a notarized piece of document and is issued by the court.

The Manager of a company or business organization can assign a POA holder provided his name appears on Partnership Agreement and Trade License. In case if Manager’s name is not stated on the Trade License then all partners can assign a Manager through a Resolution by the board and the Manager can in turn appoint a POA holder if he has the power to sub-delegate his authority.

The holder of POA can only open an account if he/she is authorized to the Chamber of Commerce and Commercial Registration certificates are not required if the Trade License is a Profession License (Rukhsa Manahiya).

A Corporate Account for UAE Free Zone Company

Following are the documents required to open a corporate bank account for UAE Free Zone Company:

• Certificate of Incorporation or Trade License
• Copy of Passport of the shareholder(s) ( only signatory’s original passport will be seen if required)
• Certificate of Shares ( In case of share percentage is not mentioned in MOA or AOA)
• Company’s Memorandum and Article of Association
• Resolution of Board (if any)

In case any amendment or change has been made in the original documents of the company, the same will be notarized and attested by that respective free zone.

Corporate Bank Account Opening for Foreign Company

Following are the documents required to open a corporate bank account for Foreign Company:

• Company’s Incorporation certificate
• Memorandum and Article of Association (MOA/AOA)
• Passport copies of all the partners
• Certificate of Shares ( In case of share percentage is not mentioned in MOA or AOA)
• Copy of Passport of the ultimate beneficiary (If there is any)
• Shareholder company’s documents will also be required (In case of Corporate shareholdings structure)
• Company’s structure tree diagram on Company Letterhead
• Business/Company profile
• CV(s) of all the partners
• Bank may request any other document to verify the records.

Note all documents required to be attested and notarized by the nearest Embassy of United Arab Emirates / Consulate from the country of origin and Ministry of Foreign Affairs (MOFA) in UAE. We can also assist you with this process.

A Corporate Bank Account Opening for British Virgin Islands (BVI ) OR Foreign Offshore Company:

Following are the documents requirements to open a corporate bank account for British Virgin Island or foreign offshore company:

• Memorandum and Article of Association (MOA/AOA)Certificate of Incorporation
• Resolution of Board or Power of Attorney (POA) in favor of the Authorized Signatory to open, operate and close a bank account in the name of the company
• Copy of the Passport of shareholders as well as of the signing authority (if any)
• Signing authority’s latest bank statement (three months)
• Share certificate of the company (if any)

Note all documents required to be attested and notarized by the nearest Embassy of United Arab Emirates / Consulate from the country of origin and Ministry of Foreign Affairs (MOFA) in UAE. We can also assist you with this process.

Non-Resident Personal Bank Account Opening Process

Following are the steps of Non-Resident personal bank account opening process:

• Copy of Passport with the entry page
• 6 months bank statement from the country of origin
• Reference letter of Bank
• Utility bill
• The client may need to invest in some products like an investment, insurance, bonds, (a minimum of USD 500) and with this, he/she can get a zero balance account.

OR

• Maintain an average balance of AED200,000

Please note: Bank reserves the right to ask for any additional information that may need in order with the international practice of meeting the required compliance regulations and effectively establishing the “Know Your Customer” principle.

The following is a list of Dubai banks:

• Arab Bank UAE
• BNP Paribas
• Bank Reference letter
• Commercial Bank International UAE
• Commercial Bank of Dubai
• Dubai Bank
• Dubai Islamic Bank
• Emirates Islamic Bank
• Emirates NBD
• First Gulf Bank
• HSBC Dubai
• Invest Bank
• Mashreq Bank
• Union National Bank
• United Arab Bank

For more information get in touch with our Business setup consultants by calling us on +971562181007 or drop a mail to info@msz.ae