The UAE is an economically stable location for a financial establishment such as a bank. Dubai is a technological powerhouse with lead-edge banking services for customers opening a bank account. Hence, Dubai is accredited worldwide for its financial institutions, with a respected reputation that follows.
A mandatory step to entrepreneurship in Dubai is opening a bank account. Therefore, a lot of people in business are eager to open a bank account in the UAE. Both, personal and commercial bank accounts are in demand.
However, due to UAE’s lenient business policies, the rise in international investors, and businesses in Dubai is remarkable. This increase contributes to the reasons almost all international banks attempt to open their branches in the city of Dubai to satisfy their customers.
Nevertheless, the process of opening a Dubai bank account for corporate functions varies from bank to bank. One has to follow all necessary steps of the application in time to open a bank account in the UAE.
The following are potential UAE banks for bank account opening in UAE:
- Arab Bank UAE
- Commercial Bank International UAE
- Commercial Bank of Dubai
- Dubai Bank
- Dubai Islamic Bank
- Emirates Islamic Bank
- Emirates NBD
- First Gulf Bank
- Invest Bank
- Union National Bank
- United Arab Bank
Bank Account Opening in UAE Requirements:
Physical Presence Condition:
Financial establishments in UAE have a legal obligation to have the applicant opening a bank account in UAE be physically present to sign documents and confirm personal identity.
Foreign Account opening in UAE:
More than often times foreign companies are required to open a bank account in UAE. In order to successfully have a bank account opening in UAE, a company registered outside the UAE jurisdiction must first approve & attest all required documents from the UAE embassy in their respective country, and then from the MOFA (Ministry of Foreign Affairs) in the specific Emirate.
NRI Account opening in UAE:
Foreign Account opening in UAE can become a hassle without the right providers. That is why Probity Corporate exists.
Foreign Account opening in UAE involves the following documents:
- Trade license
- MOA & Articles
- Certification of incorporation (if available)
- Shareholders certificate (if available)
- Last six months bank statement (for existing company)
- Owner’s personal bank statement for 6 months (if available)
- List of customers (Top 5)
- List of suppliers (Top 5)
- Area of operations (within UAE or any other specific country or region)
- Does the client operate within any sanctioned country?
- Profile of the company detailing the activities and operations of the company
- Owner’s profile with their background details (preferably in a CV form)
- Expected annual inward remittance in the proposed bank account
- Will there be any cash deposits? If yes, what could be the maximum amount to be deposited in a day?
Zero Balance Account opening in UAE:
The following is a list of banks providing zero balance account opening in UAE:
- ADIB Smart Banking Account
- Commercial bank of Dubai(CBD) ESaver Account
- ADCB Active Saver Account
- FAB iSave Account
- HSBC E saver Account
- Emirates NBD Liv. Account
Opening a savings bank account in UAE comes with a few prerequisites like a certain minimum salary and minimum balance maintenance. However, banks in the UAE offer zero balance accounts that require no minimum balance.
These accounts sometimes don’t require a minimum salary either. Moreover, they offer benefits like:
- Personalised debit cards
- ROI on every dirham submitted to the account
- No extra charges on ATM withdrawals
- High discounts on recreational activities like shopping, dining, & entertainment
- Available to non-income individuals including housewives
- Both UAE nationals and expats are eligible
- Special rewards on referral
- Interest rates usually vary from 0.60% to 1.50% with exceptions like 0.10% & 1.68%
Online Bank Account opening with zero balance in UAE:
As mentioned previously, some banks in the UAE allow zero balance account opening in the UAE. This means, these accounts neither need minimum balance maintenance, nor a minimum salary to get started.
One of the perks included in this kind of account is instant online bank account opening with zero balance in UAE, instantly. Along with access to the account through banking mobile apps.
UAE online banking is a unique tool that allows customers to manage their bank accounts from anywhere in the world. This feature is obviously essentially important to companies handling international business transactions & need to transfer funds around the world securely.
Bank Account opening in UAE offers lots of perks. However, there are lots of jurisdictions and sets of rules that are specific to business activities & company licensing. This is why, Probity Corporate provides bank account opening solutions in UAE to drive our clients in the right direction and protect them from any fraud, or unintentional mishaps that may be illegal in UAE.
since we have the knowledge and contacts in UAE, we are the perfect company to help clients open bank accounts in UAE fast, and securely.