BANK ACCOUNT OPENING ASSISTANCE
The United Arab Emirates is well known for its famous banking industry and the high level of privacy the banks provide their customers. The remarkable growth of private companies, transparent public policies, and 0% corporate tax rate have shaped the economic landscape of the UAE. More to this is an efficient banking system that provides conducive conditions for companies to operate so as to enhance their economic growth in the country.
Another key reason behind the huge demand for UAE bank account opening services is the high level of privacy. This secrecy is one of the utmost reasons for the success of the UAE banking industry which is reliable and secured for your funds. As an Investor, considering this fact, you can be well assured that your privacy will be totally respected.
If you have any type of UAE Company (LLC, Free Zone, or Offshore) or a registered branch or subsidiary company in the UAE, you can always apply to local banks for corporate account opening. Moreover, you can apply for international banks, such
as HSBC, Standard Chartered Bank, and Citibank, however, when it comes to flexibility for SME and startup companies, a local bank account is preferable.
List of Documents Required for Bank Account Opening in UAE
Identity Card
Comprehensive CV
Utility Bills
The company’s corporate documents
Personal Bank Statement
Corporate Bank Statement
Corporate document that indicates proof of ownership
Business Plan
Board Resolution
How much will it cost to open a bank account in Dubai?
For local UAE banks, this balance starts from 50k AED to 500K AED, this depends on which bank you will apply to. For instance, Emirates NBD, starts from 50,000 AED. If you are not maintaining the minimum monthly average balance, the penalty applicable starts from 250 AED per month
CHOOSE THE RIGHT BANK
The following is the list of some of the best banks for business accounts in the UAE:
Dubai Islamic Bank
Abu Dhabi Islamic Bank
Mashreq Bank
HSBC
RAK Bank
Commercial Bank of Dubai
Abu Dhabi Commercial Bank
National Bank of Fujairah
Emirates NBD
HOW LONG WILL IT TAKE TO OPEN A BANK ACCOUNT IN UAE?
This procedure has no specified time limit. For account opening, each bank has its own internal method and timeline. In the UAE, opening a bank account for an LLC or a Free Zone firm typically takes between 2 and 4 weeks.
IS IT POSSIBLE TO CREATE A MULTI-CURRENCY ACCOUNT IN UAE?
Yes, businesses in the UAE can hold accounts in a variety of currencies, including AED, USD, Euro, GBP, CHF, and others.
