Opening Personal/Corporate Accounts at UAE Banks. Service offer

• UAE is one of the largest financial centres in the world;
• UAE banks open savings (deposit) and settlement accounts;
• banks mostly open accounts for UAE companies only (BUT some of them are ready to onboard foreign companies);
• the readiness to promptly (within up to 2 months) make a deposit (USD 15 000 – USD 150 000 depending on the bank – no need to keep this amount in the account in the future) and purchase the bank’s investment products will greatly increase the chances of account opening;
• a link of the company’s activities to the UAE will significantly facilitate the account opening (a company having an office in and the beneficial owner being a resident of the UAE);
• the signatory to the account is required to personally visit the UAE for account opening, and sometimes the beneficial owner too (depending on the bank’s requirement);
• UAE banks issue bank cards;
• Internet banking in English.

[1] The fees are valid as at July 2024. 5% VAT applies.

• we analyse the company’s structure, its activities/business model/turnover OR, in the case of a personal account, information on the individual’s sources of funds/residence/account balance;
• we offer several banks to choose from, depending on the company’s activities, the turnover, possible account balance, and residence of the individuals:
  • RAKBANK,
  • Mashreq Bank,
  • Ajman Bank,
  • Emirates NBD PJSC,
  • Abu Dhabi Islamic Bank(ADIB),
  • Abu Dhabi Commercial Bank (ADCB),
  • Emirates Islamic Bank,
  • Banque Misr,
  • Arab African International Bank,
  • Commercial Bank of Dubai (CBD),
  • Dubai Islamic Bank,
  • Sharjah Islamic Bank P.J.S.C, and
  • other banks (the list of banks with which we work is constantly updated);
• we prepare detailed descriptions of banks indicating the criteria by which they were selected;
• we also prepare a detailed description of further steps in the account opening procedure.

• we collect and analyse the corporate and other documents required to be submitted to the selected bank;
• we put together a detailed account opening application, including complete information on the company, its owners and counterparties;
• we send the application to one of the banks of your choice;
• we prepare a detailed description of all further steps in the account opening procedure;
• we prepare you for an interview with a banker;
• we accompany you to a personal/online meeting with a banker if necessary;
• we interact with the bank at ALL stages.

After the bank confirms that the application is under final review by the bank’s compliance team, payment of the remainder of the full fee for support service is due.

An additional success fee of + 10% to the fee for the service is charged if the account is opened faster than the average standard procedure time, which is:

• for corporate accounts – 3 months,
• for personal accounts – 1 month.

• License;
• Memorandum and Articles of Association;
• Resolution of director for opening an account and appointing a signatory to the account;
• Completed Company Profile and detailed Business Plan;

UAE banks normally accept corporate documents without notarization.

If there is a corporate director/shareholder/secretary in the structure, it is necessary to provide all the documents listed above.

Since the UAE is not party to the Hague Convention on Apostille, copies of all constitutive documents for the corporate director/shareholder/secretary must be legalized by the UAE embassy in the country of issue.

• completed bank applications for the company and owner;
• statement of the company’s bank account for the last 6 months (in the case of a new company, statement of account of the owner’s other company can be provided alongside the proof of his ownership);
• confirmation of the source of origin of funds, including the initial deposit;
• copies of existing contracts/invoices with counterparties;
• office lease agreement, cash flow chart, ownership structure chart, etc.

• Proof of ID (passport) + UAE residence visa (Emirates ID);
• Proof of address in the UAE (not older than 3 months);
• CV;
• Bank reference letter + bank statement for the last 6 months.

*The list is not exhaustive. The bank may request any further documents and information.

Depending on the company’s activities, the type of license, the chosen bank, etc., it may be necessary to confirm that either the company is a resident of the UAE (has an office) or the beneficial owner is a resident of the UAE (has a lease agreement). We can provide these services to you too – please contact your consultant for more details.