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Opening an Account at UAE Banks. Service offer

Services of selecting a bank, collecting documents, drawing up and sending to banks an account opening application
Services of accompanying you to a personal meeting with a banker, preparing you for the interview, and further interacting with the bank.

Contents

  1. Detailed description of the stages of the account opening process*
    1. STAGE I:
    2. STAGE II:
  2. General requirements of UAE banks for documents and information*
    1. For a legal entity:
    2. For an individual (directors / shareholders / beneficial owners / attorneys):

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 - 150,000 depending on the bank) and purchase the bank’s investment products will greatly increase the chances of account opening (no need to keep this amount in the account in the future);

a link of the company’s activities to the UAE will significantly facilitate the account opening (a company having an office in and/or 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);

bank cards are available;

pre-approval is applied for by us before the account opening – a positive answer means that one can definitely travel to the UAE;

Internet banking in English.
Services
Fees (USD)
Services of:
- selecting a bank,
- collecting documents,
- drawing up and sending to banks an account opening application
500
Services of:
- accompanying you to a personal meeting with a banker,
- preparing you for the interview, and
- further interacting with the bank on completion of the account opening process after the interview with bank officer
2000

Detailed description of the stages of the account opening process*

STAGE I:

upon your completing a special questionnaire, we get to know you and your business closer and offer several banks to choose from:

we help you to collect the necessary package of documents required for account opening

we arrange an interview for the signatory to the account at the bank of your choice (or several banks, because it is better to apply to more than one bank, to increase the chances of opening at least one account)

STAGE II:

we accompany you to a personal meeting with a banker

we prepare you for the interview, going again through the list of necessary documents and accentuating necessary points; we also instruct you in detail about what questions the bankers usually ask and what they expect to hear from you

we take care of further interaction with the bank on completion of the account open-ing process after the interview with bank officer.

General requirements of UAE banks for documents and information*

For a legal entity:

  • 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.

For an individual (directors / shareholders / beneficial owners / attorneys):

  • Proof of ID (passport) + UAE residence visa;
  • Proof of address (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.

Are you interested in the offer?
2500 USD
Download offer in PDF
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