How to open a bank account in Incognito Bank (UAE)

GSL reference about the bank What is it?

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GSL rating

rating

Beginning of cooperation

November, 2024

Last contact

December, 2024

Last update

November, 2024
  • founded in 2024, an actively developing Islamic online bank;
  • licensed by the Central Bank of the UAE, the head office is located in Ajman;
  • the bank opens savings (deposit) and settlement accounts;
  • the bank opens accounts for local companies (mainland companies, free zone companies) and personal accounts for UAE residents;
  • no minimum balance requirement for either personal or corporate accounts;
  • the bank opens accounts for companies with nationals or citizens of any country in the structure (without restrictions);
  • the bank onboards companies with any type of activity (without exception);
  • fccounts are opened remotely; no requirement to visit a bank branch (this applies to both personal and corporate accounts);
  • fvailable currencies: AED;
  • the bank issues bank cards and cheque books;
  • the bank specializes in domestic payments – within the UAE;
  • Internet banking in English and Arabic;
  • account opening time: 1 – 2 weeks
GSL rating
rating
Beginning of cooperation
November, 2024
Last contact
December, 2024
Last update
November, 2024
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General information and rating
General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
2024
History
The bank is founded in 2024
Personnel
There are English-speaking staff
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
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    Minimum requirements
    Minimum requirements

    0
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    0
    Initial deposit of funds, €
    0
    Deadline for the initial deposit, month
    Minimum balance, €
    No minimum account balance requirement
    Transactions permitted per month
    No restrictions on the number of transfers for current accounts
    Initial deposit of funds, €
    No Initial deposit requirements
    Minimum turnover, €/year
    No restrictions on minimum turnovers
    How fast payments are executed
    Same day or next day

    Tariffs and services
    Tariffs and services

    N/A
    Outcoming transfer, €
    N/A
    Incoming transfer, €
    245
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Account maintenance, €/year
    Corporate accounts are serviced at AED 79 per month, personal accounts are serviced free of charge
    Distant access to the account
    Internet banking in English and Arabic
    Financial products
    The bank provides a full range of banking solutions based on digital technologies
    Credit/debit cards
    Bank cards can be issued

    Account opening procedure
    Account opening procedure

    Days to open for incoming transfers
    Case by case
    Days to open for outcoming transfers
    Case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    Accounts are opened remotely; no requirement to visit a bank branch (this applies to both personal and corporate accounts)
    Required
    For a legal entity: License; Memorandum and Articles of Association; Director’s resolution for opening an account and appointing a signatory to the account; Completed business plan of the company; Office or flexi desk lease agreement; Certificate showing the number of shares of each shareholder of the company; Statement of the company’s bank account for the last 6 months (in the case of a new company, a statement of the owner’s personal account showing the source of income can be provided instead); Copies of existing contracts with counterparties (if any).

    For an individual (directors / shareholders / beneficial owners / attorneys): Proof of ID (passport), a copy of the UAE visa and Emirates ID for the signatory to the account and all shareholders of the company; CV for the signatory to the account and all shareholders of the company; Statement of a personal bank account of the signatory for the last 6 months (the bank accepts account statements without translation into English).

    The list is not exhaustive. The bank may request any further documents and information.
    Types of accounts
    Savings; Current
    Opening procedure and Due Diligence
    It is possible to open an account without visiting the country where the bank is located
    Chances to open an account
    Predictable

    Banks of UAE

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    3 250
    N/A
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    3 250
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    N/A
    3 250
    N/A
    N/A
    3 250
    N/A
    N/A
    3 250
    N/A
    N/A
    3 250
    N/A
    N/A
    3 250
    N/A
    N/A
    3 250
    N/A
    N/A
    3 250
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