Dubai has gained the reputation of being an international city due to the presence of a very large number of foreigners here for work and other reasons. Today, more than 85% of the population are foreigners. They live there as investors, employees, workers, traders, etc. For all these foreigners living in Dubai, one important necessity is to open a bank account in Dubai for non-residents.
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ToggleGeneral requirements for a bank account in Dubai
There are several general requirements that are required for all types of accounts. Knowing these requirements will allow you to understand the entire process of opening a bank account in Dubai.
Residence in Dubai and UAE
No bank in Dubai allows you to open a current/current account without residing in Dubai/UAE. But few banks allow non-residents to open savings accounts in Dubai. These banks apply different conditions for this type of bank account. The person must be in Dubai or UAE. This is because signing the documents in front of the bank official is mandatory for this purpose. The only other option is to give the authority to a representative to open the account.
International Bank Account Number
The UAE government has now made it mandatory to use the International Bank Account Number (IBAN) for all electronic transactions. The International Bank Account Number (IBAN) is required for payments within and outside the UAE.
Submit documents
Includes a no objection letter from the sponsor/employer, passport with residence, Emirates ID, visa copy and recent utility bill payment.
Non-Resident Bank Account Requirements
As mentioned above, few banks in Dubai allow non-residents to open a savings account. Important requirements to open a non-resident bank account in Dubai:
The person needs to submit at least six months original personal bank statement from his/her home country (needs to submit documents to prove ownership/share of his/her company if he/she owns a company). Original bank reference letter, CV, recent utility bill and passport copy of the applicant. USD 10,000 average monthly balance is required (may vary from bank to bank). Presence in Dubai/UAE is also mandatory.
Requirements for opening a corporate bank account
Apart from opening personal bank accounts, it is also possible for investors and business owners to open corporate/business accounts in Dubai. There are two types of corporate bank accounts available in Dubai. Offshore company accounts and onshore company accounts.
There are several differences between offshore and onshore bank accounts. Offshore Dubai company accounts are less expensive compared to onshore company bank accounts. However, opening such an account is difficult due to the high minimum account balance. Onshore Dubai company account is more expensive but can help you get a UAE residence visa. It is also beneficial to have the freedom to choose banks, and minimum account balance requirements.
Important documents for opening a corporate bank account
Submission of Articles of Association (AoA) and Memorandum of Association (MoA) Ownership documents along with company structure documents Documents explaining the source of funds invested in the company Information on the business experience of the company owners Standard personal documents for the company shareholders Explanation of the planned activities of the company.