You can open personal and corporate bank accounts in the United Arab Emirates. Both residents and non-residents of the country are welcome to set up personal bank accounts there. If you have a resident visa, opening a bank account in the UAE is much easier. You will have to supply your passport, your Emirates ID, an income confirmation – that’s it. Non-residents often have a harder time setting up bank accounts in the UAE. They have to pay a personal visit to the bank, supply a larger number of application documents, and wait for a longer time. They also face a risk of service denial.
You have to register a company in the UAE to be able to set up a corporate bank account in the country. The good news is that there are multiple free zones in the UAE that offer beneficial conditions to resident companies. What is more, you can register as a freelancer.
Documents required for setting up a bank account in the UAE
Depending on your status and the type of bank account that you are opening, the lists of application documents are going to be different.
For residents:
- Passport and its copy;
- Resident visa;
- Emirates ID;
- Salary certificate.
Bank account opening takes 1 to 3 days.
For non-residents:
- Passport and its copy;
- Proof of address – utility bills or a certificate from the municipal authorities;
- Banks statements for the last 3 to 6 months to serve as proof of your;
- A Letter of Recommendation from a bank that has been providing services to the applicant;
- A résumé with personal and work-related information;
- Information about the sources of income.
Bank account opening takes 1 to 2 weeks.
Corporate bank account:
- Your UAE company registration data (Registration Certificate, licenses, share certificates, Memorandum and Articles of Association, etc.);
- Passports of all company shareholders, utility bills to serve as proof of addresses, personal résumés reflecting work experience, and personal bank statements;
- Documents confirming the authority of company officers;
- Registration documents for any affiliated company (if applicable) + bank statements for the company;
- Description of the company’s business activities;
- Expected annual turnover and the amount of the initial deposit that you are prepared to make.
Bank account opening takes from 2 weeks to 2 months.
Can you open a bank account in the UAE remotely? In exceptional cases, you can but a personal visit is required as a rule.
Resident, non-resident, and corporate bank accounts in the UAE
Residents of the UAE can open current and savings accounts. Non-residents can open only savings accounts.
LLCs and corporations registered in the UAE can set up corporate bank accounts in the country. The place of the company registration – in a free zone or on the mainland – plays a role. Foreign companies can theoretically open bank accounts in the UAE but the procedure is rather costly and service denial is not a rarity.
Conditions for opening a bank account in the UAE
You can open a bank account in dirhams, US dollars, euros, and pounds sterling in the UAE. The exchange rate is as follows: 1 USD = 3.6725 AED.
Banks in the UAE charge no account opening fees.
Account maintenance can also be free of charge if you keep a certain amount of money with the bank. If your balance falls below a certain limit, commissions may be charged. Some banks require that you top up your savings account on a regular basis. For a corporate bank account, the minimum deposit can be anywhere between 50,000 AED and 500,000 AED depending on the particular bank and the type of your company.
Differences between bank accounts for residents and non-residents in the UAE
| RESIDENTS | NON-RESIDENTS |
| Fast account opening | Slower account opening |
| Checkbook available | Checkbook unavailable |
| Any financial services | Limited financial services |
| Wide choice of banks | Small choice of banks |
| Online banking opportunities | Online banking opportunities |
| Debit and credit cards | Debit cards only |
| Bank loans available | Limited access to financial resources |
How can you acquire a resident visa to open a bank account in the UAE?
Two-year resident visas are available to foreigners purchasing property in the UAE for at least 750,000 AED.
Five- to ten-year visas are available to foreigners making larger investments into property or business in the UAE. The visa validity term depends on the amount of investment.
Ten-year ‘golden visas’ are issued to outstanding investors, entrepreneurs, company CEOs, scientists, artists, etc. If you want to qualify for a ‘golden visa’ by investing into real property, you have to invest at least 2 million AED.
International money transfers
You can use your UAE bank account to transfer money to other countries and to receive payments from other countries with the exception of the countries sanctioned by the UAE authorities. At the same time, the legality of all money transfers needs to be confirmed.
Popular banks in the UAE
You can find domestic and foreign banks in the UAE. Domestic banks are divided into regular banks and Islamic banks. Islamic banks adhere to sharia law in their operations, which means that they do not issue loans at an interest and do not pay interest on deposits. Besides, they do not allow investing in securities.
Below we list some domestic banks in the UAE where you can open an account:
First Abu Dhabi Bank – FAB
A large bank established by the Government of Abu Dhabi. Opening an account there takes a long time and the security balance requirements are tough.
Emirates NBD
One of the largest national banks. Setting up a corporate account with this bank can take a long time. Strict compliance requirements are in place: most corporate clients have to have office space in the UAE and maintain large security deposits.
Mashreq Bank
A large bank partially belonging to the state. It supports all types of businesses. An account can be opened quickly if all the application documents are in good order. Security balance requirements are reasonable.
Emirates Islamic Bank
A subsidiary bank of Emirates NBD. A bit more relaxed requirements to the security balance and faster processing of applications for banking services.
Dubai Islamic Bank
Dubai Government’s bank. Moderate requirements to the security balance and accounts are opened relatively fast.
RAK Bank
The bank has been established by the Government of Ras Al Khaimah (RAK). It is focused on small and medium-sized businesses. A small security balance is required and accounts are opened fast.
Some other popular UAE banks include Sharjah Islamic Bank, NOOR bank, National bank of Fujairah, Ajman bank, National bank of Umm Al Quwain, and Bank of Sharjah.
Please note that whichever bank you choose, its Compliance Department is going to be watchful. If a large sum of money comes from your bank account in another country to your bank account in the UAE, the bank will have no questions. If a large sum of money comes to your UAE bank account from a third party, you will have to supply documents that justify the transaction.
