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Open Bank Account in Dubai, UAE

Being an international business hub, Dubai is a bustling city where a lot of financial activities take place. In order to facilitate these financial activities, many financial institutions operate in Dubai and UAE. The banking sector in the UAE has a unique relevance of being the largest in the middle-east. You can open a bank account in Dubai, UAE for your personal purposes as well as business purpose.

Opening a bank account in Dubai for non-residents is also not a difficult task. If you are not a resident of UAE, you can open a personal bank account in UAE with specific limitations on the choice of banks and the features they offer. However, this limitation is not a major concern as many prominent banks in UAE offer non-resident bank accounts. Most banks in the UAE permit non-residents to open savings bank accounts only. Kiltons consultants provide bank account opening services in UAE making it easier for people to open bank accounts in Dubai and other Emirates.

The commercial banking sector in the UAE can be generally classified into two types. And they are locally incorporated banks and branches of overseas/foreign banks.

22 locally incorporated banks or national banks operate in the UAE. The number of overseas or international banks that operate in the UAE is 27 based on the latest available statistics (as of 2019) published by the Central Bank of UAE. The Central Bank of UAE is in charge of all banking related regulations. All financial institutions and their operations come under the Central Bank of UAE; a KYC (Know Your Policy) has been set by the Central Bank to meet international standards. It is a general system that UAE banks will enquire you about your account transactions while opening your personal or corporate bank account in Dubai, UAE. Kiltons can guide you on KYC requirements to open a bank account in Dubai and it makes the documentation process easier for the applicants.

Be it a personal or corporate account, bank account opening in UAE requires certain basic requirements. No worries! Kiltons financial consultants help you get through the entire process involved with opening bank account in Dubai. We at Kiltons offer complete bank account opening services in UAE  to our clients.

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  • Opening a corporate bank account in Dubai, UAE –things to remember

    After you have formed your business endeavour in Dubai or UAE, it is necessary to open a Corporate bank account. Business establishments irrespective of their type and region of operation should possess a Corporate bank account in order to pursue their business transactions. The corporate bank account opening formalities connected with the UAE mainland companies can be accomplished effortlessly.

    The business establishments that would like to open a corporate bank account in the UAE should submit the proof of legal existence. If the business establishment is owned by a corporate firm, additional documents related to the ownership and management need to be submitted. The notarization of the corporate documents may be necessary in the case of corporate ownership. The notarization must be done from the country of origin and the same procedure must be carried out in the UAE too.

    Guaranteed privacy is one of the greatest features associated with the banking system in the UAE. The privacy-factor attracts investors from all across the globe. This feeling of security instil confidence in the minds of investors .

    Irrespective of the jurisdiction of operation of your company, (mainland UAE, free zone or offshore company) you may approach either a local bank or a foreign bank to open a corporate bank account. The selection of a bank solely depends on your company requirements. If you have established a startup concern or a small to medium enterprise in the UAE, the most feasible option is to open a corporate bank account through a local bank. A local bank provides the investor with the benefit of flexibility.

    The physical presence of the signatories is mandatory at the time of submission of application. The passport verification of the signatories must be conducted in banker’s presence.

    The monthly balance requirement varies from bank to bank. The amount varies from AED 20,000 to AED 150,000.

    List of foreign banks that have branches in UAE and Abu Dhabi

    Bank of Baroda

    HSBC Bank Middle East Limited

    Standard Chartered Bank

    CitiBank N A

    BNP Paribas

    Arab Bank PLC

    Habib Bank A G Zurich

    Bank Saderat Iran

    United Bank Ltd

    List of National Banks that have branches in UAE and Abu Dhabi

    Emirates NBD Bank PJSC

    RAKBANK

    First Abu Dhabi Bank PJSC

    Abu Dhabi Commercial Bank PJSC

    Mashreq Bank PSC

    Dubai Islamic Bank

    Emirates Islamic

    Union National Bank

    Noor Bank PJSC

    Commercial Bank of Dubai PJSC

    InvestBank PLC

  • Advantages of having a Corporate bank account in Dubai, UAE

    The business establishment can enjoy global reach Companies enjoy liberal banking policies Tax exemptions Trouble-free funds transfer options Enhanced secrecy in all banking matters Benefits related to asset management Net-banking and online banking facilities A team of committed staff to handle client’s query

  • Instructions to open a Corporate bank account in Dubai, UAE

    The prerequisites to open a bank account in Dubai or UAE vary with banks. Banks do not follow a common guideline for opening a Corporate bank account. Get to know about the banking charges associated with various banks before selecting your desired bank.

    The director and the shareholder of the company should be physically present for accomplishing the process. The detailed instructions for opening a corporate bank account in Dubai and UAE are listed below.

    Every bank has an account opening form. Fill the form and provide additional company-related documents like business proof, invoices, client details, etc.

    Along with the application, submit the below-mentioned documents too.

    1.Trade license of the company

    2.COI or Incorporation certificate

    3.Memorandum of Association and Articles of Association

    4.Board resolution document

    5.Emirates ID and passport of the shareholder (copy)

    6.Director’s copy of passport

    7.Partner’s letter of reference

    8.Registry of shareholders

    9.Certificate of Authorisation

    10.Business Plan

    11.Prevailing contracts

    12.Fund declaration

    13.Company extract

    The bank verifies the entire documents that you have submitted. Based on the verification, the bank either approves or withdraws the submission.

    In the case of submission approval, the bank will take the necessary steps to collect additional details like the background of the directors and shareholders, information about the management etc. The bank will also perform a financial forecast of the company to obtain a complete picture.

    After gathering all the relevant data and documents, the bank calls the applicant for an interview. After completion of the interview, the bank proceeds with the bank account opening formalities and finally creates the Corporate bank account for the applicant.

    The Central Bank of UAE has introduced measures to curb illegal practices like terror funding and tax avoidance in the global context. And hence banks and other monetary institutions are required to handle the financial matters with great precision and diligence.

    Kiltons Business Setup offers the A to Z assistance when it comes to bank account opening for Corporate entities in Dubai or UAE. We shall guide you through the entire process with ease. After you have selected your desired bank, feel free to contact us. Our consultants are always ready to help you.

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Types of Bank Account

Banks in Dubai provide expats with different bank accounts based on their relevant requirements. They are of two types: 

Current Accounts

These are one of the popular types of bank accounts which help in everyday transactions. Current accounts are mainly used for the purpose of salary transactions, and it enables withdrawals as per your need. They come with cheque books which is an essential requirement to provide your landlords with post-dated cheques for your rental accommodation in Dubai. 

Savings Accounts

Savings accounts help you save your earnings and are much more restrictive than a current account. Savings accounts do not allow frequent withdrawals, and there will be penalties on each withdrawal taken before the stipulated time. They also offer better interest rates than current accounts.

There are four types of banks in Dubai where you can open a bank account in Dubai:

- Commercial banks

- Investment banks

- Industrial banks

- Islamic banks

Dubai can be considered a banking heaven, especially for non-residents. Steps put forward by the authorities are pretty welcoming to open a bank account in Dubai. The non-residents come across a slight difficulty if they are individuals. They can only open up a savings account and not a current account. The bank holder opening the savings account should be personally present in Dubai at the time of opening the account. 

The process to open a bank account in Dubai starts with researching the bank you want to invest in. Compare the different perks and interest rates provided by each and confirm the one you want to choose. If you open a bank account in Dubai which is a salary account, then you need not maintain a minimum balance. But in the case of a savings account or business account, you will have to maintain a prescribed minimum balance as authorised by the bank. 

If you are planning to open a salary account, it will be ideal to open an account the same as the bank where your company has the account with. This will help in crediting the salary within one day of the transfer. If you open a bank account with another bank, it might take more than a day for your transfer to get reflected in your account. 

The documents required for the opening of a current account or a savings account:

- A visa transcript

- A salary certificate

- Emirates ID; If in case you haven’t yet received your Emirates ID, then you can attach a copy of the Emirates ID registration form.

- Original passport with copy

A non-resident can also open a bank account in Dubai, but it will be limited to a savings account. And the account holder will be getting a debit card instead of a chequebook for your spending. 

To open a non-resident account, you will have to submit: 

- A transcript of the utility bills 

- Letter of recommendation from the customer’s original bank

- A brief CV stating the educational background and professional qualifications

- The customer’s passport.


Why Kiltons for Bank Account Opening Services in Dubai, UAE?

Kiltons has been providing exemplary services for the customers towards every business and auxiliary services to corporates and individuals who dream of their life in Dubai. They have been dealing with a wide range of services along with guiding individuals and corporations in getting a bank account in Dubai. Opening a bank account in Dubai is a fairly simple process but will require a fair share of time investment. Kiltons strives to take up that burden from their clients and help them with the easiest possible way to open a bank account in Dubai.

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