Bank Account Opening Dubai, UAE

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Bank Account Opening Dubai

The economic and fiscal stability of UAE owes a great deal to its highly developed and well-regulated banking industry. UAE banking industry is widely acknowledged for its uncompromising compliance with the highest standards of customer service and modern standards of banking requirements. The well-entrenched and ever-improving financial stability of Dubai make this cosmopolitan city a disarmingly attractive destination for foreign businessmen and investors to park their monetary assets in the banks based in the city here. Many international financial institutions have opened up their branches in Dubai because of this reason.

The procedure for opening a corporate bank account in Dubai varies from bank to bank. There is a bewildering array of complex steps and procedures you have to go through in order to open a bank account in Dubai. Therefore, KWS-ME offers its services to help you open a corporate bank account which would save you a big chunk of your precious time. It is our way of saying welcome to our valued clients.

We have given a preview of bank account opening procedures below.

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Procedures for Bank Account Opening Dubai

Bank Account in Dubai-UAE: Personal Presence required

Personal presence is a prerequisite for opening a bank account in Dubai. Personal presence is mandatory otherwise, the opening of account will be deemed illegal according to the rules for compulsory banking practices laid down by the UAE Government.

This is done for getting the original signature and confirming the identity of an account opener.

Account Opening For a Foreign Company in Dubai

A foreign company is allowed to open a bank account in Dubai, be it a BVI offshore company or an onshore company or an MNC from anywhere in the world as long as it is able to furnish all the required documents formally notarized and attested by the UAE Embassy.

Dubai Bank Account – Cheque book

Using a cheque, among businesses in particular, is a very favorite and secure method for carrying out financial transactions. However, banks issue cheque books to account holders who are the residents of UAE.

Banks based in Dubai do not issue cheque books to offshore companies.

Bank Account in Dubai – Debit card

Account holders can either get a debit card or credit card or both. Use of cards makes financial transactions and withdrawal of cash convenient. However, certain terms and conditions are attached with the kind of debit card or credit card that an account holder may receive which can vary from bank to bank.

Dubai bank account – online banking system

Online banking has grown by leaps and bounds in the recent years. In Dubai, online banking infrastructure has experienced a robust and exponential rise. It is definitely a USP of Dubai’s banking industry. Offshore companies don’t have the luxury of using cheque books or debit cards, they prefer handling and management of their account via 24/7 online access.

This is a very cost-effective and readily available tool for managing bank accounts and making large international transactions in a blink of an eye. It is pertinent to mention here that Dubai’s online banking system is very secure and fraud-proof. Plus, online banking system allows the customer to control their accounts from any remote location in the world.

Corporate Bank Account Opening for UAE Resident Sole Proprietorship Co.

Here is a list of documents which must be produced in order to get a bank account opened in Dubai.

Trade License.
Partnership Agreement.
Passport copies of all partners.
If the account is to be controlled by a holder of power of attorney, then the certificate for Power of Attorney must be produced for account opening.
A notarized POA issued by a court has to be shown for account opening. A POA can be appointed by a manager of a company whose name is present on the Trade License & Partnership Agreement. If this is not the case, that the manager’s name is not on the Trade License or Partnership Agreement, then all the partners through a Board Resolution can appoint a POA holder who in turn must be bestowed upon with the authority by partners to open and run an account on the behalf of partners or company.
If the Trade License used for opening of bank account is a Professional License – Rukhsa Manahiya – then the Chamber of Commerce and Commercial Registration certificates are not the necessary requirements for account opening.

Corporate Account for UAE Resident Limited Liability Company (LLC)

The necessary documents should include:

Trade License (3 Pages).
Memorandum of Association (MOA).
Passport copy of the authorized signatory (ies) with visa page/Entry Stamp page.
Chamber of Commerce Certificate copy.
If the account is to be controlled by a holder of power of attorney, then the certificate for Power of Attorney must be produced for account opening.
A notarized POA issued by a court has to be shown for account opening. A POA can be appointed by a manager of a company whose name is present on the Trade License and the Memorandum and Articles of Association. If this is not the case, that the manager’s name is not on the Trade License or Partnership Agreement, then all the partners through a Board Resolution can appoint a manager who in turn can appoint a POA holder who must be given the authority by the manager to open and run an account on the behalf of the company. The necessary documents should include:
If the Trade License used for opening of bank account is a Professional License – Rukhsa Manahiya – then the Chamber of Commerce and Commercial Registration certificates are not the necessary requirements for account opening.

Corporate Bank Account Opening for UAE OFFSHORE COMPANY (RAK IC, JAFZA & AFZA)

Certificate of Incorporation.
Memorandum of Association (MOA) and Article of Association (AOA)
Passport copies of the shareholder(s) (Only the signatory will have to bring his original passport along for opening of bank account).
If the MOA & AOA do not mention the share percentage of partners, then the Share Certificate must be produced in order to get an account opened.
Share Certificate, In case share percentage is not mentioned in MOA or AOA.
Passport Copy of the ultimate beneficiary provided if there is any.
Signatory’s passport entry stamp page or a copy of visa if the signatory is a resident of Dubai is required.
If the account is to be opened in a Shareholder’s Company name, then the shareholding company’s documents notarized by court and MOFA must be brought along.
Company structure tree diagram on Company Letterhead.
CV of all the partners & Company profile or business profile
Board Resolution/Power of Attorney in favor of the Authorised Signatory in order to open, operate and close bank account in the name of the company. (If required).

Corporate Account for UAE Free Zone Company

Incorporation Certificate or Trade License.
Share Certificate, in case share percentage is not mentioned in MOA or AOA.
Passport Copies for all partners, if any, signed by the signatory (Original passport will be seen of the signatory only).
Memorandum and Article of Association.
Board Resolution if any.

In case any change or amendment in the original documents of the company, same will be notarized and attested by that respective free zone.

Corporate Bank Account Opening for FOREIGN COMPANY

Certificate of Incorporation.
Memorandum and Article of Association.
Passport copies of all the partners (Original passport will be seen of the signatory only).
Share Certificate, in case share percentage is not mentioned in MOA or AOA.
Passport Copy of the ultimate beneficiary (If any).
In case of Corporate shareholdings structure, shareholder company`s documents will also be required after legal, notary and MOFA stamping.
Company’s hierarchical structure in the shape of a tree diagram must be presented on a paper with company letterhead..
CVs of all the partners.
A copy of company profile or what is its business.
The bank may ask for any other documents from the company for the verification of identity and opening of bank account.

Important Note: Banks require documents to be duly attested and notarized by the UAE Embassy or UAE Consulate from the country of origin and MOFA in UAE. KWS-ME can also assist with regards to attestation and notarization of documents.

Corporate Bank Account Opening for BRITISH VIRGIN ISLANDS (BVI) OR FOREIGN OFFSHORE COMPANY

Certificate of Incorporation.
Memorandum of Association (MOA) & Articles of Association (AOA).
Signatory must have POA or Board Resolution authorizing him on behalf of the company to open, manage and close the bank account.
Passport copy of shareholders as well as of the signing authority if any.
The signing authority will have to produce last three months of bank statement.
Company’s certificate.

Non-Resident Personal Bank Account Opening Process

A copy of passport with the stamped entry page.
Last six months of bank statement from the home country.
Reference Letter for the bank & Utility Bill.
The client will have to invest in financial instruments such as investment bonds, insurance (a minimum of 500 US Dollars) and with this he can get a zero balance account OR maintain an average balance of AED 200,000.

Important Note: The bank may or may not ask for additional information or supporting documents before opening of account which is in line with the international banking practice of knowing your customer. Below is a list of banks based in Dubai:

Arab Bank UAE.
BNP Paribas.
Bank Reference letter.
Commercial Bank International UAE.
Commercial Bank of Dubai.
Dubai Bank.
Dubai Islamic Bank.
Emirates Islamic Bank.
Emirates NBD.
First Gulf Bank.
HSBC Dubai.
Invest Bank.
Mashreq.
Union National Bank.
United Arab Bank.

Bank Account Opening Dubai, UAE