Bank Account Opening Assistance in Dubai

Bank Account

In the UAE, opening a bank account requires negotiating several rules and regulations related to banking. Here at ProFounders, we’re experts at offering individualized support to expedite this procedure and guarantee that your application is completed precisely and effectively to satisfy the particular requirements of UAE banks. With our professional advice and customized solutions, let us assist you in obtaining the financial foundation your company requires.

Requirements can significantly vary based on the customer; however, these are typically documents you will need to supply:

Please contact us for an assessment of your business conditions.

Types of Bank Accounts in the UAE

It’s important to comprehend the many kinds of bank accounts offered in the UAE, which serve various financial purposes for residents and non-residents.

Current Accounts

Current accounts provide features like a checkbook and debit card capabilities, making them perfect for regular transfers and transactions. AED, USD, GBP, EUR, and other currencies are among the many currencies these accounts can be created. Current accounts come in two varieties: those connected to your employer's bank to facilitate speedier pay deposits and those used for everyday activities. Both have a minimum balance requirement of AED 3,000, which is removed if the account is used for salary purposes.

Savings Accounts

Savings accounts provide greater interest rates than current accounts; withdrawal fees may apply, and funds are restricted. These accounts are available in several currencies and can have variable or fixed interest rates. Though they usually don't come with a checkbook, savings accounts are good for people who want to save money while receiving interest and can also be used as salary accounts.

Investment Accounts

Investment accounts are intended for long-term holdings, such as those lasting ten years or more. They give a minimum guaranteed return on investment (ROI) of 3-7% yearly and require signing an investment agreement with the bank. Bank-specific minimum balance restrictions apply to investment accounts, which offer a safe means of gradually increasing your money.

Offshore Accounts

When it comes to UAE expats, offshore accounts are very popular in Dubai. Residents with valid residency visas can open these accounts, which provide tax-free, safe, and consistent financial transfers. The services provided by offshore banking, which are appropriate for global financial operations, include asset protection, wealth management, portfolio management, private bank accounts, business registration, and inheritance planning.

Our Services

Business Account Setup (Starting at 2 Weeks)

Comprehensive support, including bank selection, document preparation, company profile creation, banker meetings, and compliance queries.

Personal Account Opening (Starting at 2 Days)

Options include current, savings, payroll, and investment accounts.

Non-Resident Personal Accounts (Starting at 2 Weeks)

Dedicated savings accounts for real estate owners and foreign investors.

Process of Opening a Bank Account in Dubai

To open a bank account in the UAE, businesses must complete several processes and provide certain paperwork. The following guidance describes the main methods and requirements. Please note that the process may vary significantly based on the bank and the type of business. 

  1. Choose the Right Bank

Choosing the appropriate bank is the first step in creating a business bank account in the UAE. Please consider elements such as the bank’s standing, its services, its costs, and the caliber of its customer support. Selecting a bank that meets your company’s needs is crucial because several banks in the UAE focus on offering services to particular industries or business types. Examine the international transaction facilities, digital banking capabilities, and any specific requirements for enterprises controlled by foreigners.

  1. Prepare the Required Documentation

Trade License: Evidence of your company’s official UAE registration. This paper is sourced from the Department of Economic Development (DED) or a free zone authority.

Certificate of Incorporation: A certificate of incorporation is a document that certifies your company’s legal standing and is issued upon its establishment.

Share certificates: Documentation of ownership and allocation of shares within the business.

Memorandum and Articles of Association: Comprehensive details on your business’s goals, objectives, and standards of operation. This covers the duties and entitlements of directors and shareholders.

Identity documents: Emirates IDs and passports belonging to the firm’s management and shareholders. Some banks may also need visa copies.

Board Resolution: A formal letter from the company’s board of directors approving the bank account’s establishment and designating the signatories. It must be properly signed, stamped, and sent on business letterhead.

Proof of Address: In certain situations, the company and each shareholder must verify their addresses. Tenancy agreements or utility bills are frequently accepted.

  1. Submit Your Application

You can submit your application to the selected bank once you have completed the necessary paperwork. Usually, you can do this in person at a branch, but occasionally, you can do it online via the bank’s online banking platform. You must complete several forms with information about your firm and how it operates during the application process. Some banks may require a deposit at the time of application submission.

  1. KYC (Know Your Customer) Process

The bank will carry out a KYC procedure to confirm the information submitted and guarantee adherence to national and international laws. This entails extensive background investigations on the business, its owners, and its directors. Throughout this procedure, be ready to supply further information or supporting evidence upon request from the bank. To stop money laundering and the funding of terrorism (AML/CFT), the KYC procedure is essential.

  1. Account Approval and Activation

Following the conclusion of the KYC procedure, the bank will assess your application and determine. If your application is accepted, the bank will inform you and activate your account. The duration of this procedure may vary between several days and several weeks, contingent upon the bank and the intricacy of your company’s organization. You could be asked to meet with bank representatives to finalize the arrangements and sign the requisite agreements.

  1. Deposit the Minimum Balance

According to some banks in the United Arab Emirates, a minimum amount must be kept in the business account. The amount varies depending on the bank and the account type you selected. Make sure you make the necessary deposits to keep your account active. Certain banks could provide flexibility with the minimum balance requirement for young companies or startups.

  1. Access Your Account

You will get the required account information and access credentials as soon as your account is authorized. Checkbooks, debit cards, and login credentials for internet banking are usually included. After that, you may begin making payments from your company bank account for purchases, salaries, and other business-related purposes. To ensure effective account management, familiarize yourself with the bank’s mobile app and online banking platform.

  1. Maintain Compliance

Following the creation of your company bank account, it is essential to continue adhering to local and bank policies. Keep the bank informed of any changes to your company’s ownership or organizational structure regularly, and ensure all necessary reports and paperwork are submitted on time. There may be account closure or restriction for noncompliance. It’s also good to keep abreast of regulatory changes affecting your bank’s operations.


Can non-residents open bank accounts in Dubai?

Yes, non-residents can open both personal and business bank accounts in Dubai, although the available features and requirements might vary from those for residents.

What is the process duration for opening a bank account in the UAE?

Typically, opening a bank account in the UAE can take anywhere from a few days to a couple of weeks, depending on the bank’s processes and the completeness of the submitted documentation.

Are there minimum balance requirements for bank accounts in the UAE?

Most banks in the UAE require a minimum balance for both personal and business accounts, and this amount can vary significantly between banks.

Which banks in the UAE can I open an account with?

The UAE hosts many local and international banks where you can open an account, including major banks like Emirates NBD, Abu Dhabi Commercial Bank, and HSBC.

Do I need to meet with a banker to open an account in the UAE?

Most banks require at least one face-to-face meeting to finalize your account opening.

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