Assistance with opening a bank account in the UAE
Opening a corporate bank account in the UAE is a significant step forward for every business. However, the process can be daunting without proper guidance. Here at Gulf Bridge, we specialize in facilitating the procedure, ensuring a smooth and hassle-free experience for our clients.
Reasons why you need to open a corporate account with a UAE bank
Opening a corporate account with a UAE bank is advantageous due to several reasons:
Economic stability of the UAE and the image of the country: the UAE boasts an impressive economic record and a prestigious global standing. An account with a UAE bank adds credibility to your business.
Integration into the global financial system: the UAE banks are well-integrated globally, enabling seamless financial transactions with counterparts worldwide.
Settlements in any global currency without currency conversion: the UAE banks offer flexibility to handle transactions in any global currency, eliminating the need for currency conversion.
Simplified KYC when making settlements in the national currency: making settlements in Dirhams (AED) eases the KYC process considerably.
Offsetting operations not subject to any restrictions: the UAE banks allow offsetting operations without any restrictions enhancing business flexibility.
The UAE residents are not subject to exchange of tax information: for the UAE residents tax information exchange is not required, thereby offering greater privacy.
When opening a bank account in the UAE, you might need the following Gulf Bridge:
Registration of an onshore company in the UAE: we can assist you in setting up an onshore company in the UAE.
Comprehensive support for opening a bank account: our experts will guide you through the entire process of opening a corporate bank account.
Support in dealing with the bank: our experienced team will liaise with the bank on your behalf.
Justification for your banking transactions: we will help you prepare comprehensive justifications for your banking transactions as required by the banks.
Confirmation of your tax resident status: we will assist you in obtaining the necessary documentation to confirm your tax resident status.
Types of accounts offered by the UAE banks
Banks in the UAE offer two main types of accounts:
Resident bank account: if you reside in the UAE, you can open a resident bank account.
Non-resident bank account: for non-residents, the UAE banks offer non-resident bank accounts.
To open a corporate bank account, the UAE banks ask you to provide:
Proof that the real center of the company operating the account is in the UAE.
Confirmation of the account signatory's resident status.
A mandatory set of supporting documents needed to pass through the KYC procedure.
Documents required to open a corporate bank account in the UAE
Opening a corporate bank account requires you to provide several documents:
The original passports of the account signatory and the shareholders.
Valid UAE residency visa of the account signatory.
Emirates ID of the account signatory.
Original company corporate documents and the authority granted to the signatory.
Bank statements of the account signatory for the past 6 months.
Confirmation of the actual address of the company.
Business profile of the company, describing its activities.
Information about 3 counterparties of the company (sellers and buyers).
For companies older than 6 months - several contracts and invoices.
What the UAE banks require to service corporate bank accounts
Maintaining a corporate bank account in the UAE requires:
Transactions into and out of the account should align with stated business activities.
Transactions must be supported by contracts and other evidence of validity.
The company must have a physical office with an address in the UAE.
Timely notification of any changes in the key data of the company.
Confirmation of annual renewal of licenses and permissions issued to carry out business activities.
Ongoing validity of residence visas of the account signatories.
Take the first step in elevating your business to new heights. Contact us today for expert assistance with opening your UAE corporate bank account.
Bank account opening in the UAE FAQs
1. How many banks are there in the UAE?
There are more than 60 banks operating in the UAE, including 22 local banks and 38 foreign banks.
2. TOP-3 biggest UAE local banks.
The top 3 biggest UAE local banks are First Abu Dhabi Bank (FAB), Emirates NBD, and Abu Dhabi Commercial Bank (ADCB).
3. Is it true that local UAE banks are better?
Both local and foreign banks have their own advantages. However, local UAE banks tend to have a larger branch network across the country, offering more accessibility and local market knowledge.
4. Is it safe to have a bank account in the UAE banks?
Yes, the UAE banks are highly regulated and secure. They are overseen by the UAE Central Bank, ensuring compliance with all safety measures.
5. What is the meaning of current bank account and call account in the UAE?
A current account is a regular bank account used for day-to-day transactions, while a call account is a type of bank account with high liquidity and no lock-in period but offering a higher rate of interest than current accounts.
6. How much will it cost to open a bank account in a UAE local bank?
The cost of opening a bank account can vary depending on the bank. However, most banks in the UAE do not charge a fee for opening an account.
7. Do the UAE banks provide multicurrency accounts?
Yes, most UAE banks offer multicurrency accounts that allow you to make transactions in various currencies without exchange rate issues.
8. Can I apply for the bank account opening at any bank in the UAE?
Yes, you can apply for a bank account opening at any bank in the UAE, provided you meet their account opening requirements.
9. Can foreigners open personal bank accounts in the UAE?
Yes, foreigners can open personal bank accounts in the UAE, but the requirements may differ for residents and non-residents.
10. How long will it take to open a resident personal account and non-resident personal account at the UAE banks?
The time to open a bank account can vary depending on the bank and the applicant's situation. Generally, it can take anywhere from a few days to a few weeks.
11. What are the required documents to open the UAE resident personal account?
Generally, you would need a valid passport, UAE residency visa, proof of address, salary certificate and some banks may require additional documents.
12. What are the required documents for opening a non-resident personal account in the UAE?
For non-residents, the documents required may include a valid passport, proof of address, bank reference letter and proof of income.
13. Can I have 2 bank accounts with different UAE banks?
Yes, there are no restrictions on having accounts with more than one bank in the UAE.
14. Is the presence of the signatory required to apply to bank account opening in the UAE?
Typically, the presence of the account signatory is required when opening an account. However, some banks may offer alternatives like verifying your identity online.
15. What is the initial deposit to open a corporate bank account in the UAE?
The initial deposit required to open a corporate bank account varies between banks and can range anywhere from AED 10,000 to AED 150,000.
16. What is the CRS in regards to reporting the bank account details?
CRS stands for Common Reporting Standard. It is an information standard for the Automatic Exchange of Information (AEOI), allowing tax authorities to exchange information about bank accounts and financial investments for tax purposes.
17. How can I open the UAE Bank Account for my company?
To open a corporate bank account, you'll need to provide the bank with necessary documents, which typically include company incorporation documents, company profile and identification documents for directors and shareholders.
18. How long will it take to open a corporate bank account in the UAE?
The process to open a corporate bank account in the UAE can take from a few days to several weeks depending on the bank and the specifics of the business.
