Open Bank Account in Dubai

Bank Account in Dubai UAE – Presence Requirements

As per the legal protocol of the financial institutions of the United Arab Emirates, it is compulsory to be physically present in Dubai for UAE bank account opening. Else, the process will be considered illegal and the bank will not permit opening a bank account in Dubai. The reason for physical presence is that original signature of the documents and personal identity confirmation is an obligatory requirement which allows the applicant to open a corporate bank account in UAE.

Opening Bank Account in UAE For Foreign Company

It is possible to open a bank account in Dubai for the foreign companies. A foreign company is a company registered outside the UAE jurisdiction, irrespective it is offshore Company such as BVI Offshore Company or Onshore Company in any jurisdiction around the globe. In order to open a bank account in Dubai, All the required documents should be approved/legitimatized and attested from UAE embassy in the country of origin and then from the ministry of foreign affairs (MOFA) in Dubai. The course of action of UAE bank account opening can be cost-intensive.

Corporate Account For UAE Resident Sole Proprietorship Co.

• Trade License
• Passport copy of the authorized signatory/owner
• Power of Attorney if the account is opened and operated by Power of Attorney holder. The POA should be a notarized document issued by the court. The Sole Proprietor can appoint a POA holder and the POA holder should have the powers to open & operate the account.

In case, Trade license is issued as Profession License – Rukhsa Manahiya, then the Chamber of Commerce and Commercial Registration certificates will not be required

Corporate Account For UAE Resident Partnership Co.

• Trade License
• Partnership Agreement
• Passport copy of all partners
• Power of Attorney if the account is opened and operated by the POA holder.
• The POA should be a notarized document issued by the court. A Manager of a company can appoint a POA holder provided his name appears on the Trade License and Partnership Agreement. In another case If the Manager’s name is not listed or mentioned on the Trade License then all mentioned partners can appoint a Manager through a Board Resolution and the respective Manager can, in turn, appoint a POA (Power of Attorney) holder if he has the right to sub-delegate his powers. POA holder is eligible to open an account if he is empowered to do so.

In case if the Trade license is a Profession License – Rukhsa Manahiya, then the Chamber of Commerce and Commercial Registration certificates will not be needed.

Corporate Account For UAE Resident Limited Liability Company (LLC)

• Trade License (3 Pages)
• Memorandum of Association
• Passport copy of the authorized signatories with visa page/Entry Stamp page.
• Passport copy of the Local Emirati Sponsor with idbara page
• Chamber of Commerce Certificate copy
• Power of Attorney if an account is opened and operated by the Power of Attorney holder.
• The POA should be a notarized document issued by the court. The Manager of a company can appoint a POA holder provided his name appears on the Trade License and the Memorandum and Articles of Association

In case the Trade license is a Profession License – Rukhsa Manahiya, then the Chamber of Commerce and Commercial Registration certificates will not be required

Corporate Account For UAE Offshore Company (RAK IC, JAFZA & AFZA)

• Certificate Of Incorporation
• Memorandum and Article of Association
• Passport copies of the shareholder(s) (Original passport will be seen of the signatory only)
• Share Certificate, In case of share percentage, is not mentioned in MOA or AOA
• Passport Copy of the ultimate beneficiary (If any)
• Signing authority’s passport entry stamp page when he came last time in UAE (OR) Visa Copy if he is resident of Dubai
• In case of Corporate shareholdings structure, shareholder company`s documents will also be required after legal, notary and MOFA stamping.
• 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 Authorized Signatory in order to open, operate and close the bank account in the name of the company. (If required)
• Any other document to verify the record, the bank may request for.

Corporate Account For UAE Free Zone Company

• Incorporation Certificate or Trade License
• Share Certificate, In case of 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 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 of 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 structure tree diagram on Company Letterhead
• CV of all the partners
• Company profile or business profile
• Any other document to verify the record, the bank may request for.

Note all documents required to be attested and notarized by the nearest UAE Embassy / Consulate from the country of origin and Ministry of Foreign Affairs in UAE. We can assist you with this process.