Open Bank Account In Dubai

Banks in the UAE

The following is a list of Dubai banks

• Arab Bank UAE
• BNP Paribas
• 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

How to Open a Bank Account in Dubai?

The requirements for opening a business bank account in Dubai may vary from one bank to another. Generally, a major director or shareholder must be present when setting up the account. To open a bank account in Dubai, follow these steps:

1. Obtain a Business License
   To open a bank account in Dubai, acquiring a valid business license is critical. The bank will not acknowledge the business unless it has obtained a business license.
   

2. Get Documents in Order
   In addition to the application form, some banks may require supplementary documentation such as contracts or invoices, reference letters from business partners, business plans, and details about the intended business activities.
   

3. Choose a Bank
   Dubai has a diverse banking sector with both local and international banks offering corporate banking services. Factors to consider when selecting a bank include the bank's reputation, fees, account services, and accessibility. It's recommended to research and compare the offerings of different banks to find the one that aligns best with your business needs.
   

4. Application Process
   Once you have completed the necessary groundwork, it's time to initiate the application process. Visit the chosen bank's corporate banking division and submit all required documents. Be prepared to provide additional information about your business, such as its activities, anticipated turnover, and the source of funds. The bank will conduct due diligence to ensure compliance with regulatory standards.
   

Open Bank Account in Dubai UAE

1. Presence Requirement
   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.
   

2. 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.
   

3. Dubai Bank Account – Checkbook
   Using checkbook is pretty normal for the modern financial system of Dubai. Using a checkbook book for Dubai bank account is comfortable and on the other hand, this is a secure mode of payment for individuals and corporates too. However, in order to get a checkbook for a corporate account of a company, it is mandatory that the investor should be a resident of UAE. Normally banks don’t issue checkbook book to offshore companies.
   

4. Bank Account in Dubai – Debit Card
   Bank account Opening in Dubai provides you an opportunity to obtain a debit card or credit card as well. It is a classic and applicable implementation of any financial transaction. The debit cardholder can make any payment transaction through ATM or any payment source as well as withdraw the cash from the ATM machines. There are certain policies on the use of a debit card which directly confide on the type of the debit card and bank in Dubai.
   

Dubai Bank Account – Online Banking System

Most of the people who are keen to open bank account in Dubai are generally interested in the online banking system. For example bank account for offshore companies, a bank doesn’t issue checkbook book and debit card to the client, they have only one option to operate his bank account which is online banking.

In these days Dubai online banking is a unique instrument of managing bank accounts from anywhere in the world. This online banking system is very useful for those companies who have international business transactions and want to transfer funds from one account to another account worldwide. It is important to mention that the online banking systems of UAE are an extremely secured way to do business transactions and protect its clients from frauds.

Therefore, if you open bank account in Dubai, the main benefits of the online banking system is that you can have full control on your Dubai bank account from anywhere in the world.

At MSZ Consultancy we introduce our clients to open bank accounts in a number of jurisdictions as we specialize in the opening of bank accounts in Dubai – UAE.

Our bank account introduction procedure is professional service provided by our consultants to European or Offshore company owners as an approved bank intermediary. We give our best for the bank to agree – to open an account for every client, and with our professional expertise, we moderately increase the success rate for opening of a bank account. We also can trim down potential application hold ups with incorrect or missing documents that the client may not have the knowledge of or which was not in his known information.

We consider the following factors when advising banks for account opening: client’s Nationality (citizenship) and country of residence, types of transactions involved (trading/manufacturing / real estate / investment), volume of payment transfers, investment requirements, confidentiality, soft currency requirements, as well as language issues when communicating with the bank.