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Bank Account in Dubai-UAE

Current economic reliability of the UAE is satisfactory for financial institutions like a bank. Dubai Bank’s leading-edge financial system satisfies the modern standards and customer needs when it is about opening a bank account in Dubai. Due to this reason, the UAE financial institutions have been accredited globally and increased a perfect reputation with respect to the services they offer.

A lot of business people are interested to open a bank account in Dubai-UAE, everyone wants to open their personal and corporate bank accounts in Dubai, and so they can secure their monetary assets. Due to this all, almost all international banks attempt to open their representative office or branch offices in Dubai. Most of the above said affirmative facts increase the possible interest of international investors and business owners to keep their companies’ capital in the banks of Dubai

It is important to mention that the procedure of Dubai bank account opening for corporate use is differs from bank to bank. Bank account opening in Dubai requires time in order to complete all necessary steps of the application to open a bank account in Dubai. The following section of information about opening a bank account in Dubai will give you a greater understanding.

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.

Dubai Bank Account – Checkbook

Using checkbook is pretty normal for a 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 payments 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.

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 card holder 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 interested in opening a Dubai bank account 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 online banking systems of UAE are 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.

The process involved in opening a bank account in Dubai is quite stringent and involves a considerable amount of paperwork however extremities differ bank to bank. All standard banking services are offered by Dubai banks including current, savings and deposit accounts, as well as offshore accounts.

Being business consultants in Dubai, MSZ Consultancy can register/incorporate OFFSHORE companies, FREEZONE companies, and ONSHORE companies and we also assist in opening bank accounts. We usually assist our clients to open bank accounts with all local and international banks in UAE.

Following are the list of documents required for opening different types of bank account in Dubai – UAE.

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.

  1. Trade License
  2. Partnership Agreement
  3. Passport copy of all partners
  4. Power of Attorney if the account is opened and operated by the POA holder.
  5. 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)

  1. Trade License (3 Pages)
  2. Memorandum of Association
  3. Passport copy of the authorized signatories with visa page/Entry Stamp page.
  4. Passport copy of the Local Emirati Sponsor with idbara page
  5. Chamber of Commerce Certificate copy
  6. Power of Attorney if an account is opened and operated by the Power of Attorney holder.
  7. 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)

  1. Certificate Of Incorporation
  2. Memorandum and Article of Association
  3. Passport copies of the shareholder(s) (Original passport will be seen of the signatory only)
  4. Share Certificate, In case of share percentage, is not mentioned in MOA or AOA
  5. Passport Copy of the ultimate beneficiary (If any)
  6. Signing authority’s passport entry stamp page when he came last time in UAE (OR) Visa Copy if he is resident of Dubai
  7. In case of Corporate shareholdings structure, shareholder company`s documents will also be required after legal, notary and MOFA stamping.
  8. Company structure tree diagram on Company Letterhead
  9. CV of all the partners
  10. Company profile or business profile
  11. 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)
  12. Any other document to verify the record, the bank may request for.

 CORPORATE ACCOUNT FOR UAE FREE ZONE COMPANY

  1. Incorporation Certificate or Trade License
  2. Share Certificate, In case of share percentage, is not mentioned in MOA or AOA
  3. Passport Copies for all partners, if any, signed by the signatory (Original passport will be seen of the signatory only )
  4. Memorandum and  Article of Association
  5. 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

  1. Certificate Of Incorporation
  2. Memorandum and Article of Association
  3. Passport copies of all the partners (Original passport will be seen of the signatory only)
  4. Share Certificate, In case of share percentage, is not mentioned in MOA or AOA
  5. Passport Copy of the ultimate beneficiary (If any)
  6. In case of Corporate shareholdings structure, shareholder company`s documents will also be required after legal, notary and MOFA stamping
  7. Company structure tree diagram on Company Letterhead
  8. CV of all the partners
  9. Company profile or business profile
  10. 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.

CORPORATE BANK ACCOUNT FOR BRITISH VIRGIN ISLANDS (BVI )OR FOREIGN OFFSHORE COMPANY

  1. Memorandum & Articles of Association
  2. Certificate of Incorporation
  3. Board Resolution/Power of Attorney in favour of the Authorised Signatory in order to open, operate and close a bank account in the name of the company
  4. Passport copy of shareholders as well as of the signing authority if any
  5. Latest three months bank statement for the signing authority
  6. Share certificate of the company if any

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.

NON-RESIDENT PERSONAL BANK ACCOUNT

  1. Passport copy of the entry page
  2. 6 months bank statement from the home country
  3. Bank Reference letter
  4. Utility bill
  5. The client needs to invest in some products like investment, bonds, insurance (minimum USD 500) and with this, he can get a zero balance account.

OR

  1. Maintain An average balance of AED 200,000

Please note that the bank reserves the right to ask for additional information in line with the international practice of meeting the required compliance regulations and adequately establishing the “Know Your Customer” principle.

 The following is a list of Dubai banks:

  1. Arab Bank UAE
  2. BNP Paribas
  3. Commercial Bank International UAE
  4. Commercial Bank of Dubai
  5. Dubai Bank
  6. Dubai Islamic Bank
  7. Emirates Islamic Bank
  8. Emirates NBD
  9. First Gulf Bank
  10. HSBC Dubai
  11. Invest Bank
  12. Mashreq
  13. Union National Bank
  14. United Arab Bank

Why Choose MSZ

MSZ Consultancy has developed a strong reputation for delivering high levels of customer satisfaction, with a one-stop shop for all your needs. We believe that MSZ Consultancy offers the best combination of service, pricing, and quality, with no hidden costs. We provide realistic and objective information about timelines, services, and fees so that you can make informed decisions about your choices.

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