Bank Account in Dubai
Our advisors will work with you in opening a Dubai bank account for the company in a well-established bank. We have a wide variety of bank choices in UAE and abroad with different features such as minimum balance, personal presence when opening the bank and available banking services, etc.
- We are happy to share that our opening success rate is at 98%
- We are approved introducers for most reputable banking institutions
- We also have a great expertise on the requirements of each bank that we work
- Once that bank account is opened, we directly transmit the bank account details and any related information / electronic devices (security token) to our client.
Owners or partners of United Arab Emirates (UAE) entities may apply for both personal and corporate bank accounts. UAE banks offer clients a variety of services and facilities according to the kind of company an individual owns, for instance the owner or partner may own a UAE Onshore or UAE Offshore company. Additionally, the bank offers different services and facilities depending on the visa an individual holds, for instance diverse facilities are offered to UAE residents and non-UAE residents.
The majority of UAE banks do not approve bank account applications from non-UAE companies and corporations, except if these companies meet particular prerequisites and requirements. If approved, the entire procedure of opening a new account for non-UAE companies takes longer and the cost as well as requirements is more.
Dubai is home to many local as well as foreign banks, which provide multiple services, spanning from basic banking to more precise, advanced and complex banking services.
How to Open a Dubai Bank Account
The most significant condition regarding opening a bank account in Dubai / UAE is that the client’s presence is compulsory since all documents related to opening a bank account must be signed in the presence of the banker.
Concerning private banking services, where the minimum balance is more than 1 million EUR/USD/GBP, exceptions are made concerning the above condition only when the banker travels to the client’s country and provides the compliance department in Dubai with proof of the client’s identity.
Dubai Bank Account Cheque Requirements
The majority of UAE banks provide cheque books to UAE residents or UAE Onshore companies. Cheques are commonly used throughout the UAE when renting houses, apartments or offices. The reason is that most rents are settled on an annual basis; therefore, cheques are issued with future dates.
Individuals must keep in mind that a bounced cheque is viewed as a criminal offense in the UAE. Therefore, cheques must not be issued if a client’s bank account does not have the required amount to settle the amount of the issued on the cheque.
Dubai Bank Account Credit Card Requirements
Credit cards are also commonly used throughout the UAE as well as Dubai. Nonetheless, banks impose strict restrictions concerning the issuance of credit cards, particularly in cases where the client has not been with the bank for more than six months. The bank requires that the client make a security deposit before applying for a bank credit card. The security deposit is considered as a guarantee that the client has the sufficient funds to cover his/her credit card expenses. The security deposit required by the bank differs according to the kind of credit card and limit the client asks for.
Dubai Bank Account Debit Card Requirements
Both UAE Onshore companies and UAE residents are provided with bank accounts with debit cards. The debit card is linked to their accounts, allowing them to make purchases and withdrawals from any ATM machine throughout the UAE as well as abroad. Debit cardholders may set their own daily withdrawal and purchase limits. The majority of UAE banks do not provide UAE Offshore companies and non-UAE residents with debit cards.
Dubai Bank Account Internet Banking Requirements
All UAE banks offer clients internet-banking services regardless of whether they are UAE residents, non-UAE residents, and UAE Onshore or UAE Offshore companies. Therefore, clients are able to check their bank balances and make online payments and transfers from wherever in the world. UAE residents are commonly provided with additional services, like being able to pay for utility bills, such as internet, telephone and electricity bills via the internet.