After obtaining a business license, opening a bank account is a critical next step for any company. We assist businesses with banking in Dubai, including the complete bank account opening process. Thanks to our strong relationships with multiple financial institutions, we support both free zone companies and mainland corporations in opening bank accounts across the UAE.
Banks have varying requirements when it comes to documentation, minimum balance criteria, and industry-specific expertise, and the approach may differ based on individual circumstances. Based on our clients’ needs and preferences, we recommend a selection of reliable and suitable banks to ensure a smoother process.
The timeline for opening a bank account depends on several factors, including the nature of the business, jurisdiction (mainland, free zone, or offshore), and the nationality of the authorized signatory. For example, mainland companies engaged in general trading require additional compliance approvals before an account can be opened, which may extend the overall processing time.
With most purchases now conducted online, having a bank account has become essential.
Regardless of the procedures and transactions involved, opening a bank account in Dubai in 2023 is relatively straightforward—provided the right bank is chosen. Careful consideration is important when selecting a bank to ensure it meets your personal or business needs.
Key factors to consider when opening a Dubai bank account include the bank’s location, account type, fee structure, and foreign currency transaction capabilities, particularly for businesses with international shareholders.
A UAE company can be established in either a free zone or the mainland. With a valid investor visa and Emirates ID, individuals are eligible to open current, corporate, and savings bank accounts in the UAE.
Individuals can obtain a freelancing visa, which allows them to live and work in the UAE for one to five years. After securing residency, they can open a UAE savings bank account. A valid freelance permit is required to apply for a freelancing visa.
The final option is to invest 2 million AED in a property. Investors get 2-year residence visas. Bank accounts can be opened with Emirates IDs.
Remember that you require a passport copy if you live outside Dubai. The bank may require more information. The client's nationality also matters.
UAE banks require proof of identity and residency to open an account. A passport serves as proof of identity, while a resident visa or utility bill is typically used to verify address details. Banks may also request additional documentation for verification purposes.
Avantra Corporate evaluates the risk profile of each application and recommends the most efficient and hassle-free approach to opening a bank account.
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Yes, you can open a bank account in the UAE as a non-resident. However, policies vary by bank, and some banks may offer fewer services to non-residents compared to local clients. While most banks allow account opening, non-residents may not be eligible for credit or debit cards.
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Avantra Corporate helps clients open Dubai bank accounts by partnering with major UAE banks. We arrange client-banker meetings so requirements are clear, and guide clients through the entire process.
Our banking support is free for those who set up a Dubai Mainland company with us. We also follow up with banks when needed, ensuring a smooth and positive experience.
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