Banking Account Opening Service in UAE
- Bank Account Opening in UAE
- Offshore Bank Account in UAE & International
- Bank Account Opening in UAE
- Comprehensive banking solution with professional support and careful process in step-by-step
Cannot Do Business Without Company Bank Account ?
We know, in most cases, your business cannot be operated if your company has no corporate bank account. Despite what business objectives you have, setting up a proper company bank account is an integral part of any business plan. Different countries have their own local banking laws, and each bank has different account types with corresponding procedures and required documents to follow. The whole process would cost you several months and missed potential business opportunities before you know what works best.
Our team will assist you in opening a bank account, guiding you through each stage and ensuring you have a hassle-free experience. We have long-term profitable relationships with banks in UAE to open a corporate bank account for your UAE company and +15 international jurisdictions, which are well-known for their offshore banking systems such as Switzerland, UK, Mauritius… As one of their advantages, you can open offshore business bank account online in a streamlined manner without a signatory travel.
Advantages of Bank Account Opening in UAE
International business friendly Banks
Reputable banks in many continents
Fast, easy, and convenient international payments
Supports multiple currencies, including AED, USD, EUR, GBP, HKD, SGD, AUD, CHF etc
Supports SWIFT/BIC, IBAN/SEPA
Supports debit/credit cards and cheque books in your business/personal name
Bank Account Opening Options
Application can be submitted online with the support of Skwer Group banking-support team
Cost and time efficiency.
Especially for clients who prefer using nominee structure or have a complicated company structure.
Apply from home:
submit supporting documents depending on the prerequisites of your chosen bank.
Quality support:
our specialist banking-support team will review, advise on, and support you with the paperwork and process to follow.
Your bank account is usually ready in 15 working days, depending on your chosen bank.
The shareholder and director will have to visit the bank office for the meeting with the bank agent to submit original documents and sign bank docs.
Wide range of premium banks options.
Especially for clients who prefer premium banks in major jurisdiction like, UAE, Singapore, Hong Kong.
Apply via Skwer Group:
submit supporting documents depending on the prerequisites of your chosen bank.
Quality support:
our specialist banking-support team will review, advise on, and support you with the paperwork and process to follow before the bank appointment date.
Apply from home:
submit supporting documents depending on the prerequisites of your chosen bank.
Your bank account is usually ready in 15 working days, depending on your chosen bank appointment date.
Where should I open my company Bank account?
Skwer Group provides Bank Account Opening Consultancy in many jurisdictions that are well known. Please see our offer for reputable banks in major jurisdictions or contact us for tailored advice.
| Country | Bank | Online Banking | Personal Visit | Credit Card | Debit Card | Intial Deposit |
|---|---|---|---|---|---|---|
| Belize | Belize Bank | US$1000 | ||||
| Caye International Bank Ltd. | US$1000 | |||||
| Heritage Bank | US$3000 | |||||
| Atlantic International Bank Limited | US$1000 | |||||
| British Virgin Islands | First Caribbean International Bank | US$25000 | ||||
| Cyprus | Bank of Cyprus | US$1000 | ||||
| Hong Kong | Citi Commercial Bank | US$500000 | ||||
| OCBC Wing Hang | HKD25000 | |||||
| HSBC | HKD50000 | |||||
| Hang Seng Bank | HKD10000 | |||||
| DBS | HKD20000 - 50000 | |||||
| Lithuania | DNBC Financial Group | EUR3000 | ||||
| Mauritius | Bank One Limited | US$25000 | ||||
| Mauritius Commercial Bank | US$50000 | |||||
| Investec Bank | US$50000 | |||||
| Puerto Rico | Euro Pacific Bank | US$500 | ||||
| Saint Kitts & Nevis | Bank of Nevis International | US$10000 | ||||
| Saint Lucia | Bank of Saint Lucia International | US$5000 | ||||
| Singapore | Citi Bank | US$300000 | ||||
| UOB | US$100000 | |||||
| Standard Chartered Bank | From US$10000 | |||||
| OCBC Bank | US$30000 | |||||
| HSBC | US$200000 | |||||
| DBS | SGD250000 | |||||
| Switzerland | CIM Banque | US$15000 | ||||
| UAE | ADIB | AED25000 | ||||
| First Abu Dhabi Bank | AED25000 | |||||
| Ajman Bank | AED23000 | |||||
| Dubai Islamic Bank | AED500000 | |||||
| Rak Bank | AED25000 | |||||
| Mashreq Bank | AED50000 | |||||
| Emirates Islamic Bank | AED10000 | |||||
| Emirates NBD Bank | AED50000 | |||||
| Vanuatu | Pacific Private Bank | US$1500 |
Ready to Open a Bank Account?
Just leave your questions here, and we will get back within 2 hrs.
What Are The Required Documents for Bank Account Opening ?
- Company documents:
- Certificate of incorporation (and Business Registration if Hong Kong company)
- Memorandum and articles of association
- Share certificates
- Certificate of incumbency, or certificate of good standing if the company is more than 12 months old
- Corporate structure identifying the ultimate beneficial owners
- Business license (if applicable for some industry like Financial Services)
- Power of attorney (if applicable)
- Declaration of trust (if applicable)
- Personal documents (each director, shareholder, appointed secretary, authorized signatory and ultimate beneficial owner):
- Proof of identity: copy of valid passport (The passport must have the passport holder’s signature and it must match the signature in the application form, notarization required however we can support you on this)
- Proof of residential address: original or notarized copy of utility bill.
- 3 months Personal Bank statement
- Proof of banking history: original or notarized copy of bank reference letter, dated within the previous 3 months
- Personal CV of related person
Exploring Business Opportunities: Opening a Bank Account in UAE
Dubai has earned its reputation as a global business and banking hub, providing a host of advantages for entrepreneurs and companies alike. When it comes to banking services, the UAE offers numerous benefits:
Full Capital and Profit Repatriation
You have the freedom to repatriate your corporate capital and profits, ensuring your financial flexibility.
Stable Currency Rate
The UAE boasts a stable and reliable currency exchange environment, minimizing financial risks.
International Trade Instruments
Access a wide range of international trade instruments to facilitate your global business transactions.
Swift Global Transfers
With the ability to send and receive funds worldwide within 2-3 days, you can conduct business across borders with ease.
Online Banking
Manage your finances efficiently through user-friendly online banking platforms.
Debit Cards
Access convenient debit card services tailored to meet your business needs.
Types of Accounts
Personal Accounts for UAE Residents
The quickest and simplest option, available to all UAE residents, these accounts can be opened within 1-3 days with basic documents such as your passport, visa, Emirates ID, and salary letter.
Personal Accounts for Non-Residents
Non-residents can also open accounts in the UAE; however, a personal visit to the bank is required. The required documents include your passport, utility bill as an address proof, CV, and personal bank statement from your home country. Typically, such accounts are opened within 1-2 weeks.
Decide on your Business Legal Structure
This category is in high demand among businesses in the UAE, including offshore, Free Zone, and mainland companies. Shareholders typically act as account signatories. The banks will require the following paperwork for the account application:
- Incorporation documents of UAE business setup
- Passports of the shareholders
- Utility bills as address proof
- CVs with relevant experience
- Personal bank statements of the shareholders – proof of funds
- Documents of any other existing business (if applicable)
- Bank statement of another existing business (if applicable)
- Business profile
Expectations on annual turnover and initial deposit to the newly opened account
The time required for account opening varies, with mainland and Free Zone companies generally getting accounts faster.
Acquire a local partner or local service agent
Businesses registered outside the UAE can also apply for UAE bank accounts, although this is a more complex process. The banks will require the following corporate documents for the account application:
- Certificate of Good Standing
- Certificate of Incumbency
- Memorandum of Association
- Certificate of Registration
- License (if available)
This process involves the legalization of foreign entity incorporation documents by the UAE Embassy and the Ministry of Foreign Affairs in Dubai. It can be both costly and time-consuming, and approval rates for such accounts are relatively low. If you require a faster account setup, consider establishing a UAE entity.
Frequently Asked Questions – Bank Account Opening
- UAE residents, both nationals and expatriates, can open personal accounts.
- Non-residents can open personal accounts with a personal visit to the bank.
- Local companies, including offshore, Free Zone, and mainland businesses, are eligible for corporate accounts.
- International businesses can apply for corporate accounts, but the process is more complex.
- Passport and visa
- Emirates ID
- Salary letter (for residents)
- Utility bill as an address proof (for non-residents)
- CV with personal and professional background (for non-residents)
- Personal bank statement from home country (for non-residents)
- Incorporation documents of UAE business setup
- Passports of the shareholders
- Utility bills as address proof
- CVs with relevant experience
- Personal bank statements of the shareholders – proof of funds
- Documents of any other existing business (if applicable)
- Bank statement of another existing business (if applicable)
- Business profile
- Expectations on annual turnover and initial deposit to the newly opened account
- Certificate of Good Standing
- Certificate of Incumbency
- Memorandum of Association
- Certificate of Registration
- License (if available)
- Personal accounts for residents can be opened within 1-3 days.
- Personal accounts for non-residents typically take 1-2 weeks.
- Corporate accounts’ approval time varies but can range from 2 weeks to 2 months.
- Local government banks like Emirates NBD, First Abu Dhabi Bank (FAB), Mashreq Bank, Emirates Islamic Bank, and RAK Bank are suitable options.
- International banks may cater to larger corporations but have stricter requirements.
- The approval process for international business accounts can be lengthy.
- Banks may be cautious about onboarding such accounts due to associated risks.
- Legalized and attested corporate documents are necessary, which can be costly.
- Personal accounts for non-residents require a personal visit to the bank.
- Corporate accounts typically require in-person visits for due diligence.
- Please note that banking regulations and requirements may change over time, so it’s essential to consult with experts and the chosen bank for the most up-to-date information and assistance with the account opening process in the UAE.
- While foreign companies can open bank accounts in the UAE, the process can be lengthy, and the account approval rate is relatively low. It is often advisable to establish a local UAE company (such as offshore or Free Zone) and apply for a bank account under that company for faster and more favorable results.
