Open a Bank Account in the UAE
The United Arab Emirates is one of the richest countries in the world. Many people dream of obtaining a visa for subsequent relocation, residence permit, or citizenship. Also, the UAE is one of the largest offshore zones, and taxes from international activities of registered companies also make up an important share of the state budget. But, in order to live and operate in this country, you need a bank account. Lawtter Solutions offers clients the opportunity to open a bank account in the UAE on favorable terms.
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Opening an account
Basic information about opening a bank account in the UAE
Can a non-resident open a bank account in the UAE? Yes, the United Arab Emirates has special economic zones for non-residents. They exist in practically all regions: Dubai, Abu Dhabi, and others. Here, companies wishing to do business outside the UAE can register and enjoy the tax benefits of the jurisdiction.
Individuals can open an account for current financial transactions and receiving salaries and an investment account for bank deposits. A bank card can be obtained. Corporate accounts are available for legal entities, which allow settlements between companies. Accounts can be opened in different currencies. For example, you can open a UAE bank account in dirhams (local currency), US dollars, etc.
Bank accounts have minimum balance requirements. You must have at least 50,000 dirhams (about $13,700) in your account. There is no account maintenance fee in many financial organizations. It is important to know that if a company plans to cooperate with counterparties from the United States, there may be requirements to provide additional information and reporting on transactions.
You cannot open an account in the Arab Emirates remotely while being abroad. Account documents are issued only in the personal presence of the person who opens the account.
Advantages of opening a bank account in the UAE
Opening a bank account in the UAE allows customers to get several important benefits. The main ones are as follows.
Stability
The UAE is one of the most stable countries in the Middle East. It has a stable political situation, a developed economy, and a huge banking sector.Respectable jurisdiction
Counterparties from most countries are ready to cooperate with a company that has a bank account in the Emirates.Favorable conditions
Many financial organizations do not charge account maintenance fees and offer low commissions for financial transactions.Technology
Banks in the Arab Emirates use the latest security technologies and offer convenient mobile banking.Free deposit and withdrawal of funds
In the UAE, there are no currency controls or other cash flow restrictions.Documents
Requirements to open a bank account in the UAE
Before opening an account with a UAE bank, you need to prepare a package of documents. If the account is needed for an individual, the package will be as follows:
- Passport or ID card;
- Proof of residence address;
- Taxpayer Identification Number;
- Confirmation of the origin of the money;
- Resume (CV).
As for companies, they need to provide the following information
- Constituent documents;
- Passport or ID card of the director, shareholders, and manager (if any);
- Power of attorney issued by the director (for the manager);
- Proof of residence address of the director, shareholders, and manager (if any);
- Contracts with partners;
- Confirmation of the origin of the money.
A notarized Arabic translation is required for all documents.
Stages of opening an account
Before opening a company and registering a business in the Arab Emirates, you need to choose a bank. The largest banks here are as follows:
- HSBC;
- National Bank of Fujairah;
- Citibank;
- Emirates NBD PJSC;
- Bank of Baroda;
- Emirates Islamic Bank;
- United Arab Bank, etc.
Clients can contact Lawtter Solutions representatives and get advice in any convenient way. Our specialists will answer whether it is possible to open an account for your company or for an individual, where it is better to do it, and will tell you in detail about our company’s services. You can contact us at any time that is convenient for you.
+38 093 177 52 70 
+1 484 457 89 11 
+44 745 819 79 87 Important: Lawtter Solutions does not provide services to citizens and residents of the Russian Federation.