A Holistic Guide to Opening a Bank Account in the UAE

Opening a bank account in the UAE is extremely easy. With an excellent set of features and benefits, the banks in the UAE offer plenty of account opening options for the applicants.

Most banks allow applicants to open a bank account online in just a few clicks. All they need to do is visit the bank’s online portal, submit the required documents, and open a bank account in no time.

On the other hand, some of these banks have offline account opening processes. To open a bank account with these banks, the applicants need to visit the bank’s branch.

In this post, we will take you through the basic requirements of opening a bank account in the UAE, followed by the procedure for the same.

Documents Required for Opening a Bank Account in the UAE

To streamline the account opening process for you, we have listed here the documents required for opening a bank account in the UAE. Make sure you have all the documents organised before you apply for opening a bank account. This will help you streamline the process and open the bank account with great ease.

The UAE residents and non-residents have separate documents requirements for opening a bank account in the UAE. Let us find out the list of documents required for them.

• For Residents

The UAE residents can open any bank account, including current, savings, investment, fixed deposit, etc., in the UAE. Here is the list of documents required.

• Original Passport
• A copy of Passport with residency visa page
• An account opening form
• Salary Certificate/Salary Slips to verify your income
  Note: You can get the salary documents from your company’s HR department.
• Emirates ID
  Note: You can submit the Emirates ID later if you haven’t received it yet. Instead, you can submit a copy of the Emirates ID registration form that you filled when applying for it.

• For Non-Residents

Non-residents are allowed to open only a savings account in the UAE. They will not be provided with a chequebook with the savings account. However, they can ask for a debit card.

Most banks offer bank accounts for non-residents that are subject to minimum and/or maximum account balances requirements The banks may also ask for the reference letter from the previous bank or run a background check for the non-residents.

In addition to the documents mentioned above, non-residents may have to provide these documents as well.

• Utility bill (for last three months)
• A reference letter from the previous bank (from the bank you already have/had an account with)
• Personal bank account statement (for last six months) from the applicant’s country of origin
• Details of the source of incoming funds

• For Businesses 

You first need to establish a company in the UAE to open a business bank account. The business bank accounts in the UAE are usually the current accounts to enable account holders to make unlimited transactions every day.

Here is the list of documents required to open a bank account for your business.

• Original and a copy of trade license
• Share certificates
• Certificate of registration
• Company Memorandum and Articles of Association
• Utility Bills to verify address (for within the last three months)
• Copies of existing contracts and agreements of the company
• Reference letters from business partners
• Original and copies of the Passport for all the shareholders and authorized signatories
• A copy of passport with residency visa page for one of the shareholders

Let us proceed with the steps for opening a bank account in the UAE.

Steps to Open a Bank Account in the UAE

The banks in the UAE offer different types of bank accounts based on their customers’ preferences. If you want to make personal transactions, you can simply open a current or a savings account. On the other hand, if you are going to carry out professional transactions, you need to open a business bank account.

As per the UAE regulations, you cannot use a personal bank account to make your business transactions.

Here are the steps to open a bank account for your business.

• Gather the Required Documents

To open a bank account, you must first gather all the required documents and organize them in a file or a folder. If all the documents are in place, you will be able to open a bank account without any hassle.

• Choose the Bank and the Account Type

Choose the bank with a good market reputation and check the types of accounts it offers. To open the right type of bank account, you must analyse your financial requirements and make an informed decision.

• Check the Account Opening Process

The banks in the UAE have different account opening processes. Some of them allow you to submit the account opening application online, whereas some require you to visit the bank’s branch to fulfil the account opening formalities. Check the account opening process for your chosen bank and apply accordingly.

• Submit Your Application

Once you have chosen the bank and the account type, submit an account opening application online or offline as per the bank’s requirements. If applying online, you need to upload the essential documents with the account opening application form. On the other hand, if you are visiting the branch to open a bank account, make sure you carry all the required documents with you.

• Open the Bank Account

If everything goes right, the bank will take only two business days to open an account for your business. Most banks deliver the welcome kit at your doorstep, while others want you to visit the bank to get the same. Make sure you get in touch with the bank’s representative and check how it works for them.

Conclusion

Now that you know the process, it’s time for you to open a bank account and start managing your finances in a better way. Make sure you consider a few factors like the interest rates, minimum balance requirements, the number of withdrawals allowed per month, etc., before choosing a bank to open a bank account.

You can also contact one of the aggregators, like policybazaar.ae to check the available bank account options based on your financial requirements.