Open a Bank Account With Any of UAE's Most Trusted Banks.
We understand that opening a business bank account in the UAE can often be a complex and time-consuming process due to the stringent compliance procedures mandated by the UAE Central Bank.
However, with our specialized bank account opening service, you no longer have to face these challenges. Our dedicated team is here to provide comprehensive assistance throughout every stage of the process, ensuring that you have a smooth and hassle-free experience when opening your bank account.
Physical Presence
For the application process, it is necessary for you to be physically present. This allows you to personally meet with a bank representative, sign the application form, and submit all the required documents. Your presence ensures a smooth and efficient application procedure.
Processing Time
The processing time for digital applications typically takes around 14 days, while in-person applications may require 25 working days or longer, depending on the complexity of the application.
Online Application
If you are outside the UAE, you can begin the bank account opening process online. However, you will need to be present via phone call or online meeting. Once approved, you will be required to visit the UAE to sign the account opening form in person.
Types of Banks in UAE
- Commercial banks
- Investment banks
- Industrial banks
- Islamic banks
Banking in the UAE: A Brief Overview
The UAE’s Banking System is regulated by a Central Bank, Supported by Stable and Well-Capitalized Banks.
Growing Popularity of Islamic Banks and International Services
Islamic banking has witnessed significant growth in the UAE, with banks expanding their services to cater to consumers adhering to Islamic financial principles. This development holds particular importance for the country’s Islamic citizens.
Currently, the UAE boasts 23 Islamic bank windows and 8 full-fledged Islamic banks, collectively constituting nearly 20% of the banking sector.
In addition to Islamic banks, UAE’s banking institutions also serve foreign and international customers. These banks have adopted international regulations and provide their comprehensive range of services in both Arabic and English languages, ensuring accessibility for a diverse clientele.
Current Account
The Emirates Islamic Current Account is a comprehensive banking solution that offers various features and benefits. It provides a convenient checking option to simplify everyday banking.
Key features of the account include a debit card and chequebook, allowing easy access to funds and the ability to write checks for transactions. Account holders also enjoy additional banking benefits such as preferential interest rates, personalized customer service, and access to online and mobile banking platforms.
The account is designed for frequent transfers and daily transactions, ensuring swift and seamless financial management. Emirates Islamic offers two types of Current Accounts: the Salary Transfer Current Account, which allows for faster salary deposits, and the Non-Salary Transfer Current Account, which offers greater flexibility.
The Emirates Islamic Current Account supports multiple major currencies, allowing customers to open accounts in USD, GBP, AED, Euro, Yen, Saudi Riyal, Kuwaiti Dinar, Canadian Dollar, Qatari Riyal, Bahraini Dinar, and Omani Riyal. However, choosing a different currency will result in the unavailability of debit card and chequebook facilities.
To open and maintain the account, a minimum balance of AED 3,000 is required. However, this requirement is waived when salary transfers are made to the account, providing greater flexibility and accessibility to funds.
By opening an Emirates Islamic Current Account, customers can experience the convenience, efficiency, and personalized services offered by the bank, along with a range of exclusive benefits tailored to their financial needs.
Savings Account
A savings account is a popular choice for individuals in the UAE who want to maximize their savings and grow their wealth. These accounts offer higher interest rates compared to checking accounts, providing an opportunity for your money to grow over time. Although savings accounts have limited access to funds and may have withdrawal penalties, the benefits they offer outweigh the inconveniences.
Key features of savings accounts include variable or fixed interest rates, allowing you to choose the type that aligns with your financial goals. You can also personalize your savings experience by selecting the currency in which you want to denominate your funds, providing flexibility in saving.
Some savings accounts can also function as salary accounts, enabling you to receive your earnings directly. While they may not come with a chequebook, the convenience of using a savings account as a salary account outweighs this limitation.
When choosing a bank for your savings account, it is essential to consider factors such as interest rates, minimum deposit requirements, and fees. These factors can have a significant impact on your savings over time, so it’s crucial to make an informed choice by reviewing the terms and conditions of each savings account.
Investment Account
In the UAE, when opening a bank account, you have the option to take advantage of investment accounts. These accounts allow you to enter into an investment agreement with a bank, providing you with the opportunity to invest your funds.
The investment period for these accounts typically ranges from 12 months to 10 years, although it can be longer in some cases. As part of the investment agreement, you are guaranteed a minimum return on investment (ROI) annually, usually ranging from 3% to 7%.
It’s important to note that investment accounts typically have minimum balance requirements. The specific minimum balance will vary depending on the bank you choose to partner with.
Offshore Account
In the United Arab Emirates (UAE), expats have the opportunity to open offshore accounts provided by banks from various jurisdictions around the world. This is particularly prevalent in Dubai, a popular destination for expatriates.
Offshore banking in the UAE is accessible to individuals who hold a valid residence visa. It offers a secure, stable, and reliable method for importing and exporting funds. Offshore accounts in the UAE typically come with lower taxes compared to other banking options.
Offshore banking services in the UAE encompass a range of offerings:
- Asset protection
- Wealth management
- Portfolio management
- Private bank accounts
- Company formation
- Inheritance planning
These services cater to individuals seeking to safeguard their assets, efficiently manage their wealth, and plan for the future.
By opening an offshore account in the UAE, individuals can benefit from the advantages of offshore banking, including increased financial privacy, potential tax advantages, and access to a wide range of specialized financial services.
Documents Required
To open either a current account or a savings account, UAE residents will need to provide the following documentation:
- Your original passport as well as a copy
- A copy of your UAE resident visa
- A salary certificate
- Your Emirates ID card or a copy of your registration form if you haven’t yet received it
If you are a non-resident in the UAE, your banking options may be limited. In this case, you will typically only be eligible to open a savings account rather than other types of accounts such as current accounts or investment accounts. However, a savings account can still provide benefits for managing your funds.
- A recent utility bill
- A reference letter from your home bank
- The six most recent monthly bank statements from your home bank
- Information proving consistent funding sources
Corporate Account
If you plan to conduct business in the UAE, it is necessary to open a corporate bank account as UAE law prohibits business transactions through personal accounts. Corporate accounts are designed to handle the specific needs of businesses and enable them to manage a large volume of transactions.
In the UAE, corporate accounts are typically in the form of current accounts. Current accounts are suitable for businesses as they allow for frequent transactions, including deposits, withdrawals, and transfers. The process of opening a corporate bank account in the UAE generally takes between two to four weeks.
When opening a corporate bank account, you will need to provide additional documents specific to your chosen bank and the type of company you have. The required documents usually include:
- Your company trade license
- Company’s registration certificate
- Share certificates
- The company’s articles of association and memorandum
- Visas and passports from all shareholders
- A letter from the board giving a company officer the power to open a corporate account
Why do I need corporate bank account assistance for my business in the UAE?
Opening a corporate bank account in the UAE can be a complex process, involving various documentation and compliance requirements. Our corporate bank account assistance service simplifies the procedure, ensuring a seamless and efficient account opening experience for your business.
What types of businesses can benefit from Profound's corporate bank account assistance?
Profound’s corporate bank account assistance is suitable for all types of businesses, including local companies, foreign branch establishments, free zone entities, and offshore companies looking to operate or expand their business operations in the UAE.
Can Profound assist with choosing the most appropriate bank for my corporate account?
Yes, we understand that different banks in the UAE offer varying services and benefits. Our experts will assess your business needs and recommend the most suitable bank that aligns with your industry, transaction volume, and other specific requirements.
What are the key documents required for corporate bank account opening in the UAE?
The documents required for corporate bank account opening may include the company’s incorporation documents, a board resolution authorizing the account opening, shareholder and director information, the Memorandum and Articles of Association, and proof of business activities.
Does the bank account assistance service cover Islamic banking options as well?
Yes, our corporate bank account assistance service includes support for both conventional and Islamic banking options. We can help you choose a banking solution that adheres to Sharia principles, should you prefer Islamic banking.
Can Profound assist with preparing the required documentation for the corporate bank account application?
Absolutely. Our experienced team will guide you through the document preparation process, ensuring that all necessary paperwork is complete, accurate, and compliant with the respective bank’s requirements.
Can Profound assist with the bank account opening process remotely?
While some banks may allow remote account opening, many financial institutions in the UAE may require a physical presence during the account opening process. Our team will provide guidance on the specific bank’s policies and assist in scheduling appointments as needed.