The banking sector in the UAE includes dozens of local and international banks. The financial institutions of the Arab Emirates include the Central Bank, local commercial banks, branches of foreign banks, and investment banks.
Opening an account in the UAE for non-residents and residents is not a problem if you understand the specifics. If you do not know which banking institution will best meet your requirements or the specifics of your business, contact Mayak Real Estate for help. Our agency has been working in the UAE for more than 10 years. Experienced specialists of Mayak Real Estate are ready to provide full accounting and legal support for opening a personal or corporate account.
In the United Arab Emirates, you can open both a personal and a corporate account. A personal bank account for a resident is an opportunity to keep your money in a bank. At the same time, you can count on the complete confidentiality of the bank account and its transactions on it.
A corporate account is needed for those who have business in the UAE. A local company and every organization that is registered in the Free Zone must have a bank account like that.
What benefits does the owner of a bank account in the UAE receive:
The expert of Mayak Real Estate can tell the client in detail about each benefit, depending on the type of account to be opened.
What accounts do we help to open in the UAE
Our agency has been cooperating with banking institutions in the United Arab Emirates for many years. We know the requirements of banks, understand the specifics of all types of accounts, and have extensive experience in supporting clients in working with financial organizations.
What accounts do we help to open in the UAE
Experts of Mayak Real Estate analyze a specific situation, prepare a package of documents for opening a bank account of a suitable type, and organize a meeting of the client with a representative of the bank. Our agency provides full support for the process of opening an account in a banking institution and knows all the specifics of the procedure to obtain a successful result. If there is no time to understand everything personally and guarantees are needed, contact professionals.
Opening a personal bank account in the United Arab Emirates is a service available to citizens of almost all countries. At the same time, each bank may have its own requirements for the package of documents provided. But most often, to open a personal account, you need to show the following documents:
Depending on the bank, this list may be supplemented by certain securities. To provide a full package to a banking institution, consult with specialists who know the requirements of all UAE banks.
There are significantly more requirements for documents for opening a corporate bank account in the UAE than for opening a personal account. The list of documents for opening a bank account for doing business looks like this:
Please note that to open a corporate bank account, the presence of a real physical office is important. The banking institution must have confirmation that there is a specific address where the business management center is located, within which banking operations are carried out.
Confirmation of the resident status is necessary to determine the tax affiliation and exclude the automatic exchange of bank data. The package of documents necessarily includes confirmation of the source of origin of funds.
Some documents must also have an English translation with the seal of the translation bureau. What papers need to be transferred, you can find out in advance during a detailed consultation in our company concerning opening a bank account.
Mayak Real Estate experts can also advise on the requirements of the banks of the Arab Emirates, which relate to the maintenance of corporate accounts. For example, the bank annually monitors whether the license and permits from regulatory authorities to conduct business are still valid. You get a full consultation on the requirements of banking institutions by using the account opening service in our company.
Mayak Real Estate Agency has been present in the real estate market for more than 10 years. The company has experienced realtors, accountants, lawyers and other specialists on staff. You can contact us not only to open an account in the Bank of the Arab Emirates but also for other issues.
What can we help with:
Contact us in the best way for you through the contacts on the website, to get a full consultation and solve your question with experienced Mayak Real Estate managers.
01. How long does it take to open an account in a UAE bank?
It may take about 2-3 weeks to open a bank account in the UAE. It is impossible to open a personal or corporate bank account in the United Arab Emirates in a few days.
02. What is the cost of annual account maintenance in the UAE and the required balance for corporate and personal accounts?
Most banking institutions in the UAE do not provide for account maintenance costs on the part of the client. But the owner of the bank account will have to pay for the Internet banking service annually. The cost of this service at Noor Bank is about $137 per year, at ADIB is $66 per year.
The required balance for a corporate account depends on the selected bank. For example, in Noor Bank, the minimum account balance should be $6000, and in ADIB from $6850. As for the personal account, there is no definite answer here, since each bank has its own balance requirements. If the balance is below the specified one, you will have to pay a fine. In Mayak Real Estate, you can find out in which bank it is more convenient to keep your funds.
03. Does the applicant need to be present to open a bank account: personal or corporate?
To open a personal bank account, the presence of the applicant is mandatory. At a meeting with a representative of the bank, the future account holder must sign the documents. All other issues, such as preparing papers or choosing a bank, can be solved remotely with the help of our company’s specialists.
The personal presence of the applicant is also required when opening a corporate bank account in the UAE. The business owner must also sign the documents. If an additional manager is to be appointed, then he must also attend a meeting with a bank employee with the necessary documents. It is not possible to open a bank account by proxy.
04. What securities does the UAE Bank request to confirm transactions?
In most cases, the bank’s client does not have to provide any documents to confirm transactions. If such a request has arisen, it will be enough for the owner of the bank account to show the invoice and the transaction agreement.
05. What guarantees do we give for the successful opening of accounts for the client?
Mayak Real Estate cannot guarantee 100% success for the opening of a bank account in the UAE for each client. The final decision remains with the banking institution. But we can guarantee full legal support and a professional approach to solving issues.
Thanks to extensive experience, our specialists know which documents need to be collected, which banks are better to contact, how to apply correctly, and what to do in case of additional requests from the bank. All this significantly increases the chances of successfully opening a bank account in the UAE.
06. Are there restrictions on banking transactions in the UAE?
There are no restrictions on conducting banking operations in the UAE. But it is important to note that a bank employee can, if necessary, request supporting documents from the account holder. Such papers include an invoice, contract, and bill of lading. The manager can also suspend the transaction until the situation becomes clearer.
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