Obtain a Business License
A valid business license from Dubai’s Department of Economic Development (DED) or a free zone authority is essential to verify your business’s legal status.
Steps to Open a Bank Account in Dubai
Select a Bank
Choose a bank that aligns with your needs, such as Emirates NBD or Dubai Islamic Bank, considering factors like fees, minimum balances, and online banking features.
Prepare Your Documents
Gather essential documents like the trade license, Memorandum of Association (MOA), Articles of Association (AOA), passport copies of shareholders, and Emirates ID (if applicable). Offshore entities may need document attestation.
Submit Your Application
Visit the bank to submit your application, where a primary shareholder may need to sign in person and verify documents. Banks may also ask for details about your business operations and expected transactions.
Compliance Checks
UAE banks conduct KYC and AML checks, which may include verifying shareholder backgrounds and business sources of funds.
Activate Your Account
Upon approval, activate the account by meeting the minimum balance requirement, typically between AED 25,000 and AED 500,000, based on the bank and account type
Start Your Business Journey with Our Professional Support!
Benefits of Opening a Bank Account in Dubai, UAE
Types of Bank Accounts Available in Dubai
Designed for daily use, current accounts offer quick access to funds, chequebooks, debit cards, and online banking. Minimum balances typically start at AED 3,000, making them ideal for residents and businesses needing frequent transactions.
These accounts help individuals and businesses save money with interest, though they often have withdrawal limits. Minimum balances start at around AED 5,000, offering a secure way to grow funds over time.
Tailored for business needs, these accounts support payroll and supplier payments, and they come with multi-signatory access and advanced online tools. Documentation like a trade license and a minimum balance (AED 25,000 to AED 500,000) are usually required.
Steps to Open a Bank Account for Non-Residents in Dubai :
Prepare Identification and Address Proof
Submit your passport with a UAE entry stamp or residence visa and a recent utility bill or bank statement.
Obtain a Bank Reference
Provide a reference letter from your bank and six months of bank statements.
Meet Minimum Balance Requirements
Maintain a minimum balance of AED 200,000 or invest in bank products for zero-balance accounts.
Choose a Savings or Investment Account
Choose a savings or investment account with ATM or debit card access based on your needs.
Complete Application and Compliance Checks
Required Documents for Opening a Bank Account in Dubai
| Account Type | Required Documents |
|---|---|
| Personal Account | Emirates ID, Passport with Visa Page, Photos, Proof of Address, Salary Certificate |
| Sole Proprietorship | Trade License, Owner’s Passport Copy, POA (if applicable) |
| Partnership Company | Trade License, Partnership Agreement, Partners’ Passports, Notarized POA (if needed) |
| LLC (Limited Liability Company) | Trade License, MOA, Authorized Signatories’ Passports, Chamber of Commerce Certificate, POA (if applicable) |
| Free Zone Company | Trade License, MOA & AOA, Shareholders’ Passports, Board Resolution (if required) |
| Offshore Company | Certificate of Incorporation, MOA & AOA, Shareholders’ Passports, Board Resolution, Notarized Docs |
| Foreign Company | Certificate of Incorporation, MOA & AOA, Owners’ Passports, Share Certificates, Legal & Notarized Docs |
| Non-Residents/Expats | Passport with Entry Stamp, Emirates ID Form, 6-Month Bank Statement, Bank Reference, Utility Bill, Proof of Investment/Minimum Balance |
Bank Account Opening Consultants in Dubai
How Riz & Mona Consultancy Can Help?
Riz & Mona Consultancy is renowned as one of the top business setup consultants in Dubai, with over 15 years of experience facilitating a wide range of businesses throughout the UAE. Our deep connections with government officials and key authorities, combined with our extensive expertise in consultancy, streamline the process of establishing your business in Dubai. Additionally, we offer comprehensive financial, legal, and corporate services to support our clients throughout their business endeavors.
We are here to provide comprehensive support for your Bank Account Opening in Dubai, from preparing your documents to completing the process. Connect with us now to begin your journey with a FREE consultation!
FAQS (Frequently Asked Questions)
Which bank is best in Dubai to open an account?
Emirates NBD, Abu Dhabi Commercial Bank (ADCB), and Dubai Islamic Bank are popular for their extensive services, international reach, and user-friendly digital platforms.
How much money do I need to open a bank account in Dubai?
Deposit requirements vary; some banks offer zero-balance options, such as Mashreq Neo and Liv by Emirates NBD for residents.
Can a foreigner open a bank account in Dubai?
Yes, foreigners can open accounts, typically limited to savings or investment accounts, with higher minimum balance requirements.
Can I open a bank account online in Dubai?
Many banks offer online account setup, though non-residents may need to visit a branch for final identity verification.
Which bank account should I open in Dubai?
Emirates NBD offers versatile accounts for expats, ADCB is preferred for business accounts, and Dubai Islamic Bank is known for Sharia-compliant options.
Can I open a bank account in Dubai with a tourist visa?
Non-residents with a valid passport and address proof can open savings accounts, though tourists face stricter eligibility requirements.
Which bank is best for non-residents in the UAE?
Dubai Islamic Bank and ADCB offer suitable options for non-residents, especially those interested in Sharia-compliant accounts.
Can I open a zero-balance account in Dubai?
Yes, banks like Mashreq Neo, FAB’s iSave, and Liv by Emirates NBD offer zero-balance accounts for residents.