Money

How to open a bank account?

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The UAE is famous for flourishing industries and its reputation as an income tax-free country. This is the reason why more and more people are flocking to the desert country to get a job or to start a business. To manage finances properly in the UAE, opening a bank account is important. While opening a bank account may sound easy, there are a few things you must know before getting started.

Bank account?

If you are a non-resident, the first and foremost thing you should do is to be present in the country and the bank to verify your identity and sign requisite documents. However, if you are applying as part of a large international institution that operates in the UAE, visiting your local branch would suffice. Dubai also allows you to hire financial officers to be present on your behalf, although it isn’t accepted by all banks.

Savings account?

For citizens, opening a bank account is very easy, since all you need to submit is your family book, a salary letter, or a letter of NOC from the employer.

Citizens or expatriates may open a joint account with another legitimate resident of the UAE. However, the process varies from bank to bank.

An expatriate may only apply for a savings account, till he/she gets a residence visa. With the residence visa, an expatriate may apply for a personal or business account. Expatriate residents need to provide a copy of their Emirates ID, a copy of the residence visa status, passport, salary letter, and a letter of NOC from the employer or sponsor, along with an initial deposit.zs

Requirements for a personal bank account?

If you are an expatriate, the documents you require to open a personal bank account include an original and a duplicate copy document of your passport with residence visa, the Emirates ID card, and proof of residencies, such as rental agreement, utility bill, or letter of employment.  You may also need to provide either your salary letter from employer, trade license (for self-employed), or spouse’s work ID. Additionally, you also have to pay an initial deposit to open the bank account, which varies from bank to bank.

Requirements for a business bank account?

A bank account opened for a company from a free zone provides all benefits and can be opened in any UAE bank with the following documents:

1. The company shareholder representative’s passport.
2. A copy of the shareholder representative’s Emirates ID card.
3. A copy of the company director’s passport.
4. The business plan and information about the type of activities on the account.
5. Disclosure of source of funds, existing contracts, and reference letters from business partners.
6. A memorandum of articles, certificate of incorporation, shareholders’ registry, company extract, and certificate of good standing.

Furthermore, the director or a major shareholder needs to be present while opening the business account.

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