Bank accounts allow you to carry out financial procedures within the Emirates with great ease. For this reason, many people recently residing in the Emirates, especially those who have golden residence in the UAE, are seeking to open their own bank accounts. In addition, in order to establish a company in Dubai you also need a bank account. For this reason, we will talk in the following lines and paragraphs about how to open a bank account in Dubai, and some important information about this topic. Continue reading with us to know more details.
The importance of a bank account in Dubai
A bank account allows you to manage your money with great ease, especially in the UAE. The reason is the large spread of banks in the country, and the presence of many branches in its territories. In addition, most banks in the UAE have applications dedicated to working online, meaning they greatly facilitate the account management process. Finally, you cannot manage your investment business without a bank account, and the steps to establishing a company in Dubai require the establishment of a legal bank account.
Steps to open a bank account in Dubai (for individuals)
In the following points, we will summarize for you the most important documents needed to open a bank account in Dubai for non-residents, for personal accounts. Please note that opening an account requires visiting one of the branches of the bank in which you wish to open the account:
- Submitting the original personal account statement to the bank, which must be kept by the applicant in his
- country of residence for a period of 6 months.
- Submit the original bank reference letter with the necessary personal data, in addition to a CV.
- A copy of the applicant’s passport.
- In addition to a document or paper proving ownership of the bank account.
Steps to open a bank account in Dubai (for companies)
As for companies, the required documents vary greatly, and are as follows:
- The company’s commercial license.
- Company incorporation contract.
- Passports, visas and Emirates IDs for all private and affiliate partners of the company.
- Office lease contract or purchase contract, if any.
Conditions for opening a bank account in the UAE
Regarding the conditions necessary to open a bank account in the UAE, they are as follows:
- Valid passport and visa of the applicant.
- Residence permit or work visa for the applicant.
- The applicant must not be less than 18 years old.
- The applicant must have an active bank account with a minimum of AED 1,000.
- Providing proof of identity and residence status of the applicant (such as a utility bill, title deed, lease contract, etc.).
- Provide proof of income to the applicant (such as a payment receipt or bank statement).
- Submit an authorization letter from the employer if the applicant is working in the UAE on a temporary basis.
- Provide proof of the applicant’s insurance coverage in the UAE (this includes health insurance, car insurance, home insurance, etc.).
Documents and documents necessary to open a bank account
The papers required to open a bank account in the UAE vary slightly from one bank to another. But in general, you may need the following papers and documents:
- Residence visa or Emirates ID card.
- Passport of the applicant.
- A copy of an appointment letter from the bank.
- Proof of income such as salary slip, bank statement, etc.
- Proof of residency for the applicant, such as a rental contract or purchase contract if one exists.
What is the best bank to open an account in the UAE?
The UAE offers you many different options in terms of the banks located there. In order to be able to choose the bank that is best for you, we advise you to contact Tadabeer Company. Our team will work to select the best bank for you and your nature of work. It will also carry out all the necessary steps to open a bank account for you within a short time.
Tadabeer Company for Corporate Services
Tadabeer Company provides you with all the necessary services in investing in Dubai. From establishing companies and related services, to opening bank accounts, obtaining commercial licenses, etc. Do not hesitate to contact us for these services, or for any question or inquiry regarding the topic of today’s article.
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