How to open bank account

  • How to open bank account

- List of documents

- Submission process

- Account opening

  • List of documents required to open a corporate bank account:

1) high-quality copy of Emirates ID

2) a high-quality copy of the residence visa

3) passport copy

4) Business license of a company in the UAE

5) Share Register of a company in the UAE (this document indicates the founders of the company and their shares)

6) Salary certificate for each founder of a company in the UAE

7) lease agreement for a company office in the UAE (actual or formal office)

8) statements of personal accounts from home country banks for the last 6 months in English

9) statement of corporate accounts of the company in home country for the last 6 months in English

10) Charter, certificate of registration of the company in home country, confirming that the founder of the company in the UAE is the founder of the company in home country In English

11) CV (resume in English), preferably with a photo

12) Contracts with current counterparties in the UAE, invoices for the provision of services. Any documents confirming the existence of activities in the UAE (if any)

13) Company presentation, website (in English, if available)

14) Short business plan

15) Agreement for the sale of real estate, cars, if you have sold anything recently in English

It is important to know - statements are provided either from foreign banks or from home country banks that are not subject to sanctions

Even if you do not have agreements with counterparties, you can draw up an agreement of intent, this will give the bank an understanding that you are determined to work after opening an account. The list should not contain counterparties from countries under sanctions.

The bank statement must reflect your stable income - salary, income of another company with your name on the license, rent of premises, etc.

  • Document submission process

After collecting the documents, you need to print them and bring them to the bank

It’s better to go to the bank after opening time, as the queues can be an hour long.

You may receive emails from a banker with additional questions from the central bank

They must be answered immediately

  • Opening an account

After opening the account, you will receive a notification from the banker that the account is open

Then within a week you will be able to receive an account number and visit the bank to open online services through the application

Many bankers require a deposit of 50-500,000 dirhams, discuss the terms of service in advance

Do not sign investment plans to open an account, they are not required, despite te fact that bankers say that without such a plan it will be impossible to open an account