Dubai is one of the fast-growing trade hubs as it is easily accessible to countries in the Middle East, Africa, Europe, and Asia. The emirate, which handles trade and investments worth a trillion dollars annually, is home to many local and international banks operating under the strict regulatory control of the central bank of the UAE. It is imperative for investors to open a corporate bank account in Dubai to manage cashflows as well as track expenses.

When it comes to bank account opening in Dubai, appropriate documentation is very important. The documents have to be submitted in a specified format depending on the business activity, the bank’s KYC norms, and as mandated by the central bank.

It is, therefore, highly recommended that prospective entrepreneurs liaise with CIG Business Services for all the assistance required for business setup in Dubai. This enables investors to focus more on acquiring new and/or retaining existing customers.

How to Open a Bank Account in Dubai?

The basic documents required to be submitted for a business bank account opening in Dubai are:

Dubai bank account for non-residents

Many banks do a background check when non-residents apply to open a savings bank account. Moreover, banks ask them to provide the following documents:

  • A recent utility bill
  • Your home bank’s reference letter
  • Bank statement for the last six months from your home bank
  • Information on consistent funding sources

Corporate bank account opening in Dubai

If the reason for bank account opening in Dubai is to do business, then non-residents will have to open a corporate bank account. The time needed to open a current account ranges from two to four weeks. Furthermore, when it comes to corporate bank account opening in Dubai, a few additional documents have to be provided. The documents required can vary from one bank to another, depending on the type of business and the account to be opened. However, they often include those listed below.

  • Trade license
  • Certificate of Registration
  • Share Certificates
  • Article of Association and Memorandum of Association
  • Board’s letter authorizing an officer to open a corporate current account
  • Visas and passports of all shareholders

The documents to be submitted for a bank account opening in Dubai may vary from one bank to another, depending on the type of business and the bank’s norms. Besides, the time needed for a bank account opening in the UAE ranges anywhere from a few days to a couple of weeks.

Furthermore, to open a bank account in Dubai for non-residents, their physical presence is essential. This is because the bank representative has to meet the applicant, get the application signed, and collect the required documents.

Why Choose CIG to Open a Corporate Bank Account in Dubai?

  • One of the top business consultants in Dubai
  • We offer a wide range of services
  • We provide tailored solutions
  • Professional end-to-end services for setting up a company in the UAE
  • Professional and reliable services
  • Transparency in all dealings

It is also possible for a non-resident to open an online bank account in Dubai. After initiating the process, the applicant can talk to the bank representative either via telephone or online on a video conferencing platform. If banks need additional information, we will liaise with them and help you complete the additional requirements, and even act as your representative. Still, the applicant has to travel to the UAE to complete the account opening formalities.

Our services also include an assessment of the applicant’s company activities and operations, the availability of initial funds, and expected annual turnover to recommend the most suitable bank and type of account.