Opening a Bank Account in the UAE

Open a bank account in the United Arab Emirates, one of the safest and most stable nations in the world.

OPENING A BANK ACCOUNT IN THE UAE
REASONS TO SELECT UA BANKS

Learn about a non-reportable UAE bank account globally.

Due to the Common Reporting Standard (CRS), which requires all of your financial information to be reported to the nation where you reside as your tax residence (a jurisdiction that participates in the CRS), the majority of offshore jurisdictions are currently facing significant issues. Even banks in Singapore and Switzerland are unable to guarantee the confidentiality of consumer data these days. UAE banks are the best choice because information about bank accounts held by residents of the UAE is not required to be reported. In addition, UAE banks perform well economically and are independent of other global financial institutions, which makes the UAE a very appealing location for foreign investors and businesspeople.

REASONS TO SELECT UA BANKS

Learn about a non-reportable UAE bank account worldwide.

Due to the Common Reporting Standard (CRS), which requires all of your financial information to be reported to the nation where you reside as your tax residence (a jurisdiction that participates in the CRS), the majority of offshore jurisdictions are currently facing significant issues.

Complete exemption from interest taxation

Since 1997, the value of one USD is equivalent to 3.6725 AED.

There are no restrictions on currency exchange

Top Contemporary Online Banking

Cutting-edge banking options with Samsung Pay and Apple Pay

Multiple Currency Bank Accounts

Committed Relationship Administrator

UAE is the second-safest country in the world.

Obtaining Global Investment Possibilities

UAE'S TOP BANKS

Top banks in the UAE based on 1Pro Centre DMCC version

Each bank in the UAE has a different process for opening a corporate bank account. These are the top 6 UAE banks that we have a long history of working with and that we heartily recommend to our clients. The bank account opening packages, with and without a dedicated relationship manager (RM), that have a minimum maintenance balance total across all currencies on the account are listed below.

Emirates Islamic Bank (EIB)

  • Gold – 100,000 AED (with RM)
  • Platinum – 250,000 AED (with RM)

Emirates NBD (ENBD)

  • Business Banking Plus – 200,000 AED (with RM)
  • Business Banking Select – 500,000 AED (with RM)

Dubai Islamic Bank (DIB)

  • Plus – 250,000 AED (with RM)
  • Premium – 500,000 AED (with RM)

Mashreq Bank

  • Premium – 150,000 AED (with RM)
  • Platinum – 350,000 AED (with RM)
  • Priority – 1,000,000 AED (with RM)

First Abu Dhabi Bank (FAB)

  • Advantage – 250,000 AED (with RM)
  • Preferred – 500,000 AED (with RM)

RAKBank

  • Business Current – 25,000 AED (with RM, online application only)
  • RAKelite – 500,000 AED (with RM
How can we help?

How we can help you register for an account in the United Arab Emirates banking system

With more than 14 years of experience opening all kinds of bank accounts in the United Arab Emirates, 1Pro Centre DMCC is able to take advantage of its solid relationships with the leading banks in the country to satisfy all the needs necessary for both individuals and businesses to open bank accounts there. Our hyper-individualized approach to each and every one of our clients has allowed us to maintain a 100% success rate in bank account openings since 2018.

With us you will get:

  • Monitoring the opening of a bank account
  • Evaluation of personal or business background
  • Consistent updates regarding the progress of your application
  • Complete support throughout the application and interview process
  • Creation of necessary paperwork with a business profile tailored specifically for banks
  • Scheduling a meeting with the relationship officer of a selected bank;
  • Coordinating with the relationship officer prior to the account opening application meeting
Service fees

Successfully open a UAE bank account with
assistance of 1Pro Centre DMCC

Fees Service Scope of Service
Package 1 – 500 USD Introduction to Banker 1Pro Centre DMCC will provide list of trusted bankers in the UAE with following information:
  • Banker’s Email Address
  • Banker’s Mobile Number
  • Banker’s Location
  • Bank Tariff / List of Packages
  • Personal introduction via online call
Package 2 – Starting from: 1000 USD Consultation & Assessment The service includes:
  • Assessment of Company Structure and Operations
  • Assessment of Shareholder’s Background
  • Assessment of Affiliated Company
  • 1 hour Consultation after assessment (online or personal)
Package 3 – Starting from: 3000 USD Complete Assistance for Bank Account Opening The service includes:

Part 1
  • Assessment of Company Structure and Operations
  • Assessment of Shareholder’s Background
  • Assessment of Affiliated Company
  • Preliminary Consultation with Bankers about the company structure
  • List of Banks accepting the structure of the company with its conditions
Part 2
  • Preparation of Required Documents with a Company Profile specially designed for banks.
  • Coordination with Relationship Officer before Account Opening Application Meeting
  • Scheduling Meeting with Relationship Officer
  • Full Assistance during Bank Account Opening Application and Interview
Part 3
  • Assistance in Answering Compliance Questions
  • Regular follow-up for Compliance approval
Once the account is approved and activated, 1Pro Centre DMCC will assist client in obtaining the Debit Card & Cheque Book of the Company.
HOW CAN WE HELP?

Bank account opening in UAE FAQs

1. What is the total number of banks in the UAE?

There are 28 foreign banks and 22 local banks in the UAE.

2. Can you list the three largest local banks in the UAE?

The top three biggest local banks in the UAE are First Abu Dhabi Bank, Emirates NBD, and Abu Dhabi Commercial Bank, based on total assets at the end of the 2017 year.

3. Are local UAE banks generally considered better?

While all banks in the UAE, both local and foreign, are secure and offer efficient services, local banks tend to be more accommodating to SME companies regarding the approval for opening a bank account and accessing credit facilities.

4. Is it secure to have a bank account in UAE banks?

In 2017, the UAE ranked fourth globally in terms of wealth inflows, demonstrating its status as a secure financial jurisdiction. Thus, maintaining a bank account in UAE banks is unquestionably safe.

5. How would you define a Current Bank Account and a Call Account in the UAE?

A Current Bank Account in the UAE is one where the signatory is a UAE Resident, while a Call Account is for non-residents.

6. What are the charges for opening a bank account in a local UAE bank?

Opening a bank account in local UAE banks does not incur any fees.

7. Do UAE banks offer multicurrency accounts?

Yes, UAE banks provide multicurrency bank accounts in AED, USD, Euro, GBP, CHF, etc., without additional service fees or mandatory minimum or average balances.

8. Can I apply for bank account opening at any UAE bank?

You can apply for a current (resident) personal bank account at any local or foreign UAE bank, selecting the one that aligns with your requirements and meets its minimum balance criteria.

9. Can foreigners open a personal bank account in UAE?

Yes, foreigners can open a personal bank account in UAE, with most banks requiring a minimum monthly average balance of AED 100,000 (USD 27,249) for non-resident accounts.

10. How long does it take to open a resident and non-resident personal account at UAE banks?

The timeframe for opening a resident personal account is 3-7 business days, while for a non-resident personal account, it is 5-10 business days, subject to variations based on individual cases.

11. What documents are needed to open a UAE resident personal account?
  • Required documents include Emirates ID
  • Passport copy
  • Valid UAE residence visa
  • Utility bill (issued within the last 3 months)
  • Salary certificate or employment contract.
12. What documents are required for opening a non-resident personal account in UAE?
  • Documents needed for a non-resident personal account include a passport copy
  • Proof of address (issued within the last 3 months)
  • CV
  • Document verifying the source of the applicant’s income
13. Can I have multiple bank accounts with different UAE banks?

Yes, it is possible to have multiple bank accounts with different UAE banks for various reasons, such as taking advantage of different benefits.

14. Is the presence of the signatory necessary for applying for bank account opening in UAE?

Yes, the presence of the signatory is mandatory for applying for bank account opening in the UAE, and the original passport must be verified in person.

15. What is the initial deposit required to open a corporate bank account in UAE?

There is no specific minimum initial deposit required to open a bank account in the UAE, but banks typically mandate maintaining a monthly average balance based on the chosen package.

16. What is the CRS concerning reporting bank account details?

For information on the Common Reporting Standard (CRS) in the UAE banking system and which bank accounts are considered reportable or non-reportable, please refer to our expert blog.

17. How can I open a UAE bank account for my company?

Explore our expert blog to discover the process of opening a corporate bank account in the UAE.

18. How long does it take to open a corporate bank account in UAE?

Opening a corporate bank account in the UAE takes a minimum of 3 weeks, with different timelines for specific cases, especially when the signatory is a UAE resident.