BANK ACCOUNT OPENING

Bank Account Opening

The UAE has four different types of banks. These types of banks include:

  • Commercial banks
  • Industrial banks
  • Investment banks
  • Islamic banks

Types Of Bank Accounts In The UAE

  • Current Accounts
  • Investment Accounts
  • Offshore Accounts
  • Savings Account

Bank Account Opening Service

The UAE Central Bank imposes strict compliance procedures when opening a business bank account. Additionally, business account openings are both in-person and online, with standard processing taking 25 days or more.  At A&S Trade Corp, we can help you get started quickly and easily. We have relationships with some of the best banks in the region and can help you get set up with a corporate bank account in no time.

Our team will take you through three stages:

1. Assessment

Our team will assess your company’s activities, operations, expected annual turnover and initial funds available for opening the account. Based on this information, our team will recommend the most suitable bank for your business.

2. Acting as your representative

Usually, banks will require further documents to process your application, we will liaise with them and assist you in completing any other additional documents. If you are unable to meet the bank, we can represent you as a Contact Point Verification Agent.

3. Documentation

  • We will assist in compiling and preparing your documents to send to the bank. This will include:
  • Certified company incorporation documents
  • Company profile
  • Valid passport copies of all shareholders
  • Personal profiles (CVs) of all shareholders
  • 6 months’ personal bank statements of all shareholders
  • Emirates ID and residence visa copy of at least the signatory
  • A copy of your Ejari (please also see our PRO services)

Process Of Opening A Bank Account

Banks in the UAE accommodate both residents and non-residents.

  • Non-residents are limited to opening a saving account a chequebook will not be provided. However, you will be able to access your account with a debit card. The following documents are required to open a non-resident saving account:
      • A recent utility bill;
      • a reference letter from your domestic bank;
      • the six most recent monthly bank statements from your home bank;
      • information proving consistent funding sources.
  • Residents are not limited to the type of account they would like to open. The following documents are needed
      • Your original passport as well as a copy;
      • a copy of your UAE resident visa;
      • a salary certificate;
      • your Emirates ID card or a copy of your registration form if you haven’t yet received it.

Documents vary depending on your chosen bank. Usually, the required documents include:

  • your company trade license;
  • a certificate of your company’s registration;
  • share certificates;
  • the company’s articles of association and memorandum;
  • a letter from the board giving a company officer the power to open a corporate account;
  • visas and passports from all shareholders.

Banks in the UAE are accustomed to catering for expatriates who make up 88% of the UAEs population. Some questions to keep in the back of your mind when opening an account include:

  • Which bank account does your employer use? This can ease the process of receiving your salary.
  • What is the required minimum balance? you can match this up against your income.
  • What is the monthly withdrawal limit?
  • International transfer rates along with how long international transfers take.
  • In the scenario, you have an outstanding loan what are the options the bank offers?

In addition to the above questions, asking friends to review their current bank would equip you better on which bank you should opt for.

Ensure to reach out to us to ensure a smooth process as you settle into the UAE. You can either contact us directly on or by filling out the form below.

Financing Your Business

A&S Trade Corp Managing your Money with Ease. We understand how important opening the right bank account is. With the key points we have highlighted above, it’s easy to open a bank account and control your finances.

Are you ready to move to the UAE to set up a business? A&S Trade Corp can help you “set you up for success!” Get in touch with our team and we’ll help you navigate the process of moving to the UAE and opening a business here or settling in.

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