Opening a bank account in the UAE

Payment for services of international contractors

A bank account in the UAE will allow you to pay contractors for your business anywhere in the world.

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International operations

Opening an account will allow you to pay partners around the world and in any currency.

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Stable economy

Keep your money in one of the most stable and politically neutral economies in the world.

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Stable exchange rate

The national currency has not changed its exchange rate against the dollar for 20 years.

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step 1

Request for a free consultation

Our consultant will ask clarifying questions and answer your

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step 2

Bank selection

We will compile a list of the most suitable banks for your task

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step 3

Collection and submission of documents

We will help you collect the necessary documents, create a package in electronic form and send it to the bank

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step 4

Interview with a bank manager

We advise and prepare you for the interview, and also accompany you on site.

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step 5

Compliance procedure

We take on the entire compliance control procedure. We will negotiate with the bank and resolve all issues that arise.

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step 6

Successful account opening

Typically, opening an account takes from 3 weeks to 4 months

Corporate account

"This procedure is more complicated than registering a company, since each bank has its own requirements for documents, internal verification and compliance procedures, which are constantly changing."

Artur Faniev, Commercial Director

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Deadlines

Depends on the type of company, nationality of shareholders/beneficiaries, and types of activities (e.g. consulting activities are a red flag for banks, opening an account can take up to 9 months).

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• ‍For Mainland companies – from 3 weeks to 3 months.
• For the company’s Free Zone – from 1 to 4 months.

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Required documents

Each bank has its own set of documents. At a minimum, the following documents are required:

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• International passport.
• CV of the director, shareholder of the company.
• Emirates ID for the company director/shareholder.
• Residence visa for director/shareholder of the company.
• Office lease agreement for a company.
• Apartment lease agreement for director/shareholder.
• Presentation of the company, its business plan.
• Contracts concluded with the new company, confirming future financial flows, will be an advantage.

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To open an account, you need to pass a face-to-face interview with a bank manager. We prepare you and accompany you during this interview on site.

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Personal account

“It is easier to open a personal bank account than a corporate one. But the time and speed of its opening depend on the specific bank and its internal procedures. The package of documents and the process of passing the KYC procedure also differ. We are ready to accompany the entire process of opening an account “turnkey””

Sergey Kovalkov, Head of International Incorporation Practice

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Deadlines

Standard – 1 to 4 weeks. The need for a thorough check may delay this process.

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Required documents

Each bank has different requirements. At a minimum, the following documents are required:

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• International passport.
• CV of an individual.
• Emirates ID of an individual.

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