Bank Account Opening
OPEN A BANK ACCOUNT WITH ANY OF THE UAE’S MOST TRUSTED BANKS
Our consultants simplify the process of opening a corporate bank account, ensuring a convenient and efficient experience.
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Bank Account Opening
Opening a business bank account in the UAE can be a challenging process. You must go through several strict compliance procedures mandated by the UAE Central Bank. Our team assists you with our bank account opening service, guiding you through each stage for a hassle-free experience.
MUST KNOW
In-person application: Your physical presence is required during the application, so you can meet the bank representative and submit the required documents.
Your needs: If you need banking services for your corporate or personal needs, BizVibez can create a plan that meets your requirements while fostering a relationship with reputable financial institutions.
Timeline: After receiving the documents, 25 working days are typically required, depending on the complexity of the application.
Bank Account Opening in UAE: An Entrepreneurs Guide
The UAE is a popular country for newcomers, attracting hundreds of thousands of people every year. It is a place where you can enjoy the ocean, fast-paced city life, and so much more. However, if you are moving to the United Arab Emirates, you need a bank account. Having a bank account will make it easier to manage money and pay for goods and services. Therefore, we have put together a quick guide on how to open a bank account in UAE.
An Overview of Banking in the UAE
Before we dive into how to open a bank account in the United Arab Emirates, it’s important to understand the banking sector. The UAE has a banking system regulated by a central bank. In addition to the central bank, there are roughly 50 international and local banks throughout the country.The banking system is considered stable due to banks' strong capital levels and liquidity. Most banks are funded by deposits. The UAE has four different types of banks:
- Commercial
- Investment
- Industrial
- Islamic banks
Islamic banks have grown in popularity. Furthermore, UAE banks also cater to foreigners. They have adopted several international regulations and offer services in both Arabic and English. A few international regulations that UAE banks comply with include: International Accounting Standard, International Financial Reporting Standards, and Capital Adequacy Regulations from the Basel III Regulations.
Types of Bank Accounts in the UAE
- Personal Banking
- Corporate Banking
- HNWI Banking
Corporate Accounts
If you are planning to do business in the UAE, you will need a corporate bank account. UAE law prohibits using a personal account for business. Generally, corporate accounts should be current accounts to process large volumes of transactions.When you open a corporate bank account, it’s important to note you will need a few additional documents. The exact documents may vary, but they usually 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
With these documents in hand, you will be all set to open a bank account.
Bizvibez will open your bank account in any UAE bank
Whether you need a package of banking services that best suits your company enterprises or high net-worth individuals, we’ll work one-on-one to create a bespoke suite of banking products to make sure you meet your financial needs. Are you ready to maximise your wealth while remaining within legal frameworks? We are working with top 20 UAE banks. Discover our UAE banking network:
- Mashreq Bank
- Dubai Islamic Bank
- Emirates NBD
- First Abu Dhabi Bank
- Habib Bank Zurich
- Misr Bank
- Ajman Bank
- Al Hilal Bank
- City Bank
- Commercial Bank Dubai (CBD)
- Emirates Islamic Bank
- Bank of Sharjah
- Invest Bank
- National Bank of Fujairah
- RAK Bank
- United Arab Bank
- Abu Dhabi Islamic Bank (ADIB)
- ADCB
- Standard Chartered
- HSBC
- Barclays
Credit Cards for Business in UAE
Business credit cards are credit facilities designed to help business owners make small purchases. They are for business expenses, not personal use. While you can use your business credit card for emergency finances, a key reason to get one is to build a credit score for your business. Your credit score is an important metric for your business and is vital to its financial health.
It is important that you take the time to find the best credit card in the UAE for your business, as there are many options from numerous different banks. Eligibility for a credit card will come down to many factors, including age, income, and proof of a valid trade license.
Manage Your Money With Ease in UAE
Knowing how to open a bank account in UAE is important for living and working here. With this handy guide, it’s easy to open a bank account and control your finances. Are you looking to set up a business in the UAE? BizVibez can help.
You can get in touch with our team, and we will help you navigate the process of moving to the UAE and opening a business here.
