How to open a bank account in Dubai as a non-resident
Do you know which city is currently the leading destination for business, leisure, living, working, and travel? The UAE’s most populated emirate, Dubai, with a strong economy, favorable business policy, world-class attractions, advanced infrastructure, and advantageous location, is leading globally. However, opening business bank account in Dubai is a must for global business owners and investors who wish to secure a hassle-free business experience.
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From securing tax-free savings to diverse investment opportunities, a local bank account in Dubai can help expatriates secure most of the benefits offered to Emirati nationals. Are you planning to establish your business empire in this globally popular investment hub? If yes, continue reading and learn how to open a bank account in Dubai, as it is a necessity for foreign business owners. Also, learn about the documents required, the top banks for expats, and much more.
Can Non-Residents Open a Corporate Bank Account Dubai?
If you are wondering whether you can secure a business bank account opening in Dubai as a non-resident, leave your worries, as it is possible. As an expat, you have to satisfy some requirements to open a business account in a local bank under your business name. Here are a few requirements for it:
- A non-resident can secure a business bank account opening service for their business or their company, which is legally established and registered in Dubai.
- The expat investors have to submit the requested documents to the bank for a company bank account opening.
- While residency visa is not mandatory, if any one shareholder, director, or general manager of the company has a UAE resident visa, it can simplify the bank account opening process.
- For expats, the timeframe within the application for a corporate bank account Dubai is approved is longer. Also, the foreign investors have to maintain a minimum balance, which varies depending on account type and bank chosen.
Corporate Bank Account Dubai Documents Required for Non-Residents
To secure the services for a company bank account opening in Dubai, you have to provide the following essential documents that are demanded by almost every bank that provides this service to non-residents:
- A valid passport, which serves as identification and verification proof.
- Proof of the business’s address, which can be a tenancy contract or any utility bill.
- Original copies of bank statements from the last 3 to 6 months of business owner.
- A reference letter from the bank in the home country.
- Proof of source and nature of funds the business owner intends to deposit in the account.
- Address of the business owner’s original residence in the home country.
- MOA, AOA, valid trade license, and certificate of incorporation.
Best Company Bank Account: Top 5 Banks
It is a general query from foreign business owners and investors: Do all banks in Dubai offer business bank account opening services to expats? The answer is no, some specific banks offer this service to non-residents. Here is the list of the top banks that are reputed for the best company bank account services:
1. Emirates NBD: If you ask any foreign business owner about the top bank for the best company bank account in Dubai, you are most likely to get the same answer: Emirates NBD. This bank is a popular choice because of its strong presence across the Gulf region, competitive fees, and reliable banking solutions.
2. Mashreq Bank: It is widely recognized as a good bank among foreign business owners for company bank account opening in Dubai because of its rapid bank account opening process and advanced digital banking capabilities.
3. RAKBANK: It is the preferred choice of foreign businesses that wish to secure banking solutions and services at competitive rates. The bank offers business current account service with no minimum balance requirement.
4. First Abu Dhabi Bank (FAB): This bank is an attractive option for foreign businesses, particularly large-scale ones, and is widely known for its competitive solutions and excellent relationship management approach.
5. HSBC Middle East: One of the top banks for best company bank account services, particularly for businesses involved in international operations and offering services in Dubai for the last 50 years.
How to Open a Bank Account in Dubai: Process
Opening business bank account in Dubai is not a time-consuming and hectic process if each step is carefully handled. The following three-step process can help you secure a hassle-free business bank account opening experience as a non-resident in Dubai:
1. Prepare Required Documents
This is the first thing you need to start the company bank account opening process in Dubai. Some essential documents to prepare for a hassle-free experience include company registration documents, personal contact and identification documents of the company’s owner and shareholders, proof of business address, business plan, etc.
2. Select a Suitable Bank & Account Type
If you are unaware of the types of business bank accounts offered by banks for non-residents, you must do detailed research or take the assistance of a trusted service provider who can help you make an informed decision after a services, fees, and requirements comparison.
3. Submit the Application
The next step is to fill out the business bank account opening form correctly and submit it to the bank with the requested documents. If the bank you have chosen does not provide services for online bank account opening, you have to schedule an in-person meeting and pass an interview to access your business bank account.
Conclusion
By securing a corporate bank account in Dubai, non-resident business owners or investors cannot only take advantage of their tax offerings but also take the benefits of many other Dubai-based financial services and business investments. If a business bank account opening still seems complex to you, you can connect with Future Dream. With Dubai’s top business management consultants’ excellent, diverse, and competitive services, you can secure a more simplified process for the opening of your business bank account.