Commercial Banks in the UAE are divided into two major categories:
-Locally Incorporated Banks;
-Branches of Foreign Banks.
There are 23 Locally Integrated Banks and 28 Branches of Foreign Banks that operate in the UAE (as of 2016). All banks are regulated by the Central Bank of United Arab Emirates, which is tasked with ensuring the financial soundness of these institutions.
Will need a bank account to undertake any corporation. Opening a corporate bank account in the UAE is a relatively straightforward procedure for UAE Mainland Companies. However, client identification requirements may vary depending upon the size and activity of the business.
The financial institution will request information detailing the legal existence of the entity. Businesses possessed by corporate entities will need to provide complete corporate documents to identify the structure’s management and ultimate beneficial ownership. In most cases, these documents will need to be notarized/legalized in their country of origin and again in the UAE.
Global initiatives against tax evasion, money laundering, and terrorist financing in the past decade have obliged the Central Bank to impose enhanced customer diligence procedures on financial institutions that open accounts for Offshore Companies.
As a result, banks have adopted a risk-based approach to account opening. The financial institution must further understand the customer’s primary business areas, the anticipated volume of currency and total deposits, the level of earnings, and its main customers and suppliers.
Russian lawyers Corporate Services in Dubai can guide you through the process and help you prepare all necessary documentation to facilitate an account application.
Our fees for attending to the account opening procedures start from US$1,500. This would not include the costs of preparing any additional notarized documentation that a particular bank may require.
Documents required to open a corporate bank account in the UAE
- Company Trade Licence;
- Certificate of Registration;
- Share Certificate(s);
- Company Memorandum & Articles of Association;
- Board Resolution empowering a Company Officer to open the account;
- Passport copies for shareholders and authorized signatories.
*Required documents will vary depending on the bank and the company’s corporate structure. Who will need companies with corporate shareholders outside the UAE to notarise and attest all parent company documents in the country of origin and again in the UAE?
UAE Banking Services – FAQs
Can a non-resident open a company/personal bank account in the UAE?
Yes, in most cases. However, banks will often limit the facilities available to the company/individual. Typically, they will only allow an internet banking facility for online transfers. The majority of banks will not provide credit or debit cards for non-residents.
Are there any minimum holding conditions for banks in the UAE?
Most local banks require a minimum balance to be maintained, which can vary depending upon the particular bank and the particular type of account. Banks typically need the budget to maintain an average monthly balance between AED 20,000 (approx. US$ 5500) and AED 150,000 if the average balance falls below the required amount, who will charge a nominal fee to the account.
How long does it take to open a bank account in the UAE?
There is no set timeframe for this process. Each bank has its internal procedure and timeframe for account opening.
It generally takes approximately 2 to 4 weeks to open a bank account for an LLC or Free Zone company in the UAE. However, this is not guaranteed (especially in respect of Offshore Companies) because each application is subject to a bank’s internal compliance and management approval.
Which banks do you work with?
Debit cards are available from most banks that we represent, depending on the sort of account. We work with the majority of commercial banks in the UAE. We also work with several local private banks. If your company does not require a local bank, we also work with several international banks in the Caribbean (St. Lucia, St. Vincent, and the Grenadines), Mauritius, Malta, Isle of Man, Singapore, and Qatar. These banks provide multi-currency accounts and banking via the Internet, telephone, or fax.
Do I need to meet the banker in person?
Yes, but only in the case of the account being opened in the UAE. We have agreements with offshore banks to obtain the client’s signatures and verify their authenticity. However, all the information and documents required by the bank will have to be provided by the client.
How can I control and operate the bank account if the Russian lawyer’s team provides corporate director services for my company?
As a corporate director of your company, the Russian lawyer’s team must assert complete control of the company’s bank accounts.
We provide multiple authorized signatories to the account to ensure your banking requirements are fulfilled, even if your dedicated administrator is on leave.
This relationship between the beneficial owner and the corporate director is regulated by our standard Terms and Conditions of business.
The authorized signatories will never act on their own accord. They will only receive express written consent and instructions from the beneficial owner.
- Please tell us your business and which kind of service you need;
- Reply a few questions;
- We’ll conclude business profile and contact you in shortest period of time.
What language should the company documentation be in for application to the Department of Economic Development (DED) and Ministry of Economy (MoE)?
Do I need to rent an office to obtain a Branch or RO license in the UAE?
Do I need to appoint a local services agent to incorporate a Branch or RO in the UAE?