Opening a bank account

Setbacks in the account opening process may occur in connection with:

• Absence of a resident visa. Most banks require a resident visa to open a personal account.
• Minimum deposit requirements. Some banks will require that you maintain a certain minimum balance for your account to be serviced. Failure to comply may result in penalties.
• The need to provide additional proof of income. To open a personal account, the bank may ask the applicant for documentary proof of financial solvency, such as bank statements or tax returns. To open a corporate account, the bank may request detailed evidence attesting to the legality of your funding sources.
• Lengthy verification. KYC verification may take longer if you have a complex income structure or you are opening an account in your capacity as a business owner.
• Language barrier. Although most banks provide services in English, communication problems may appear occasionally, such as when filling out some paperwork.

It takes longer to open a corporate account now than it did in 2023, due to more stringent documentation requirements for legal entities. Find out more by reading our article.

On the other hand, it is now easier to open a personal account. Find out more in our article.

 If the bank rejects the application, we apply to another bank at no extra cost to you, or we fully refund your money. This condition applies only if the requested information and documents are supplied promptly.

AWATERA Dubai is a team of seasoned professionals with successful track records in turn-key services for business, who are eminently familiar with the UAE banking system and legal framework. We are equipped to offer each client a solution that best suits them in view of their financial circumstances, residency status and account opening purposes. There are many banks in the UAE, and their services are often uniquely different. It is important to choose a bank that is right for you, otherwise you may find that the cost and level of service leave much to be desired. We can help you make the right choice and avoid unnecessary expenses.