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Open a bank account in UAE

The UAE financial sector continues to rise in popularity amidst the global crisis. UAE banks ensure the security of client accounts, privacy of information, high funding liquidity, and a stable dirham exchange rate. After obtaining UAE residency, you can open either a corporate or personal account with an Emirates bank. Our specialists will assist you in smoothly navigating all the stages of account opening without facing rejection from the bank.

Corporate company account

When opening a corporate bank account, factors such as the company’s registration location (freezone or mainland), business activity, existence of a physical office, transparency of the founders’ and directors’ profiles, among others, need to be considered. Opening a corporate account requires the personal presence of the company’s owner or director for document signing.

Price of opening

  • The price of opening a corporate bank account starts at $4,500, and the process typically takes 1–3 months.

Personal banking account

Individuals should rather choose local banks for opening an account. Opening a personal account is simpler than a corporate one – the list of documents required by banks is considerably shorter. If you’re unfamiliar with UAE legislation and are considering opening an account for the first time, it is better to seek help from professionals

Price of opening

  • The price of opening a personal bank account starts at $2,000, and the entire process takes at least 5 business days.

Account opening steps

  • Consultation with AWATERA relocation agents

    AWATERA offers a turn-key service designed to assist you with opening your business overseas. We will assist you with the choice of a suitable bank, help you make a list of required submissions, and explain the legal aspects of banking and use of funds in the UAE.

  • Preparation of documents

    You will be asked to prepare a set of documents according to the bank’s list, and send them to the bank for review. It is advisable to seek professional assistance to make sure the bank issues a favorable determination on your submissions.

  • Interview with the bank's manager

    UAE banks espouse a system they call Know Your Customer, which implies that the potential customer has a duty to answer all questions asked by the bank to the bank’s satisfaction. The idea behind this system is to have better control of transactions and minimize risk exposure.

Our Clients' FAQ

As of June 2023, there are no issues with opening accounts for Russian citizens. Several factors can complicate the account opening process, and each case needs to be examined individually. The only reason for a bank’s denial that cannot be influenced is political exposure (PEP) and sanctions.

Yes, typically, opening a corporate account for a company in a free economic zone takes more time, usually starting from 3 months. This is due to the fact that freezone is viewed as a high-risk jurisdiction.

 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.

  • It doesn’t have to have an office.
  • No audits in some free trade zones.
  • Less paperwork and less money to pay when setting up your company.
  • Ideal for freelancers and small businesses.
  • No limitations on types of business
  • A mainland company can sell its goods anywhere in UAE territory.
  • Higher upfront expenses, but potentially lower expenses going forward as opposed to a freezone company.
  • Ideal for mature businesses with a payroll.

The list of documents for registering a company is slightly different in each specific zone.

Helpful Reading

Write to us and we will be happy to help you