If you require a bank account for commercial reasons, the first step is to establish a company in accordance with the laws of the land and then proceed to open a bank account.
According to UAE regulations, you will not be able to conduct a business activity through your personal account. In general, your corporate account will need to be a current account to facilitate a high volume of transactions.
The process of opening a corporate bank account for your business can take anywhere from two to four weeks.
Expats will require an additional set of documents when opening a corporate bank account. It is, however, important to note that the document list may vary according to the bank and company type.The documents may include the following:
Each bank has its own regulations regarding a customer’s profile and their activities and minimum transactions. Consequently, customers are subject to specific requirements at nearly every bank.
While it is extremely unlikely that a bank will refuse a bank account for a legal resident expat, they are still within their rights if the applicant could be considered a risk.A bank may reject an account opening application for the following reasons:
All banks in the UAE are regulated by the UAE Central Bank. In order to meet international standards and requirements, the Central Bank has placed a KYC (Know Your Customer) policy. And, as a regular practice, UAE banks will ask you certain questions on your account transactions before as well as after opening your personal or corporate account.