The current economic stability of the UAE is very attractive to its financial institutions, such as banks. Many businesspeople are interested in opening personal and corporate bank accounts in Dubai to secure their assets. Almost all international banks establish representative offices or branches here. These factors increase the interest of international investors and business owners in keeping their companies’ capital in Dubai banks.
How to Open a Bank Account in Dubai
The procedures for opening a bank account in Dubai are stringent and involve considerable paperwork; requirements differ from bank to bank. All standard banking services are offered, including current, savings, deposit, and offshore accounts.
It is important to note that the corporate account opening process varies by bank and can take time to complete all required steps. In our view, the best way to save time is to consult qualified professionals who have handled this process many times. For a general overview of the Dubai bank–account procedure, please read on.
Presence Requirement
Under UAE banking regulations, you must be physically present in Dubai to open any bank account. This ensures original signatures on documents and personal identity verification.
Required Documents for Corporate Bank Account Opening
1. UAE-Resident Sole Proprietorship
- Trade licence
- Partnership agreement
- Passport copies of all partners
Notarized Power of Attorney if the account is opened and operated by an attorney-in-fact
- The POA must be notarized by a court. A company manager whose name appears on the trade licence and partnership agreement may appoint a POA holder; if not, all partners must first appoint a manager by board resolution, who can then delegate authority.
If the trade licence is a professional licence (Rukhsa Manahiya), Chamber of Commerce and Commercial Registration certificates are not required.
2. UAE-Resident LLC
- Trade licence (3 pages)
- Memorandum & Articles of Association
- Passport copy of the authorised signatory (with visa or entry-stamp page)
- Passport copy of the Emirati sponsor (with ID page)
- Chamber of Commerce certificate
- Notarized Power of Attorney if required (as above)
Same License exception applies.
3. Offshore Company (RAK ICC, JAFZA & AFZA)
- Certificate of Incorporation
- Memorandum & Articles of Association
- Passport copies of all shareholders (original passports seen for authorised signatory)
- Share certificates if share percentages are not stated in the MOA/AOA
- Passport copy of any ultimate beneficiary
- Authorised signatory’s UAE entry-stamp page or valid UAE visa copy
- Notarized and MOFA-stamped documents for corporate shareholding structures
- Company-structure chart on letterhead
- CVs of all partners
- Company or business profile
- Board resolution/Power of Attorney for the authorised signatory (if required)
- Any additional documents the bank may request
4. UAE Free-Zone Company
- Incorporation certificate or trade licence
- Share certificates if needed
- Passport copies of all partners (originals seen for authorised signatory)
- Memorandum & Articles of Association
- Board resolution if applicable
Any amendments to original documents must be notarized and attested by the respective free zone authority.
5. Foreign Company
- Certificate of Incorporation
- Memorandum & Articles of Association
- Passport copies of all partners (originals seen for authorised signatory)
- Share certificates if needed
- Passport copy of any ultimate beneficiary
- Notarized and MOFA-stamped documents for corporate shareholding structures
- Company-structure chart on letterhead
- CVs of all partners
- Company profile
- Any additional documents required by the bank
All documents must be legalized and attested by the UAE embassy/consulate in the country of origin and by the UAE Ministry of Foreign Affairs.
6. British Virgin Islands (BVI) Company
- Memorandum & Articles of Association
- Certificate of Incorporation
- Board resolution/Power of Attorney for the authorised signatory
- Passport copies of shareholders and signatory
- Latest three months’ bank statements for the authorised signatory
- Share certificates if any
Same legalization and attestation requirements apply.
Non-Resident Personal Bank Account
- Passport copy with UAE entry stamp
- Six months’ bank statements from home country
- Bank reference letter
- Recent utility bill
- Investment in bank products (e.g., bonds, insurance) of at least USD 500 to qualify for a zero-balance account
or - Maintain an average balance of AED 200,000
Banks may request additional documents to satisfy Know Your Customer (KYC) regulations.
Cheque Book
Cheque books are generally issued only to UAE residents. Offshore companies typically cannot obtain cheque books.
Debit & Credit Cards
Once your account is open, you can apply for debit and credit cards. Terms and conditions vary by card type and issuing bank.
Online Banking
Dubai’s online banking platforms let you manage your account from anywhere in the world. They offer secure international fund transfers and robust fraud protection.
List of Commercial Banks in Dubai
- Arab Bank UAE
- BNP Paribas
- Commercial Bank International (CBI)
- Commercial Bank of Dubai
- Dubai Bank
- Dubai Islamic Bank
- Emirates Islamic Bank
- Emirates NBD
- First Abu Dhabi Bank (formerly First Gulf Bank)
- HSBC UAE
- Invest Bank
- Mashreq Bank
- Union National Bank
- United Arab Bank
Why Choose Us
Smart Business Creation Consultancy offers a one-stop shop for banking and company-formation needs. We combine service quality, transparent pricing, and expert guidance to maximize your account-opening success rate and minimize delays. We assess factors such as nationality, transaction type and volume, investment needs, confidentiality, currency requirements, and language preferences when recommending banks.
We incorporate Mainland, Free-Zone, and Offshore companies and assist with bank-account opening across all major local and international banks in the UAE. Contact us to streamline your banking requirements in Dubai!
