Alliance-dubai.net - Bank accounts in the UAE - documents requirements and compliance procedure

Bank accounts in the UAE - documents requirements and compliance procedure

Bank accounts in the UAE - documents requirements and compliance procedure

First of all we have to emphasize the fact that the documents, which the UAE banks require for account opening, are within the obligatory compliance and Know Your Customer procedure (KYC Procedure) which any and all banks are obliged to follow worldwide. Such requirements may vary from country to country in its particulars; however the main set of required documents is essentially the same in any bank.

The main documents, if it is for a private account in Dubai, are the ones which give the bank the possibility to verify the client’s identity, residential address and his profile in terms of income and source of such income. These documents include, as a minimum, passport copy, utility bill from individual’s home country as the proof of his residential address, bank reference letter and account statement for the last 3 to 6 month as a proof of individual’s financial standing. Moreover, within the compliance requirements, there is a short personal CV.

These are the documents which are undeniably mandatory in the UAE. On top of these documents, Dubai bank may possibly request additional documents. For example, if a person opening an account, informs a bank that he is a business person and owns a company – bank may ask to provide some confirmation on such company ownership and company’s main financials. If a person receives an income from some properties in his ownership – bank may ask documents confirming the proprietorship of such real estate.

When opening a bank account for a company in Dubai, the UAE, the set of required documents has 3 main elements:

  • Documents on company owners – which are the same as the main documents when opening an account for a private person. Note – if the company’s shareholders are other legal entries – then the info on the beneficial owners of those legal entities are required.
  • Company documents – full set of incorporation documents – certificate of incorporation or similar, memorandum and articles, extract on shareholders and directors.
  • Documents on company activities – business description, name of potential partners, references, samples of contracts, financials, etc.

The final set of documents which bank in Dubai, the UAE may potentially require is within the competence of the compliance departments of each bank. For example, for company accounts bank may potentially request samples of contracts as well as other document, supporting the business profile.

When a bank requires certain documents, client shall provide such or give comments / supporting information. Simple failure to provide such documents would regularly result the account opening being rejected by bank’s compliance department.

Once an account is opened – private or corporate – bank may also later request additional info and documents. For example, if a private person receives a large sum of money on his account or makes larger transfer from his account, bank may ask the reasons for such transfer and supporting documents.

For corporate accounts in Dubai banks compliance department may ask for contracts, invoices and any other documents, supporting the business activities.

To summarize the above – any and all banks, including the ones in Dubai, the UAE, must fulfil the international compliance standards.  Whereby we must note that the present requirements on documents in the UAE are more business – friendly than in a number of other counties. And a bank account in UAE is the reliable and useful solutions for private persons as well as international business.

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