Alliance-dubai.net - Open bank account in UAE – frequently asked questions.

Open bank account in UAE – frequently asked questions.

Is it possible to open bank account in UAE?
Yes, it is possible. Account can be personal account as well and the company account. For individuals who do not live in the United Arab Emirates (UAE), the opening of the personal account as also allowed. For companies from outside of UAE the bank account in UAE can also be opened provided that the proper legalization of the company documents is done.

How to open bank account in UAE?
Contact us, inform us on the required type of account – personal, UAE company plus account or an account for a foreign company. We would send the info on the required documents. Prepare documents and send us the copies of the documents by e-mail. When you come to the UAE for the signing of documents bring original documents with you. After some time the account is opened. Visit to the UAE to open account is a must – this is the requirement of the UAE Central Bank.

I have seen information that certification of the documents of a foreign company to open bank account in UAE is quite expensive and lengthy. Is this correct?
As the UAE did not sign the agreement on Apostille, certification of documents of foreign companies takes quite long and is rather costly. First, it is necessary to certify the company documents at the Consulate of the Emirates in the country where the company is registered. Then it is required to certify the documents in the UAE Ministry of Foreign Affairs. The governmental fees for certification of documents in the Ministry of Foreign Affairs is AED 2.000, – per document. For this reason, the total costs for all steps of the certification of the complete set of corporate documents of a foreign company can easily reach 2 to 3 thousand US dollars.

If the certification of documents of the foreign company is expensive – how to open bank account in UAE for the company?
The easiest way to incorporate the company in the UAE and to open account in UAE for such company. The costs of offshore company in UAE are not high and it can be registered within a couple of days.

How to choose a bank where to open account in UAE?
By contacting us you will be able to get all the information about banks in the UAE and the specifics of each of them and be able to easily choose the UAE bank suitable for you.

How long would  I need to stay in UAE and how long bank needs to open account?
The time required to open bank account in UAE depends on account type (personal or corporate account), selected bank and completeness of the documents. On average it takes from one to two weeks. There is no requirement to stay in the United Arab Emirates all this time. To open an account you need to come to UAE for one day only. When the bank opens account, the banker will contact you and send your account details and, after a while, would send you the access data for the Internet banking.

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