Opening a bank account in the UAE and its necessary documents

Opening a bank account in the UAE and its necessary documents

There are many people interested in opening an account in the UAE for different purposes. Emirati banks welcome new customers every year due to the expansion of various political and economic relations of this country with the Middle East region and other countries of the world. The number of applicants to open accounts in these banks is increasing day by day. UAE is one of the economic poles of the region. It has a smart and organized banking system considering the high volume of transactions that take place in this country. Investors, merchants and those who are engaged in business transactions consider opening a bank account in the UAE as one of the most important stages of their business affairs.

Documents required to open an UAE account for legal and private persons

Private people who do not have a specific company or business and open an account as an ordinary person, need documents such as:

• passport copy
• Documents related to the person’s presence in the UAE
• Opening an account in the presence of the bank
• Providing identity documents of the applicant
• Complete the bank statement
• Paying an amount to open an account

The following documents are required for legal persons who request to open an account for trade and commerce or establishing a company and other activities related to legal persons:

• A copy of the company’s establishment license, which can be the same advertisement published in widely circulated newspapers.
• Copy of the original documents of the company registered according to the laws of the UAE.
• Providing legal documents if necessary.
• Passport copy of company shareholders.
• Making a copy of the shareholders visa.
• Providing a report on the company’s turnover in the last six months.
• Having contracts related to the company operation.

Account opening for non-residents

People who have not received a residence permit in the UAE can also have savings and current accounts. These applicants can open their account by following the not so difficult conditions. Of course, these conditions are not easy for foreign travelers everywhere in the world. Many countries have stricter rules for opening accounts by foreigners.

What are the features of an international bank account in the UAE?

Among the features of Emirati accounts are:

• You can transfer your money to all international accounts in the world by having this bank account.
• International account holders in the UAE do not have any restrictions for depositing or withdrawing money and cash. They can safely transfer any amount they want.
• The holders of this type of account have an IBAN code, which is considered as their global account number.
• International bank account holders can connect to the global SWIFT network without restrictions.
• The owners of this account can also open an account for a private person.
• Having a MasterCard and Visa card is one of the most important advantages of having an international account for people who have this account.
• Through this account, you can have unlimited access to your account through mobile bank applications and check it at any hour of the day or night.
• International accounts have high security and it is not possible for unauthorized people to access them. The account holder can control it personally.