Bank Account Opening

Bank Account Opening in Dubai

Open a Bank Account With Any Of the UAE’s Most Trusted Banks

Bank Account Opening

Current economic reliability of the UAE is satisfactory for financial institutions like a bank. Dubai Bank’s leading-edge financial system satisfies the modern standards and customer needs when you have to open a bank account in Dubai. Due to this reason, the UAE financial institutions have been accredited globally and increased a perfect reputation with respect to the services they offer.

A lot of business people are interested to open a bank account in Dubai-UAE, everyone wants to open their personal and corporate bank accounts in Dubai, and so they can secure their monetary assets. Due to this all, almost all international banks attempt to open their representative office or branch offices in Dubai. Most of the above said affirmative facts increase the possible interest of international investors and business owners to keep their companies’ capital in the banks of Dubai

It is important to mention that the procedure of Dubai bank account opening for corporate use is differs from bank to bank. Bank account opening in Dubai requires time in order to complete all necessary steps of the application to open a bank account in Dubai. The following section of information about opening a bank account in Dubai will give you a greater understanding.

Bank Account in Dubai UAE – Presence Requirements

As per the legal protocol of the financial institutions of the United Arab Emirates, it is compulsory to be physically present in Dubai for UAE bank account opening. Else, the process will be considered illegal and the bank will not permit opening a bank account in Dubai. The reason for physical presence is that original signature of the documents and personal identity confirmation is an obligatory requirement which allows the applicant to open a corporate bank account in UAE.

Opening Bank Account in UAE For Foreign Company

It is possible to open a bank account in Dubai for the foreign companies. A foreign company is a company registered outside the UAE jurisdiction, irrespective it is offshore Company such as BVI Offshore Company or Onshore Company in any jurisdiction around the globe. In order to open a bank account in Dubai, All the required documents should be approved/legitimatized and attested from UAE embassy in the country of origin and then from the ministry of foreign affairs (MOFA) in Dubai. The course of action of UAE bank account opening can be cost-intensive.

Corporate Account For UAE Resident Sole Proprietorship Co.

Trade License
Passport copy of the authorized signatory/owner
Power of Attorney if the account is opened and operated by Power of Attorney holder. The POA should be a notarized document issued by the court. The Sole Proprietor can appoint a POA holder and the POA holder should have the powers to open & operate the account.

In case, Trade license is issued as Profession License – Rukhsa Manahiya, then the Chamber of Commerce and Commercial Registration certificates will not be required

Corporate Account For UAE Resident Partnership Co.

Trade License
Partnership Agreement
Passport copy of all partners
Power of Attorney if the account is opened and operated by the POA holder.
The POA should be a notarized document issued by the court. A Manager of a company can appoint a POA holder provided his name appears on the Trade License and Partnership Agreement. In another case If the Manager’s name is not listed or mentioned on the Trade License then all mentioned partners can appoint a Manager through a Board Resolution and the respective Manager can, in turn, appoint a POA (Power of Attorney) holder if he has the right to sub-delegate his powers. POA holder is eligible to open an account if he is empowered to do so.

In case if the Trade license is a Profession License, then the Chamber of Commerce and Commercial Registration certificates will not be needed.

Bank Account Opening in Dubai

Open a Bank Account With Any Of the UAE’s Most Trusted Banks