Opening a bank account in the United Arab Emirates (UAE) can be a complex and time-consuming process due to stringent regulations and compliance requirements. Our professional consultancy service is designed to simplify and streamline this process, ensuring that you can focus on your business while we take care of the intricacies.
The UAE is a global financial hub, known for its robust banking system, stability, and international reputation. Having a bank account in the UAE offers several advantages, including:
Corporate Tax Benefits: While the UAE introduced a Corporate Tax of 9% on business profits above AED 375,000 from June 2023, many companies still benefit from 0% tax, especially Free Zone companies that meet compliance and substance requirements.
No Personal Income Tax: The UAE does not levy any taxes on individual income, making it highly attractive for entrepreneurs and employees alike.
No Capital Gains Tax: Individuals and companies benefit from no capital gains tax, which is particularly favorable for investment-related income.
VAT Exemptions: While the UAE imposes a 5% VAT on most goods and services, certain sectors (education, healthcare, and certain financial services) enjoy zero or reduced VAT rates.
Full Foreign Ownership and Free Zone Benefits: Companies in UAE Free Zones can take advantage of 100% foreign ownership and customs duty exemptions, along with 0% Corporate Tax, subject to specific conditions.
We assist both individual entrepreneurs and companies with:
Understanding Requirements: Guidance on documentation, eligibility, and compliance based on your business structure (Free Zone, Mainland, or Offshore).
Bank Selection: Helping you choose the right bank based on your specific needsówhether it’s low fees, digital banking, or multi-currency accounts.
Application Process: We handle all the paperwork, prepare the necessary documents, and liaise with the bank on your behalf to ensure smooth account approval.
Meeting Facilitation: We can organize and accompany you to meetings with bank representatives to provide support and answer any questions that may arise.
Post-Opening Support: Once your account is open, we assist with activating online banking, setting up corporate debit or credit cards, and other related services.
Expert Knowledge: With extensive experience in the UAE banking sector, we are well-versed in the latest regulatory requirements.
Personalized Service: Each client receives a tailored approach, ensuring your specific banking needs are met efficiently.
Hassle-Free Experience: We handle the entire process, from bank selection to account activation, saving you time and effort.
While the exact requirements may vary depending on the bank and account type, generally, the following documents are needed:
Whether you’re a startup, an established business, or an individual entrepreneur, we are here to guide you through the entire bank account opening process in the UAE.
Contact us today to schedule a consultation and take the first step towards securing your financial future in the UAE.
To open a corporate bank account in the UAE, you typically need the following documents:
A valid trade license of the company
Memorandum and Articles of Association (MOA)
Shareholder(s) and Director(s) passport copies
Proof of address for the company and individuals (e.g., utility bills)
Bank reference letter or personal bank statements
Corporate structure chart (if applicable)
Some banks may request additional documents based on your company's business activity and structure.
The timeline to open a business bank account in the UAE can vary depending on the bank and the type of business. On average, it can take anywhere from 2 to 4 weeks to complete the process.
However, some banks may require additional due diligence, which could extend the timeline.
In most cases, non-residents can open a savings account in the UAE, but they may have limited access to certain banking services. Non-residents will generally need to provide a valid passport, a letter from their employer, proof of income, and a no-objection certificate (NOC) from the local sponsor or company.
However, opening a current account (which includes a checkbook facility) usually requires UAE residency.