What's the procedure to open a bank account in UAE from Abroad

1. What's the procedure to open a bank account in UAE from abroad?

2. Be it setting up a business, making an investment or managing personal finances from abroad, a bank account is indispensable for all of it. With UAE being home to most well-developed free zones, non-residential companies find it an ideal place for business. Opening a bank account in the UAE or elsewhere as a non-resident can be taxing initially. With the endless number of documents, licenses, and eligibility criteria, it can feel confusing to choose the best bank and follow the procedures without error. However, whilst you do the math on which bank is the best for you, below is a detailed process of opening a bank account in the UAE to make things easier. The steps could be as follows: • Identify the type of bank account you want to open and your needs: For example, you might want to open a corporate/personal account or want an Islamic bank loan. Hence its best to determine your needs.  • Arrange the necessary documents: Having the right documents is crucial and any error could cost you a lot of time and effort, hence keep all the documents ready beforehand. 

3. 3. Choose a Bank: Determine whether you want to choose a bank by yourself or take help from a financial advisor. The documents you'll need to open an account in UAE are as follows: • The original copy of your past 6 months personal bank statements. • Copy of your passport with UAE entry page. • Original copy of the reference letter from your bank where you have a personal or corporate account. • Your updated curriculum vitae.  • Most recent utility bills.  This list is not exhaustive and varies from bank to bank. However, the above stated documents are mostly required by all banks.

4. To open a corporate/business bank account from abroad, you will need to choose from UAE Offshore Company Account and UAE Onshore Company Account. An offshore account is less costly but with strict regulations like higher minimum account balance etc. Whereas, an onshore account is comparatively more expensive with benefits such as low minimum balances, more variety of banks to choose from, minimum regulations etc. The documents required for opening a corporate bank account in the UAE are as follows: • Standard personal documents on company shareholders. • The company’s Memorandum of Association (MOA) and Articles of Association (AOA). • Company’s certificate of Incorporation or License – depending on the company type. • Corporate structure and ownership documents of the company. • A brief or description on the planned activities of company. • Information on the business experience of the company owners. • Information and documents on source of funds which will be invested into company. National Bank of Fujairahoffers a range of widely used corporate bank accounts tailored to meet your needs. 

5. It is also crucial to make sure you are aware of certain aspects of opening a bank account in the UAE.  • The account holder must be present in person. This has been imposed by UAE Central Bank and is mandatory for all banks in the UAE. (There are exceptions to this incase of private banking, but it depends on bank to bank) • As a non-resident, most banks might allow you only savings account and not a current account. • Every non-residential account holder is bound by a minimum and/or maximum balance. • Non-residents are given a credit card but not a cheque book. • If you are from a country where English is not spoken, it is ideal to get your documents translated. Note: Some of these aspects may vary from bank to bank.