Setting Up Company Bank Account in Dubai:
Virtually every company, onshore or offshore, will at some point require a bank account to conduct business. Opening a corporate bank account in the UAE is a relatively straightforward procedure for UAE mainland companies that maintain a valid trade license. However, customer due diligence or identification requirements may vary depending on the size and activity of the business. Opening a bank account in Dubai for an offshore company, however, has become more difficult, albeit not impossible.
Global protocol and government initiatives against tax evasion, money laundering, and terrorist financing have obliged the Central Bank to impose enhanced customer due diligence procedures on all new account applications. As a result, Dubai banks have had to adopt a case-by-case, risk-based approach to account opening. The banks must further understand the customer’s primary business areas, the currencies involved, the anticipated volume of deposits, the level of revenues, and its main customers and suppliers.
Documents Required to Setting Up Corporate Bank Account in Dubai:
Setting Up an Individual Bank Account in Dubai:
Opening an individual bank account in the UAE is a relatively straightforward procedure. However, customer due-diligence or identification requirements may vary depending upon the customer’s presence in the UAE, the origin of their place of birth, and their employment or business duration in the UAE. Opening an individual bank account with international banks in the UAE has become more time-consuming, albeit not impossible.
The process is generally as follows: