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Bank account in Dubai
- Thread starter Marco123
- Start date
Personal account is easy and you can open with any bank.
It all depends on you and your business with regards to a business account. The banks want proof of what you say you are doing.
ENBD and Mashreq are your best options to start with. Stay away from the international banks as they are hard work until you are well established.
It all depends on you and your business with regards to a business account. The banks want proof of what you say you are doing.
ENBD and Mashreq are your best options to start with. Stay away from the international banks as they are hard work until you are well established.
Sure.
Only having a Residence Visa and Company isn't enough in 2022 to get Business Bank Account done in UAE - you need to have local substance - if you don't intend to live in Dubai fulltime you need a Service Provider guiding you in this matter.
That's meanwhile the case for every bank in Dubai not only the bigger one - just with a Flexi Desk no bank even small Egypt or Pakistani Banks onboards you a Business Bank Account in 2022.
Same goes for Personal Accoun with international banks like SC, CITI and HSBC - however there are ways to get things done.
Close to every local UAE Bank meanwhile provides you with some instant personal account opening through a Mobile App by just providing your Emirates ID - however this are AED only account and as soon as you need multi-currency like EUR/USD/GBP you need to deal with a Relationship Manager directly in the bank.
If you are just having a short stop in Dubai there are banks that open western nationals within 1 day the bank account and even print you the debit card in the Branch.
Long story short - on the Personal Account Level you have plenty of options and it's very rar that you will have a bad experience while on the Business Account level the aboth mentioned things are absolutely non-negotiable - either bring it with you or the bank shows you the door.
That's for the time being as of 25.01.2022 - this can change quickly depending if we are getting grey listed by FATF or not.
We keep an eye open and report back should things change either in positive or negative way.
so besides the visa, what do I need to open a company account?
Emirates ID, local UAE phone no., Personal Flat and Office.
Or a good Service Provider who knows what he is doing.
Have only seen for HK Companies but you have to dump so much cash and need to have such a good bank relationship that it's the same like going with a Switzerland or Liechtenstein Private Bank.
Just stick to the closed working system of Dubai Company with Residence Visa and it's immediately a Resident Banking Case.
Mashreq Neo - After opening AED account (Personal), you could instantly open foreign currency account in EUR/USD etc. Not sure if this is still possible. They delivered the debit card using fetchr. Emirates ID card required though.
Are you a Service Provider?
What do you mean by "who knows what he's doing"? Will that be an official and legal way in the first place? Or somewhat grey, with exploiting loopwholes? Coud there emerge any issues in the future with that? I mean, help of a Service Provider vs living in Dubai, with a flat and especially local Office.
P.S. flat - in possession on one's name? Or a rented one will do too?
Yes - we are a licensed Corporate Service Provider based in Dubai.
No longer possible - they want to see you in a branch as they have to take more documents for EUR/USD.
AED is the only option where local UAE banks can open in minutes with just having the Emirates ID - and even this "instant" claims are not true as you need to wait for the debit card delivery with the Courier Guy that verifies your Emirates ID.
Never had to visit a branch - but they might send someone to sign some docs.
I guess you'll need to sign FATCA for USD account.
That's about it...
Not only this - they need your passport on file as soon as International Wires or foreign currencies are involved.
I just wanted to highlight here that you can't get around meeting someone either a banker is coming to you or you have to go to the branch.
Best is to utilise a classic Bank with the right Banker - you send information upfront and they can run background checks and give you next day appointment - open you the account within 1 hour and give you even debit card directly in person on hand.
Perfect for the people with short stay in Dubai.
Let me just add to this thread: as a client of Fred's, I can confirm: gettting a private bank acount in Dubai is not a problem , and you can do that yourself - I know I did - but, before that, you need resident VISA, ID, private Dubai residence, Dubai phone number etc etc. And all that you get with Fred's service pack.
The company bank account is an entire matter alltogether - the documentation needed is extensive, and you HAVE to answer correctly to some questions, that you will have absolutely no idea about. Fred will guide you through the application with his experience, information of the latest requirements and answers to tricky questions. During the process for me, we even encountered some new questions that Fred hadn't seen before (these things can change overnight!), but with his knowledge and "sense" of what the bank wants, the application was finally accepted (after 3 weeks and with the bank keeping asking for more detailed information). And after that, the bank wants to verify you and your business in person. But, when you're in, you're in.
The company bank account is an entire matter alltogether - the documentation needed is extensive, and you HAVE to answer correctly to some questions, that you will have absolutely no idea about. Fred will guide you through the application with his experience, information of the latest requirements and answers to tricky questions. During the process for me, we even encountered some new questions that Fred hadn't seen before (these things can change overnight!), but with his knowledge and "sense" of what the bank wants, the application was finally accepted (after 3 weeks and with the bank keeping asking for more detailed information). And after that, the bank wants to verify you and your business in person. But, when you're in, you're in.
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