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Everything you need to know Shipping your car: A guide to vehicle transfer and registration in Dubai 14 September 2023 Nina [...]
Dubai is a major financial centre and offers many options for opening accounts for individuals and businesses. Find out why a Dubai account is good, what you need to consider and how you can open one in this blog post. We also explain how to open corporate accounts and answer frequently asked questions.
To open a personal or corporate bank account in Dubai, there are certain requirements and steps to follow. Here is a summary of the most important information:
🪪 Documents required and prerequisites for private accounts in Dubai: Valid passport, Emirates ID, proof of residence (e.g. bills or rental agreement), account opening forms from the bank, business documents (if a corporate account is to be opened), minimum deposit depending on the bank and type of account.
📝 Steps to open an account in Dubai: 1. selection of a suitable bank, 2. submission of the required documents, 3. verification and activation of the account.
💵 Costs and duration of account opening:
Private account: AED 5,000 (approx. € 1,250), 1-4 weeks self-opening vs. AED 4,000 (approx. € 1,000), 2 days with Dubai-Auswandern
Corporate account: AED 22,000 (approx. €5,500), 3-8 weeks self-opening vs. AED 8,000 (approx. €2,000), 7 days with Dubai-Auswandern.
Before you can open an account in Dubai, you need to meet some requirements. Find out what documents and requirements are needed and how to understand the local banking laws to make the process smooth.
The exact documents you need to open an account can vary depending on the bank. As a rule, however, the following documents are required:
Valid passport
Emirates ID
Proof of residence (e.g. bills or tenancy agreement)
Bank account opening forms
Business documents (if you want to open a company account)
In addition to these documents, you often have to pay a minimum deposit into the account. This minimum deposit varies depending on the bank and the type of account.
If you want to open an account in Dubai, you should also consider the requirements. Banks in Dubai attach great importance to transparency and traceability of money flows.
Therefore, you must be able to prove that the funds in your account were acquired legally. This is to prevent money laundering and financial fraud. Restrictions may apply to the use of accounts for gambling or illegal activities.
It is advisable to talk to an expert, such as Dubai-Auswandern or a bank, before opening an account. This will help clarify the exact requirements. We and the bank staff are happy to help you with any questions or uncertainties.
It is important to understand the local banking laws in Dubai to make the account opening process smooth. There is strict compliance in Dubai and there are certain regulations that you need to follow.
In Dubai, banks must comply with international standards against money laundering and terrorist financing. The United Arab Emirates has strict laws to prevent illegal activities in the financial system.
Another important point is the disclosure of information. In Dubai, banks must have all the necessary customer information to verify the origin of money and identity. This is to ensure the integrity of the financial system and that no illegal activities are taking place.
To successfully open your account in Dubai, you should follow the steps below:
There are many banks in Dubai that offer accounts for individuals and businesses. Here are some of the best banks you should consider.
Dubai is a major financial centre in the Middle East and offers a wide range of banking services for individuals and businesses. The city is known for its world-class banks that offer excellent service and tailor-made solutions.
| Bank | Minimum deposit | Bank accounts for foreigners | Time until account opening |
|---|---|---|---|
| Emirates NBD (ENBD) | AED 5000,- | Yes | 2-4 weeks |
| HSBC | AED 5000,- | Yes | 2-4 weeks |
| Mashreq Bank | AED 5.000,- | Yes | 1-3 weeks |
| Wio Bank | AED 0,- | Yes | 1-2 weeks |
| ADCB (Abu Dhabi Commercial Bank) | AED 20.000,- | Only for nationals | 1-2 weeks |
1st Emirates NBD: Emirates NBD is one of the largest and most reputable banks in Dubai. it offers a wide range of services for private customers and has an extensive branch network. The bank places great emphasis on customer satisfaction and offers innovative solutions for all financial needs.
2. HSBC: HSBC is an international bank with a strong reputation in Dubai. It offers first-class service and tailor-made solutions for private clients. The bank has many years of experience in banking and is known for its reliability and stability.
3 Mashreq Bank: Mashreq Bank is a local bank that offers a wide range of products and services for private customers. du stands out for its innovative strength and digital solutions. The bank is known for its user-friendly online banking services and fast transaction processing.
4. wio bank: ADQ starts with Wio a new digital banking platform approved by the UAE Central Bank. Based in Abu Dhabi, Wio aims to offer a fully digital banking experience to customers in the UAE. With Wio Bank, international banking is currently not as smooth as with established local banks.
If you want to open an account with a private bank in Dubai, you should carefully review the different options and choose the ones that best suit your needs.
With the help of Dubai-Auswandern you can simplify this whole process and save a lot of time and money. You benefit from our network of local banks and can thus Open your private bank account for AED 4,000 (approx. € 1,000) in just 1-2 days without making a minimum deposit.. You save weeks of time and the value of the minimum deposit AED 5,000 (approx. 1,250 €), which is required by many banks.
| Bank | Minimum deposit | Bank account for Offshore company | Time until account opening |
|---|---|---|---|
| Emirates NBD (ENBD) | AED 200.000 / 50.000,- € | Yes, with restrictions | 3-8 weeks |
| Noor Bank | AED 22.000 / 5.500,- € | Only for onshore companies | 3-8 weeks |
| Mashreq Bank | AED 16,000 / 4.000 ,- € | Yes, with restrictions | 3-8 weeks |
| ADCB (Abu Dhabi Commercial Bank) | AED 22.000 / 5.500,- € | Only for onshore companies | 3-8 weeks |
1st Emirates NBD: Emirates NBD also offers first-class banking services for companies. You support small and medium-sized enterprises as well as large corporations. The bank has a specialised team of experts who develop tailor-made solutions for corporate clients.
2. Dubai Islamic Bank: The Dubai Islamic Bank is one of the leading Islamic banks and offers specialised solutions for companies in line with Islamic principles. The bank places great emphasis on ethical banking and supports companies in implementing Islamic financial practices.
Commercial Bank of Dubai: The Commercial Bank of Dubai is a local bank that offers a wide range of services for businesses. It is known for its personal service and tailor-made solutions. The bank has many years of experience in supporting businesses and offers comprehensive advisory services.
4 Mashreq Bank: Mashreq Bank is a local bank that offers a wide range of products and services for corporate clients. It stands out for its innovative strength and digital solutions. The bank offers simple online banking services and fast transactions. It is particularly popular for local transfers.
If you want to start or expand a business in Dubai, you should carefully review the different commercial banks and choose the ones that best suit your needs.
With the help of Dubai-Auswandern you can simplify the entire account opening process and save significant time & money. It usually takes 3-8 weeks to open a corporate account in Dubai. And you have no guarantee that the account will be activated in the end. However, if you use our service, you will benefit from our excellent network of local banks and you will be able to open your account in Dubai. Open a company account for AED 8,000 (approx. € 2,000) in just 7 days without making a minimum deposit.. This is a time saving of 2-7 weeks. You also save the minimum deposit of at least AED 16,000 (approx. € 4,000), which is a prerequisite for opening an account with many banks.
Once you have chosen a bank, you need to prepare the necessary documents. Make sure you have scanned or copied all relevant documents in advance to speed up the process.
The documents required vary depending on the bank, but may include the following:
Passport copy
Visa copy
Proof of residence
Letter of reference
Bank references
Submit your documents to the bank together with the completed account opening forms. Make sure that all information is correct and complete to avoid delays.
Articles of Association and Memorandum of Association of the Company:
Company licence with business activities
Documents on organisational structure and ownership structure (Memorandum of Association)
Bank statements of the last 6 months of all directors
Emirates ID and Managing Director Visa
We take care of this process for you. You will be assigned a contact person who will work closely with your chosen bank so that the submission of the required documents goes smoothly.
After you have submitted your documents, the bank will verify your identity and the authenticity of the documents. This may take some time. Be patient and make sure you are available for any queries.
Banks in Dubai have strict compliance and anti-money laundering regulations to ensure the security of the financial system. Therefore, you may need to provide additional information or proof to complete the verification process.
Once your documents have been checked and approved, you will receive your account details and can proceed to activate your account. The bank will give you instructions on how to activate the account, which you must follow.
It is important to note that opening a bank account in Dubai requires careful planning and preparation. It is advisable to find out in advance about the specific requirements of the chosen bank to make the process smooth.
You can also take these 3 steps together with us. You will benefit from our bank network and save weeks of valuable time and several thousand euros of minimum deposit. Contact us without any obligation.
Opening a corporate account in Dubai differs in some respects from opening a personal account. Here you can find out what the differences are and what additional requirements need to be taken into account.
Dubai is a major financial centre and a popular location for international companies. Opening a corporate account in Dubai offers numerous advantages, including access to a stable economy, a well-developed banking system and a wide range of financial services.
Documents:
A key difference is that additional business documentation is required when opening a corporate account. This may include, for example, a copy of the trade registration, trade certificate or other relevant company documents.
Business activities:
Banks in Dubai place great emphasis on verifying the business and legitimacy of the company. This is to ensure compliance with money laundering regulations and other legal requirements.
Minimum deposits:
In addition, minimum deposits and fee structures for corporate accounts may vary. Find out in advance about the specific requirements and costs.
More time:
It is also important to note that opening a corporate account in Dubai usually takes more time than opening a personal account. This is because banks conduct a thorough review of documentation and business activities to ensure that all requirements are met.
Get Experts who have already successfully opened hundreds of accounts in Dubai and the UAE. You benefit from our bank network and save weeks of valuable time and several thousand euros minimum deposit.
Open a private account yourself vs. Dubai-Auswandern
| Private bank account | Self-open | Open with Dubai-Auswandern |
|---|---|---|
| Duration until activation | 1-4 weeks | 2 days |
| Costs (minimum deposit + opening) | AED 5,000 (approx. € 1,250) | AED 4,000 (approx. € 1,000) |
Open a company account yourself vs. Dubai-Auswandern
| Company account | Self-open | Open with Dubai-Auswandern |
|---|---|---|
| Duration until activation | 3-8 weeks | 7 days |
| Costs (minimum deposit + opening) | AED 22,000 (approx. € 5,500) | AED 8,000 (approx. € 2,000) |
Now we answer some frequently asked questions that may arise when opening an account in Dubai.
Yes, many banks allow you to open an account online. You can fill out the application online and submit the required documents electronically. Note, however, that in some cases a personal identity check may be required.
Only a savings account can be opened without a residence permit and an Emirates ID. However, the number of banks holding such accounts is limited and mostly they are for investment clients only.
The time it takes to open an account in Dubai can vary depending on the bank and the type of account. However, it usually takes about one to two weeks for the account to be fully opened and activated. This can vary due to additional verifications or missing documents. Stay in touch with your bank during the process to track progress. However, it usually takes two to eight weeks for the account to be fully opened and activated.
There are many banks in Dubai that specialise in catering to the needs of foreign clients. Some of the most reputable banks include Emirates NBD, Dubai Islamic Bank and Mashreq Bank. Each bank has its own benefits and services, so it is advisable to compare the different options and choose the bank that best suits your needs and/or business field.
