• Can a non-resident open a company/personal bank account in the UAE?

Yes, in most cases. However, banks will often limit the facilities available to the company/individual. Typically, they will only allow the use of an internet banking facility for online transfers. Most banks will not provide credit or debit cards for non-residents.

• Is there any minimum holding requirements for banks in the UAE?

Most local banks require a minimum balance to be maintained, which can vary dependent upon the bank and the account. Banks typically require the account to maintain an average monthly balance between AED 20,000 (approx. US$ 5500) and AED 150,000. If the average balance falls below the required amount, a nominal fee will be charged to the account.  

• How long does it take to open a bank account in the UAE?

There is no set timeframe for this process. Each bank has its own internal procedure and timeframe for account opening. It generally takes approximately 2 to 4 weeks to open a bank account for an LLC or Free Zone company in the UAE. However, this is not guaranteed (especially in respect of Offshore Companies) because each application is subject to a bank’s internal compliance and management approval.

• Which banks do you work with?

We work with most commercial banks in the UAE. We also work with several local private banks. If your company does not require a local bank, we also work with several international banks in the Caribbean (St. Lucia, St. Vincent and the Grenadines), Mauritius, Malta, Isle of Man, Singapore and Qatar. All these banks provide multi-currency accounts, banking via the Internet, telephone or fax. Debit cards are available from most banks that we represent, depending on the type of account.

• Do I need to meet the banker in person?

Yes, but only in the case of the account being opened in the UAE. We have agreements with offshore banks where we obtain the client’s signatures and verify their authenticity. However, all the information and documents required by the bank will have to be provided by the client.