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Requirements of Dubai Banks for Opening an Account

Requirements of Dubai Banks for Opening an Account

Updated on Tuesday 19th April 2016

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Requirements-of-Dubai-Banks-for-Opening-an-AccountOpening a bank account in Dubai is easy, but a person must take into consideration that each bank has its own regulations and requirements when it comes to the documentation to be submitted. In order to open a bank account, one must be a Dubai resident. However, branches of foreign companies operating in Dubai will also allow foreign citizens living there to set up bank accounts. Another important fact is that some banks may establish a minimum balance limit.

Depending on what type of bank account you want to open, it is best to ask for the advice of a law firm in Dubai.

What types of bank accounts can one open in Dubai?

There are several types of banks accounts one can open with a Dubai bank. Most banks offer the following types of bank accounts:

  • -          current or checking accounts,
  • -          savings accounts,
  • -          corporate accounts.

Corporate accounts can be established by companies operating in Dubai, while current accounts are usually employed by those working in the Emirate. Dubai banks offer other services as well besides the possibility of setting up accounts. Among these are:

  • -          standing orders,
  • -          direct debits,
  • -          credit card reimbursement.

Saving accounts can be opened with any bank in Dubai under very advantageous conditions. Among these, one can withdraw the money at any time convenient, will also benefit from lower interest rates compared to current accounts and the account can be set up in any currency. No matter the type of account one opens, the Dubai bank will issue a credit or a debit card.

What are the documents when opening a bank account in Dubai?

Foreign citizens can open a bank account in the Emirate only if they have a Dubai residence or employment visa. However, for those working for a Dubai company a letter of no objection or a no objection certificate (NOC) from the employer will suffice. The letter must contain information about the salary. Other Dubai banks will request proof of residency, usually a tenancy agreement. The documents all banks will request are the passport or other identification papers.

Dubai banks will have other requirements for opening corporate bank accounts. If you want to open a company or a corporate bank account, please contact our lawyers in Dubai.

 

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