Before you open a Bank account in Dubai, they will ask you if you’re an employee or a Business owner. Even though you may technically be an Employee of the business you own, the level of requirements to open an Account are different if you Incorporated the Business under your name.
Most Entrepreneurs struggle with opening an Account with a local Bank in the UAE. Below are the Documents you will need to collect ahead of time, as well as an alternative to make the process easier.
Here's our top tips to avoid delays opening your Bank Account 👇
Have all the documents you need ready:
Although this may vary from Bank to Bank, you will most likely be asked to provide the below Documents in order to sucessfully open a Bank Account as a Business Owner in the UAE:
✅ Passport
✅ Emirates ID
✅ Proof of Address
✅ Your company’s Trade License
✅ Your company’s Articles of
✅ Your Employment Contract, stamped and/or with the company’s header, which clearly states your role and salary
✅ Bank Statements from your home country’s Business Bank Account
Some Banks may be a little more flexible and make the process smoother, but generally, it’s recommended you have these documents ready.
After providing everything to a bank rep in person, your application will be sent to the back office and you will need to wait for approval. This can take a couple of days.
But what if I don’t have all those documents or I need the account fast?
✅ Yes!
Although not advertised publicly, some Banks may show some flexibility opening Business Owner’s Banks Accounts if you can:
1) Demonstrate you have a certain amount of money in your home country’s Bank (i.e. AED 15k, but quantity may vary)
2) Be willing to deposit it in your new UAE Bank Account under a “Savings or Investment Plan”
3) Leave the deposit untouched for a minimum number of months (could be 3, 6 or 12)
So if you struggle with putting all the documents together, ask you Bank Rep at the Branch “Is there any alternative to fast-track the Account opening process if I commit to depositing AED 15k upon opening?”. It won’t work in every Bank, but in some, it will.
