Bank Account Opening
THE BANK SECTOR
The UAE’s banking sector offers a variety of options with numerous local and international institutions, allowing you to tailor your bank account to your preferences. Unfortunately, Russian banks and those from other CIS countries are not present in the UAE, and the few Russian banks in the country don’t engage with individuals or businesses. The banks in the UAE can be broadly categorized into local financial institutions and international branches of foreign banks. While HSBC, CitiBank, and Bank of Baroda are well-known, local banks may be less familiar. Opening a bank account in the UAE can be a challenge due to the lesser-known local banks. Our objective is to guide clients through the state banking system, recommending the institution that best aligns with their business requirements.
Advantages Of Opening
A Bank Account In The UAE
Types Of The UAE Bank Accounts That You Can Open
- Personal Savings Account for the UAE residents
- Personal current account for the UAE residents
- Personal account on request for non-residents of the UAE
- Personal Escrow Account for non-residents of the UAE
- Business account for a company in the UAE Free Zone
- Business account for the UAE LLC Company
- An offshore company account in the UAE
- An onshore account in the UAE
- Applicant’s passport in its original form
- Entry stamp or UAE visa
- Bank-provided letter of recommendation
- Document validating the applicant’s residential address, such as a utility bill
- Original form of the applicant’s passport
- Entry mark indicating arrival in the country
- Founder’s company summary (assistance provided in registration according to banking institute requirements)
- Company summary (prepared by our team)
- Original letter of recommendation from the founder’s bank, following an established template (we provide an example)
- Original statement from the founder’s account for the past 6 months
- Statutory documents of the company
Paragraphs 5 and 6 need to be translated into English by a translation agency in the country of residence and bear the seal of the translation agency.