13 08 2020

Can I open a bank account in the UAE by myself?

Can I open a bank account in the UAE by myself?

The procedures for opening a bank account in the CIS countries and the United Arab Emirates are very different. To open an account in the UAE, you need a significant package of mandatory documents, as well as:

- provide information on the structure of the company;

- disclose the sources of capital;

- provide information indicating that the company's activities correspond to the type of license.

Citizenship and place of registration are very important factors. Bank employees carefully check all documentation, including legal, take into account information about you on the Internet. It is necessary to put your reputation in order in advance so that at this stage you will not have problems.

In the United Arab Emirates, it is quite possible that banks are delaying opening an account for clients from the CIS. The likelihood of such a situation is practically zero when the bank works with a professional and reliable agent who attracts honest clients. If you purchase insurance or investment products in parallel with opening an account, then the attractiveness of you as a client increases significantly.

The UAE takes reputation very seriously, everything is built on trust between people. If you have good acquaintances in the banking sector or with absolute confidence in the correctness of the entire package of documents, in the presence of the necessary knowledge in the financial culture of the UAE and the experience of successfully passing an interview in English and Arabic, you can really open a bank account on your own in any bank in the Arab Emirates. If in doubt, it is better to use the services of professionals. We will be happy to assist and support you in opening an account.

It should be warned that there is a very negative attitude towards corruption in the UAE, and by making attempts to "establish contact", you run the risk of coming to serious legal consequences.

List of required documents for opening a bank account in the UAE for legal entities:

- documents on directors and shareholders of the company;

- constituent documents;

- bank statement for the last three months;

List of required documents for opening a bank account in the UAE for individuals:

- passport and its copy;

- documents confirming the address of residence;

- statement from the bank.

It takes 2-3 weeks on average to complete all stages of opening a corporate account in a UAE bank. For individuals, the term is slightly less and is 10-14 days.