How to open an account with a UAE bank? What does it cost? How long does the procedure take? For what reasons can a bank refuse?

Prospective bank account holders want to know the answers to these questions in advance — and that is entirely reasonable.

Garant Business Consultancy accompanies the opening of a bank account:
answers key questions,
reviews documents before submission to the bank,
analyses the risks of a possible refusal.

You always have the opportunity to get a free consultation to form a clear understanding of:
bank requirements,
the list of documents required,
procedure timelines,
estimated costs for opening an account in the United Arab Emirates.

Types of corporate bank accounts in the UAE:

• offshore;
• onshore in a free zone;
• onshore on the mainland.

Is it worth opening an account in Dubai? Will a bank account in the UAE allow you to pursue private or corporate goals? When is it better not to use bank transfers through the UAE, and when is it advantageous?

Understanding the strengths and weaknesses of operations through the Emirates allows Garant Business Consultancy clients to protect their business interests and optimise costs.

Clients gain a detailed understanding of accounting and tax requirements in the United Arab Emirates.

Understanding the details of a company’s economic substance, the benefits of tax residency status, and compliance with accounting and reporting requirements for banking operations enables Garant Business Consultancy clients to reliably pursue business objectives not only in Dubai and across the UAE but worldwide.

List of documents required to open a corporate bank account in the UAE:

• passport;
• UAE visa;
• founder’s CV;
• company profile;
• recommendation letter from the founder’s bank;
• founder’s bank statement for the last 6 months;
• several invoices from clients who have already paid for services and funds have been received to the current account;
• company charter.

Procedure for opening a bank account in the UAE

1. Collection, translation and preparation of the document package
2. Submission of documents in electronic form for review by Garant Business Consultancy specialists (internal review)
3. Making amendments or collecting additional documents at the request of Garant Business Consultancy
4. Shareholder’s arrival in the UAE for a meeting with the banker, completing and signing the account opening application in the bank’s form, submitting documents to the bank
5. Providing additional information in electronic form at the bank’s request
6. Receiving confirmation of bank account opening by email and SMS
7. Receiving a chequebook and credit and debit bank cards at the UAE address specified in the application
8. Connecting to online banking

What will you have to pay for when opening a bank account in the UAE? What payments are unavoidable?

Banks formally open accounts in the UAE free of charge — the system earns from subsequent transactions, financial instruments and even potential client errors, so it may seem that opening an account in the Emirates costs nothing.

However, if you look at the process as a whole — from start to finish — the account itself is just the tip of the iceberg, beneath which lies substantial preparatory work.

“Free” does not mean “without expense”: formally, banks do not charge for opening an account, but real costs and potential losses arise if the bank refuses for one reason or another.

To minimise risks, at Garant Business Consultancy we carry out our own verification and preparation of documents before submitting them to the bank.

We also meet with bankers and financial specialists to:

• clarify the requirements of specific banks,
• assess the probability of refusal,
• give the client a clear understanding: whether an account will be opened or may be refused without explanation.

Why this matters:

Bankers are prohibited from advising clients on exactly how to prepare documents and what nuances to consider.

Under such conditions, Garant Business Consultancy helps to:

• identify future risks,
• correctly prepare the profile and forms,
• ensure maximum compliance with bank requirements to increase the chance of successful account opening in the UAE.