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Open a Dubai Bank Account

Introduction

Dubai enjoys a central location between Europe, Africa and Asia, making it as a prime business destination for a variety of sectors. It is one of the safest cities in the world. Dubai is well serviced by international and local financial institutions and is a leading commercial center with a state-of-the-art infrastructure and outstanding business environment.
Bank Account Key details
Currencies: AED, USD, GBP, EUR
Minimum deposit to open Bank Account: AED 20,000
Good For: Transactional Baning, Trade Finance, term deposits, Corporate Credit Cards
Eligibility: UAE Offshore companies, UAE Resident companies, UAE Freezone companies
Personal Visit: Required
Money back guarantee if unsuccesfull bank account opening
We will assist with up to 3 different banks
Personal Bank Account fee: £250
Corporate Bank Account Fee: £649

Documents Required to open your Bank Account

Company documentation
  • Certificate of incorporation
  • Memorandum and articles of association.
  • Share certificates.
  • Certificate of incumbency, or certificate of good standing if the company is more than 12 months old.
  • Corporate structure identifying the ultimate beneficial owners.
  • Business license (if applicable for some industry like Financial Services).
  • Power of attorney (if applicable).
  • Declaration of trust (if applicable).
Personal documents of each director, shareholder, appointed secretary, authorized signatory and ultimate beneficial owner.
  • Proof of identity: copy of valid passport (The passport must have the passport holder’s signature and it must match the signature in the application form, certification required however we can support you on this).
  • Proof of residential address: original or certified copy of utility bill/bank statement dated within previous 3 months.
  • Proof of banking history: original or notarized copy of bank reference letter, dated within the previous 3 months, or 6 months’ statements (depending on the chosen bank).

     *Certification can be done by a bank, a attorney at law, a notary or public officer however we can assist you on this.

Business evidence (upon bank request)
  • Invoices, contracts, agreements of your existing company.
  • Service Provider Certification with your prosperous partners/ suppliers.
  • Any documents proving your qualifications in the business scope.

Country General Information

Banking
Dubai’s highly regulated environment adheres to international best practices, while operating with zero personal and corporate tax rates, as well as 100% capital repatriation with no currency restrictions. This type of financial freedom is seldom found in such a highly developed business environment. Banks in Dubai are well known as being some of the leading financial institutions in the world, providing not only stability and excellent quality, but also complete confidentiality.
History
Dubai is regarded as the most populous city in the United Arab Emirates. It is seen as a truly “global” city, and is the main business hub of the Middle East as well as South Asia. The first proof of human settlement in Dubai is around 7,000 BC. At various sites around the city, ancient settlements have been discovered that date back to these times. Also, pre-Islamic ceramics have been found from the 3rd and 4th centuries. Dubai as a city was first mentioned in 1095 in a book called “Book of Geography”, written by the geographer Abu Abdullah al-Bakri. Mainly a fishing village during the pre-oil times of its history, Dubai was home to Nomad fishers and was generally regarded as “poor”.This all changed during the oil boom. During the 1960’s, large finds of abundant oil fields in both Dubai and Abu Dhabi were discovered. Between 1960 and 1980, the city’s population grew by over 600%. Massive infrastructural developments were fuelled by the abundant oil funds flowing into state accounts, giving birth to the mega-city we know Dubai to be today. Oil revenues were used to develop other industries such as finance, trading, and banking. These development have successfully diversified the economy into a multi-faceted powerhouse, generating a GDP valued over USD 100 billion per annum. It is regarded as one of the fastest glowing and most stable economies in the world.
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