In the UAE, individuals can open both personal and corporate (business) bank accounts. Personal accounts are accessible to both residents and non-residents. However, the process is significantly easier for residents holding a valid residence visa. Typically, you’ll need to provide a passport, Emirates ID, and either a salary certificate, recent bank statements, or proof of funds—especially if you’re on an investor visa.
For non-residents, opening a bank account is more complex. You must visit the bank in person and submit additional documentation. The approval process also takes longer, and there’s a higher chance of the application being declined.
To open a corporate bank account in the UAE, your business must first be officially registered. You can choose to establish your company in a free zone, on the mainland, or as an offshore entity. Alternatively, you can also register as a freelancer, depending on your business activity and structure.
The required documents to open a bank account in the UAE vary depending on your residency status and the type of account you wish to open.
For Residents:
Original passport and a copy
Valid residence visa
Emirates ID
Salary certificate from your employer
For Non-Residents:
Original passport and a copy
Recent utility bill as proof of address
Personal bank statements for the past 6 months
Updated CV
Details of income sources
For Corporate Accounts:
Company registration documents in the UAE (trade license, certificate of incorporation, shareholder certificates, articles and memorandum of association)
Passports and visas of all shareholders
Utility bills confirming residential addresses
CVs detailing relevant work experience
Personal bank statements of shareholders
Certificate of incumbency (if applicable)
Documentation of any existing businesses along with their bank statements
Detailed description of your business activities
Projected annual turnover and information on the initial deposit for the new account
Residents of the UAE are eligible to open both current and savings accounts.
Non-residents, however, are limited to savings accounts only. To open a current account, obtaining a UAE residence visa is mandatory.
Corporate or business accounts can be opened for companies registered in the UAE, whether on the mainland, in free zones, or as offshore entities. Foreign companies registered outside the UAE can also apply for a corporate bank account, but the process is significantly more complex and expensive. Each document required must be legalized, often costing around $1,000 per document, and the approval rate is relatively low.
| Resident bank account | Non-resident bank account |
|---|---|
Unlimited fund transfers + Checkbook + Wide range of financial services + Wide range of banks + Online banking + Debit and credit cards + Eligibility for bank loans + | Longer opening procedure – Stricter compliance – No checkbook – Limited financial services – Limited choice of banks – Limited access to the funds – Online banking + Debit card + Interest on the savings account balance + |
Bank accounts in the UAE can be opened in several currencies, including UAE dirhams (AED), US dollars (USD), euros (EUR), and British pounds (GBP). The UAE dirham is pegged to the US dollar at a fixed rate of 1 USD = 3.6725 AED.
While banks themselves do not charge a fee for opening an account, business consultants or service providers who assist with the account opening process may charge a service fee for their support.
| Service | Price, $ | Timeline |
|---|---|---|
| Resident bank account opening | 1,000 | 1 day |
| Non-resident bank account opening | 2,000 | 1-15 days |
| Corporate account opening for offshore companies | 4,000 | from 4 weeks |
| Corporate account opening for free zone and mainland companies | 3,000 | 1-3 months |
Corporate bank accounts in the UAE are offered with two types of service options: with a dedicated relationship manager and without one.
For clients considered high-risk, it is advisable to choose the option with a relationship manager, as this provides more personalized support and smoother communication with the bank. In such cases, banks may require maintaining a minimum deposit ranging from AED 250,000 to AED 500,000, depending on the financial institution and individual circumstances.
To open a bank account in the UAE, obtaining a residence visa is often essential. There are several pathways to acquire one, each suited to different needs and investment levels:
Property Investment
Purchase property worth at least AED 750,000. This option grants a residence visa valid for 2 to 10 years, depending on the investment value and property type.
Business Setup
Establish a company in the UAE with minimum setup costs starting around AED 18,000. This provides a 2-year residence visa.
Freelancer License
Apply for a freelance permit and visa, with total costs beginning at approximately AED 15,000. The visa is valid for 2 years.
Investor Visa (Golden Visa)
Available to investors, entrepreneurs, executives, scientists, exceptional students, and artists who invest at least AED 2,000,000. This visa is valid for 10 years.
Other Visa Options
Additional pathways include:
Retirement visa
Family sponsorship
Digital nomad visa
Student visa (via UAE university enrollment)
Employment visa (with a valid job offer and work permit)
Each visa type comes with specific eligibility criteria and benefits, offering flexibility based on your goals and financial capacity.
Both personal and corporate bank accounts in the UAE allow you to send and receive unlimited funds internationally, except to or from countries that are subject to UAE sanctions. However, all transactions must meet the bank’s compliance and regulatory requirements, including proper documentation and justification of fund sources.
All bank accounts opened in the UAE are subject to a comprehensive compliance procedure.
Once an application is submitted, the bank creates a client profile and conducts initial compliance checks. As part of this process, clients are typically required to submit bank statements from the past six months from other financial institutions where they hold accounts. This helps the bank assess the client’s financial history and transaction patterns. Additionally, clients must provide details about expected fund movements into the UAE account, including the source and estimated amounts. It is essential that the actual transactions match the declared information; otherwise, the bank may classify the account as “dormant” until the discrepancies are resolved.
Banks also carry out an annual compliance review, during which they may select a few transactions and request supporting documents such as invoices, contracts, bills of lading, or other relevant paperwork.
Generally, large transfers from known and verified sources do not trigger scrutiny. However, if significant funds arrive from unidentified or unclear sources, the bank may require justification and additional documentation.
It is vital to retain all supporting documents for both personal and corporate account transactions. Also, it’s important to note that business transactions are not allowed through personal accounts, regardless of the account holder’s residency status in the UAE.
In the UAE, you’ll find a mix of local and international (foreign) banks offering a range of financial services.
Local banks are categorized into two main types: conventional banks and Islamic banks. When selecting a bank, it’s important to understand the distinction—particularly if you’re considering an Islamic bank.
Islamic banks operate in accordance with Sharia law, which prohibits interest-based transactions, such as traditional loans and deposits (considered riba or usury). Instead, these banks offer interest-free financing options, such as installment payment plans or profit-sharing models, where they act as co-investors and share in business profits. Islamic banks also avoid high-risk investments and are strictly prohibited from funding or investing in sectors like alcohol, tobacco, pork, weapons, gambling, and adult entertainment.
When looking to open a bank account, several reliable local banks are commonly recommended for both personal and corporate banking needs, including:
As one of the largest national banks, approval for a corporate account can take a significant amount of time. The bank enforces strict compliance requirements, including the need for most businesses to have physical office space and meet substantial balance requirements.
A major bank owned by the Abu Dhabi government, known for its lengthy processing times for account opening applications and high non-deposit balance requirements.
A large semi-government bank that supports all types of businesses. Account approvals are quick when all required documents are provided, and the minimum balance requirements are reasonable.
A subsidiary of Emirates NBD, offering slightly lower balance requirements and a faster approval process.
A bank owned by the Ras Al Khaimah government, specializing in small and medium-sized businesses. It offers a low minimum balance requirement and a quick account approval process.
A bank owned by the Dubai government, offering moderate balance requirements and relatively fast account approvals.
Other banks in the UAE include Sharjah Islamic Bank, National Bank of Fujairah, National Bank of Umm Al Quwain, Ajman Bank, and Bank of Sharjah.
Personal presence
Passport and a copy
Financial documents (proof of funds)
Proof of residence (utility bill)
Business description (for corporate accounts)
CVs of the shareholders (for corporate accounts)
Yes, debit cards are issued for both current and savings accounts. Residents can open both types of accounts, while non-residents can only open a savings account.
Only individuals over 21 years old can open accounts in the UAE. However, an account can be opened for individuals aged 18 and above if they work for a government or semi-governmental organization in the UAE. To open an account for a minor, the father or male guardian must be involved. Money cannot be withdrawn until the child reaches 18 years old. Some banks issue debit cards to children from the age of 15.
Some of the most well-known banks in the UAE include:
Emirates NBD
First Abu Dhabi Bank
Emirates Islamic Bank
Mashreq
RAK Bank
Dubai Islamic Bank
Yes, it is easier to open a bank account in the UAE with a residency visa. Residents enjoy more benefits than non-residents, such as the ability to open a current account with a checkbook. Non-residents can only open a savings account. Typically, the bank requires justification for opening an account, and the balance must be at least $138,000 USD.
Resident accounts: Usually opened within 1 day.
Card delivery: Typically within 3-5 working days after the account is opened.
Non-resident accounts: Opened within 1 to 15 days, depending on compliance.
Corporate accounts: Opening takes 1-3 months.
Personal presence and a local phone number are mandatory for opening an account.
For transfers over $100,000 USD, it is recommended to open a premium account with a dedicated relationship manager. Such an account requires maintaining a minimum monthly balance of $138,000 USD.
If you fail to renew your residency visa, the account will be converted to non-resident savings status, and a compliance procedure will be initiated. There is a risk that the account may be closed.
A bank in the UAE may refuse to open an account if:
The applicant has not provided comprehensive information about their business activities or source of funds.
The financial documentation does not match the applicant’s profile.
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