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Why You Need a Bank Account?
Opening a bank account in the UAE offers numerous advantages, making it an ideal choice for both individuals and businesses. The UAE provides a tax-free environment, with no personal income tax, ensuring significant financial benefits. The country’s stable and secure banking system guarantees peace of mind, while the option to hold and transact in multiple currencies makes international business and travel much easier. UAE banks also offer global banking services, including online banking, international transfers, and credit/debit cards, providing convenient access to your funds worldwide. For businesses, having a UAE bank account enhances credibility and simplifies financial transactions, helping with smooth operations and boosting trust with clients and partners. Additionally, opening a bank account streamlines business processes, especially for companies in free zones and on the mainland.
Don’t get Confused while opening a Bank Account in UAE, Before deciding on the type of bank account or selecting a UAE bank, connect with our experts for free advice. We'll help you choose the most suitable option tailored to your business needs and budget.
Free Bank Account Opening in UAE
Few bank in the UAE Offers a Zero Balance Bank account
RAK Bank - RAK Starter Account
RAK Bank - RAK Starter Account
Our Offerings
Resident Bank Account
A Resident Bank Account is for individuals and businesses who reside in the UAE. It offers access to local banking services such as savings, checking, and salary accounts. This account provides easy access to UAE-based transactions, online banking, and secure local payments.
Non-Resident Bank Account
A Resident Bank Account is for individuals and businesses who reside in the UAE. It offers access to local banking services such as savings, checking, and salary accounts. This account provides easy access to UAE-based transactions, online banking, and secure local payments.
Offshore Bank Account
A Resident Bank Account is for individuals and businesses who reside in the UAE. It offers access to local banking services such as savings, checking, and salary accounts. This account provides easy access to UAE-based transactions, online banking, and secure local payments.
Documents Required
This account provides easy access to UAE-based transactions, online banking, and secure local payments
Resident Bank Account:
- Valid Passport
- UAE Residency Visa
- Emirates ID
- Proof of Address (e.g., utility bill or tenancy contract)
- Bank Reference Letter (if required)
- Salary Certificate or Proof of Income
- Recent Passport-sized Photographs
- Trade License (for business accounts)
Non-Resident Bank Account
- Valid Passport
- UAE Visa (if applicable)
- Proof of Address in Home Country (e.g., utility bill or bank statement)
- Recent Passport-sized Photographs
- Reference Letter from Current Bank (if required)
- Proof of Source of Income (e.g., salary slip, investment documents, or business proof)
Offshore Bank Account
- Valid Passport
- Proof of Address (recent utility bill or bank statement)
- Bank Reference Letter
- Proof of Source of Funds (e.g., business documents, salary details, or investment statements)
- Company Documents (for corporate offshore accounts: trade license, MOA, etc.)
- Recent Passport-sized Photographs
- Additional KYC Documents (if required by the bank)
Note: These are standard documents, but requirements may vary slightly based on the bank’s policies. It’s always good to check with the specific bank for the most up-to-date and accurate list of documents needed.
Benefits of Opening a Bank Account in UAE
Here are a few key reasons why opening a bank account in the UAE is beneficial:
SERVICE FEES FOR UAE
BANK ACCOUNT OPENING:
| TYPE OF SERVICE | SERVICE FEE (AED) | TIME FOR EXECUTION |
|---|---|---|
| Personal Resident Bank Account Opening | Starting from AED 1,000 | 3–7 working days |
| Personal Non-Resident Bank Account Opening | Starting from AED 3,699 | 5–10 working days |
| Corporate Bank Account Opening for UAE Offshore company in UAE Bank | Starting from AED 9,200 | 4 weeks |
| Corporate Bank Account Opening UAE Free Zone/LLC Company | Starting from AED 3,500 | 3 weeks |
| Corporate/Individual Bank Account Closing | Starting from AED 1,850 | 4–10 working days |