Opening an account in Dubai, UAE – Service

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1. How to open different types of accounts in Dubai and use all the benefits the UAE offers
2. Personal bank account in Dubai, UAE
3. The list of documents you need to provide for the personal account
4. Banks in the UAE for opening personal accounts
5. Privileged private accounts
6. Corporate / Business accounts in Dubai
7. The list of documents to be provided for a business account in Dubai
8. Banks in the UAE for corporate / business accounts
9. Withdrawal and deposit of money/cash
10. Business loans, personal loans, and mortgages
11. KYC requirements of the UAE banks – for private and personal accounts
12. Opening a bank account remotely in the UAE (for residents only)
13. 6 Important tips you need to know for opening a bank account in Dubai, UAE
14. Cheque books in the UAE
15. Corporate banking in the UAE and the impact of new corporate tax rules
16. UAE banks and cryptocurrency
17. Summary

How to open different types of accounts in Dubai and use all the benefits that the UAE offers

The UAE banks, such as Emirates NBD (ENBD), Mashreq Bank, Noor Bank, and local branches of foreign banks, such as Standard Chartered, offer significant advantages compared to most international banks outside of the United Arab Emirates. Such advantages of Dubai banks include reasonable requirements on the provision of documents, high-quality service, advanced remote account management through online banking, and a smartphone.

Opening an account in Dubai, UAE, is a proven and beneficial solution for personal purposes, for companies operating locally, and for doing international business.

Typically, account opening in Dubai requires a personal presence of the account holder. In 2025, non-residents must be physically present in the UAE to open an account, while residents can open accounts remotely in some banks via secure online systems. You have to come to the United Arab Emirates to fulfill this official requirement of the UAE Central Bank (applies to all banks in the UAE).

Personal bank account in Dubai, UAE

If you are not a resident of the United Arab Emirates and would like to open a personal account, you have certain limitations on the choice of banks that open accounts for such clients. Although the requirements for non-residents have been tightened in recent years, there are still plenty of options for non-resident personal accounts.

You need to provide personal details in the form of a CV (curriculum vitae) outlining your professional and business experience, as well as certain standard documents, to proceed with account opening.

The list of documents you need to provide for a personal account:

• Passport;
• Proof of address (e.g., utility bill);
• Recent 2-month bank statement;
• Written explanation of the account's purpose.

Important additional note—for personal accounts of non-residents in the UAE, banks have higher requirements on the minimum balance to be kept on the account. Minimum balance requirements for non-resident accounts now typically start from AED 25,000 (~USD 6,800) and may go up to AED 500,000, depending on the bank and type of account.

Alternatively, you have the opportunity to open a resident's personal account. To do that, you have to obtain a residency visa either through company registration in the UAE or a property purchase. The process of opening a personal account for a UAE resident is more flexible, and there is a larger list of banks to choose from. As of 2025, UAE residents can open accounts online through select bank apps and portals without visiting the branch.

The official compliance regulations for a personal resident account opening are quite gentle. The documents you need to provide are:

• Passport with UAE visa page;
• Emirates ID (Emirates Identity card)
• Utility bill (bill for water or electricity).

The requirements to maintain a minimum balance for a personal resident account in Dubai are minimal. The account can be used to receive transfers from corporate accounts and vice versa, under the condition that your bank understands the nature of such transactions.

The overall benefits of a resident account include full online banking facilities and debit cards that can be upgraded to premium and platinum cards with higher withdrawal limits, as well as VISA/MasterCard credit cards. Additionally, a checkbook provides the flexibility of payments throughout the UAE as the preferred method of payment.

Banks in the UAE for opening personal accounts:

Privileged private accounts

There is also the option of opening a privileged account in UAE banks for residents as well as for non-residents. Such accounts have some clear advantages, including a shorter time for account opening, an assigned personal account manager, and better exchange rates, as well as other useful benefits. The minimum requirement balance starts from USD 100,000, or its equivalent in other currencies, to qualify for this type of account.

Corporate/Business accounts in Dubai

If you need an account for business purposes, a personal account cannot be used for it, which means you need to open a corporate/company account. In 2025, most UAE banks will no longer accept account applications from foreign offshore entities (e.g., BVI, Seychelles). Corporate accounts are typically reserved for UAE-registered companies or their local subsidiaries. Nowadays, opening an account is practically achievable for UAE companies and the subsidiary companies of foreign legal entities.

When considering the option of opening a business/corporate account in Dubai, you have two main possibilities: offshore and onshore. Foreigners can open an offshore company (RAK ICC, JAFZA, or Ajman free zone) and an account for it. Although in 2025, most banks are reluctant to open accounts for offshore companies due to compliance risks. Only a few banks support them, and with strict conditions. The other option is an onshore company (DMCC, SAIF, etc.) and an account for it. Both companies may be 100% foreign-owned. So, what is the difference? These are the major differences:

• An account with the UAE offshore company is less costly; however, it is much harder to open a bank account, plus there are higher requirements on the minimum account balance. The company account is NOT considered to be a resident, which means it is under strict official compliance regulations.
• An account with the UAE onshore company—such a company is more cost-intensive to register; however, it gives you the right to get a UAE residency visa as well as qualifies your business account as a UAE resident with the associated advantages such as fewer regulations, reduced account balance requirements, a larger choice of banks, etc.

For business accounts, apart from the standard personal documents on company shareholders, which are similar to the documents for a personal account, there is a list of corporate documents to be provided.

The list of documents to be provided for a business account in Dubai:

• Company memorandum and articles;
• Certificate of incorporation/license – depending on the company type;
• Documents on corporate structure and ownership;
• Description of the planned activities of a company;
• Information on the business experience of the company owners;
• Info and documents on the source of funds that would be invested in the company;
• Board resolution for account opening;
• Proof of UAE office address;
• Financial projections.

When assisting with account opening, we provide entire support on preparing your documents as well as registering companies in the UAE and providing all the documents to banks.

Banks in the UAE for corporate / business accounts:

We should note that opening a bank account for offshore companies has become rather complicated; thus, for the majority of cases, we suggest opening an account with a UAE onshore company.

Withdrawal and deposit of money/cash

Cash deposits and withdrawals from private and corporate accounts—resident and non-resident—can be performed at the numerous branches each bank has in the UAE. Alternatively, you can use the ATM (Automated Teller Machine) cards, which are provided along with the account opening. On top of that, you can apply for credit cards that can be used for payments and cash withdrawals in the United Arab Emirates and abroad.

Business loans, personal loans, and mortgages

When talking about possible loans and credits from the UAE banks, first, we must clearly underline that no loans can be provided to foreign companies not residing in the UAE or to persons who are non-UAE residents.

For business loans, companies, apart from being UAE-registered, must be able to qualify for the main prerequisites. These include a minimum of 3 years of successful operations in the United Arab Emirates, positive financial results, and provision of the necessary documents to the bank on the project/asset to be financed.

For personal loans, the same rules apply – info on personal background in terms of financial status and income is to be provided, such as a bank statement for 1 year and a salary certificate signed and stamped by the current employer. The permanent salary must be reflected in the bank statement. For business persons, the detailed info on the financials and personal income received.

KYC requirements of the UAE banks—for private and personal accounts

Nowadays, there are international standards and requirements for banks in terms of their KYC (Know Your Customer) policies and procedures. The same applies to banks in the United Arab Emirates. All banks are regulated by the UAE Central Bank, which applies all the protocols to be followed by banks.

These rules and protocols state clear guidelines that banks must follow when opening personal and corporate accounts. This is also applicable after an account has been opened. Thus, this is the regular practice when a UAE bank may ask you for some documents or comments on your transactions on the account.

Opening a bank account remotely in the UAE (for residents only)

There are some banks in the UAE that allow residents to open a bank account online with an easy digital procedure where they can register to create an account, upload documents, and undergo video-based Know Your Customer (KYC) verification. Here's how it goes:

The majority of local financial institutions offer digital means, either via a mobile application or a website, for account opening. You will need to acquire the necessary documents during the application process. For KYC purposes, banks offer online portals where you can upload documents securely.

In some banks, a future client is required to conduct a video call to finalize the KYC. In this call, they verify your identity by reviewing your documents and capturing your signature. This process does away with the need for in-branch visits.

The account activation generally takes a few working days after you have successfully completed the video KYC. You will get confirmation by email or SMS and full access to online banking services.

6 important tips you need to know for opening a bank account in Dubai, UAE

1. Your choice of banks depends on your status—if you are a resident or non-resident;
2. Only company/corporate accounts can be used for business purposes;
3. Different banks have different requirements for minimum account balances;
4. A NOC (Non-Objection Certificate) from an employer is required to open a bank account for an employed person;
5. For your account not to become dormant, you shall use it at least once in 6 months;
6. Banks may freeze inactive accounts that haven’t been used for 6–12 months.

Checkbooks in the UAE

We should highlight some features of using checkbooks in the UAE. This form of payment is generally recognized and very popular. In some cases, this method of payment is the main one, for example, when renting real estate, whether residential or commercial. Thus, most rental payments are made using bank checks. However, it is worth noting that the role of checks is declining, especially in commercial transactions. Electronic transfers and cards are becoming more preferred. Checkbooks are not issued to non-residents.

Corporate banking in the UAE and the impact of new corporate tax rules

With the new corporate tax norms, which came into effect on June 1, 2023, the corporate account service procedures were changed in the UAE. Here is the list of changes and their impact on business-bank relations:

• Increased documentation & reporting requirements—this allows a bank to make sure the entity is complying and not abusing its account.
• Tighter KYC and due diligence. This impacts both onboarding and existing clients, particularly companies conducting cross-border operations.
• Effect on loan and credit evaluation. Formerly, banks did not use to winnow loan eligibility, risk profiling, or interest terms based on post-tax profitability.
• Incentive to bank transparently – this has forced a lot of businesses to migrate from cash-dominated systems to formal banking channels.
• Examining cross-border transactions – this is in line with the UAE’s adherence to the OECD’s Pillar 2 and minimum global tax initiatives.
• Companies in free zones and exempt entities have prompted banks to ask for legal entity clarification and closer views of corporate structures.

The introduction of the corporate tax in the UAE has made corporate banking more transparent, regulated, and documentation-driven. It now requires businesses to keep proper records, comply with tax obligations, and prepare themselves for increased scrutiny once dealing with the banks.

The most common terms for the checks in Dubai and other parts of the UAE are the following:

• Regular checks vs. post-dated checks – these are the same checks, but with only one difference: the regular check is issued with the current date, and a post-dated check is issued with a date in the future.
• Banker/manager checks—these are checks issued by your bank upon your request. In comparison with regular checks, when their clearing is linked with the availability of funds in your account, the managers'/bankers' checks are issued by banks that automatically block the respective amount on your account, meaning these checks are guaranteed in terms of payment.

UAE banks and cryptocurrency

The banking environment is still cautious and underregulated regarding this issue. However, some banks in the UAE have begun accepting accounts related to cryptocurrencies. Here is the list of crypto-friendly banks in the UAE:

• Emirates NBD provides cryptocurrency trading options through its digital branch, Liv Bank, in the Liv X app. They can purchase, store, and trade digital assets such as Bitcoin, Ethereum, and Solana.
• RAKBANK: Its customers can buy and sell cryptocurrency using their accounts, thanks to a partnership between this bank and Bittrex, a US-based cryptocurrency exchange. It is available for retail and institutional investors.
• Standard Chartered: The bank has launched digital asset custody services in the UAE for its institutional clients. This step is consistent with the UAE's balanced policy on digital asset adoption and financial regulation.
• Dubai Islamic Bank (DIB) — DIB has inked a Memorandum of Understanding with the Crypto.com platform to discover Sharia-compliant platforms.

To summarize, it can be said that the UAE banking sector is gradually transitioning towards cryptocurrency services. Therefore, clients of local banks must be prepared to meet exacting compliance standards and verify directly with their banks the specific services and conditions available to them.

Summary

The UAE banking system is highly advanced and very internationally oriented. All banks offer services in both Arabic and English. Banking as such is also available as Islamic banking and standard ones. Banks greatly differ in terms of services and specifics, which means all of you can find the solution that is the best for your particular purposes.

Dubai-Freezone provides an exceptional opportunity for the prompt and easy opening of bank accounts in Dubai and the UAE!

Our company offers a comprehensive range of services related to the incorporation and administration of businesses in the United Arab Emirates. If you choose our company, you will receive your account at one of the banks in Dubai within the shortest possible time. We will facilitate your company’s goals.

Our experts will help you select the bank that best suits your business objectives and assist in preparing all necessary documents. Our company has extensive experience in this area. We will perform everything efficiently, at a reasonable price, and with minimal involvement on your part. The aforementioned advantages will enable you to save money and time and avoid numerous issues. To avail of our services, please do not hesitate to contact us.

Do you intend to open a bank account in Dubai or another emirate of the UAE? Then Dubai-Freezone is the right choice!

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