A bank account is essential for the company. It is a very important part of the business. If you have no bank account, your business will not be successful. So you should know how to open bank accounts in UAE.
Opening a bank account in UAE is a process that takes more than just time and effort. It requires you to follow the right procedures, which include following all the formalities as per UAE laws, apart from being aware of the right documents you need before opening an account.
The Challenges of Opening a Bank Account in UAE
Opening a bank account in UAE is not as easy as it sounds. It requires opening three accounts in three different banks, in order to receive an ATM card.
Requirements for opening a bank account:
- An original passport with at least six months of validity
- A personal visit to the bank in person
- Two copies of an ID card and an original letter from the employer (on the company’s letterhead)
- One copy of a residence visa copy or an original residency permit
- Three months’ worth of salary slips and bank statements
Important Tips for Opening a Bank Account in UAE
Opening an account in UAE can be an arduous process. Banks ask for a lot of documents, and in some cases, you have to open a company as well.
The first step is to find a bank that suits your needs and requirements. You can do this by either reading the bank’s website or by asking friends and family for referrals.
Once you have found the right bank, it is time to apply for an account. This is done via the bank’s website or by visiting a branch in person.
It is fairly straightforward to open a bank account in UAE. You can choose from popular international banks such as Emirates NBD, Abu Dhabi Commercial Bank, and Standard Chartered.
However, there are some important factors to keep in mind when opening your account.
The first thing you should do is to find the most suitable bank for you and your needs. There are different types of accounts available so it is best to research your options and find the one that suits you best.