, 2025
Why Open a Bank Account in Dubai?
Dubai (UAE) has a strong banking infrastructure for international trade and investment. It is preferred due to multi-currency accounts and global transfer (SWIFT) capabilities.
Important note: Personal income tax is currently not applied in the UAE; however, there is a Corporate Tax system for businesses. These two concepts are often confused.
Bank Account Types in Dubai
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Current account: Daily transactions, products like cards/checks (depending on bank policy).
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Savings: Generally interest/profit sharing and savings-oriented.
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Multi-currency: Working with currencies like USD, EUR, GBP simultaneously.
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Corporate account: Opened with company license and UBO/AML documents.
Who Can Open an Account?
- Residents: Generally, product variety and transaction limits are wider.
- Non-residents: Possible at some banks; products/limits may be more limited.
Required Documents (General Framework)
Individual accounts
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Passport
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Visa/residence status (if applicable)
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Emirates ID (if resident)
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Proof of address (rental contract/bill, etc.)
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Income/employment documents (bank may request)
Corporate accounts
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Trade License
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Formation documents
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Partner/authorized person IDs
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UBO (ultimate beneficial owner) and KYC/AML documents
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Activity description / business plan (bank may request)
How Does the Process Proceed?
- Selection of bank and account type (according to sector and transaction volume).
- Preparation of documents and application.
- Bank's KYC/compliance review (source of funds, activity, ownership structure).
- Account activation and card/online banking after approval.
Things to Consider
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Minimum balance and account maintenance fees vary from bank to bank.
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The compliance process can sometimes take longer; document quality is critical.
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In company accounts, your country of operation and business model are determinative in the bank's risk assessment.
Frequently Asked Questions
Q: How many days does it take to open a bank account in Dubai?
A: Varies according to bank and your profile; time may extend due to KYC review.
Q: Can I open an account as a non-resident?
A: Possible at some banks; products and limits may be more limited.
Q: Is there a minimum balance requirement?
A: Most banks have one; the amount varies by bank and account type.
Resources (official/basic)
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UAE Government - Taxation (no personal income tax): https://u.ae/cs/information-and-services/finance-and-investment/taxation
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PwC UAE - Individual personal income tax (none): https://taxsummaries.pwc.com/united-arab-emirates/individual/taxes-on-personal-income
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PwC UAE - Corporate tax rate framework: https://taxsummaries.pwc.com/united-arab-emirates/corporate/taxes-on-corporate-income
Professional support
For professional support in setup, tax compliance, and bank processes, you can contact the Suits Finance team.