ConsultKumar advises all its clients to reach out to us with your query as rules and regulations may have changed at the time of you reading this information.

Call us on 050 6577025 / 050 5527930 or email us help@consultkumar.com or you may chat with us on whatsapp. We will be sure to address your queries within 1 hour.

Is there a fee to open a Bank account in UAE?
To open a bank account there is no fee, each bank operating in the UAE have different requirements to provide you with a bank account which may either be in the form of maintaining a minimum average balance from AED 10,000 – AED 200,000 a month, to Zero or less than AED 10,000 average balance however the bank would charge you monthly rental and or all other services may come at a fee.

Bank account opening for a Mainland vs Freezone is there a difference?
Yes, Mainland company will find it easier to open bank account due to inherent stronger compliance of a Mainland firm. It must be noted bank account processing is at the discretion of the bank and its internal compliance regulation.

Companies operating in Freezone such as JAFZA, DAFZA, KIZAD, ADAFTZ, DSOA, DMCC, DIC, DIP, DMC, SAIFZONE, Ajman Freezone can find it easier to open bank account however subject to all other bank requirements are fulfilled by the applicant.

Can a non-resident open a company and personal bank account in UAE?
Yes, subject to banks required documentation are in proper order.

What are the documents required to open Bank account in UAE?
In general bank requires all owner(s) to be present at time of bank opening.

License, Memorandum and Articles document, a genuine lease agreement, off late having a virtual desk and or flexi desk in a freezone deters banks from offering banking services. Besides incorporation document banks will also require each shareholder(s) personal documents such as passport copies, residence visa page, emirates ID document, proof of residence in some case, providing a business plan, turnover declaration, names of suppliers and customers for establishing references, if you are new entity in UAE then your home country documents such as proof of address, bank reference letter, your personal CV or that of all partners.

Why some Freezone company have difficulty in opening Bank Account in UAE?
Some Freezone provide with lease agreement which is Flexi, virtual or smart desk, in such case banks find it difficult to establish physical location of the client’s company, therefore it is essential to understand banking standard requirements in UAE before opening a trade license. There are new digital banking products offered by leading national banks in UAE such as Emirates NBD, Mashreq, RAK, ADIB, ADCB for new start-ups this can address the issue in bank account rejection. (if the rejection is based on individual compliance then you must approach the said Bank for clarification)

Can I open Bank account of a UAE company outside of UAE?
Yes, ConsultKumar provides service of opening bank account outside of UAE, in legitimate and internationally recognized jurisdiction with strong banking structure. In some case we provide this service without having to travel for bank account opening.

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