The current economic stability of the United Arab Emirates is very satisfactory for financial institutions such as banks, etc. Most business people are looking for a New Company bank account opening in Dubai, to protect their monetary assets. But sometimes it becomes tough to prepare the documents by yourself. Then it’s time to consult with Mustufa Yusuf Commercial consultants in Dubai, they will help you to open a bank account in Dubai, and also guide you through all processes of opening a bank account in Dubai.

The process to open a bank account in Dubai is stress full task and includes a considerable value of documentation although needs are different from bank to bank. All norms banking services are provided by the bank of Dubai such as savings, deposits, and current accounts.

Types of Bank Account Opening in Dubai

There are many different kinds of bank accounts, which cater to residents and non-residents of the country.

Current Accounts

A current account is a transaction account, which comes with a checking choice for the account holder. A current account comes with some facilities like a debit card, chequebook, as well as several other banking advantages.

A current account is perfect for transactions and transit formed regularly. Your current account provides a chequebook, which is good for giving rent cheques to your property owner.

Savings Accounts

Several people in the country open a savings account so that they can receive the most out of their amount. Savings accounts give great rates of interest than current accounts, but give limited access to amounts. They even can lead to fines for withdrawals.

Savings accounts generally run on either a feasible or fixed rate of interest. Within a savings account, you are able to select which currency you would like to denominate your amounts in.

Investment Account

The next type of account is an investment account. In the country, you can sign an acquisition contract with any bank, which permits you to secure an investment bank account. The acquisition tenure for these generally arrays from 12 months to ten years. The acquisition contract provides you a minimum guaranteed ROI of 3-7 yearly.

Offshore Account

The country is a hub for migrants, that’s why the country gives offshore banks from jurisdictions over the world. It is particularly fact in Dubai, where several migrants select to reside and work. In this country, anybody who possesses a legal residence visa is qualified to secure an offshore bank account in Dubai and utilize it to export and import their funds. This is deemed to be a sustainable, protected, and trusted way of transferring money and generally includes lower taxes than other banking choices.

Basic Documents required for bank account opening in Dubai

The necessary documents required to open a bank account in Dubai are mentioned below:

• Valid passport
• NOC of sponsor or employer
• Copy of visa-stamped page
• Copy of utility bill
• Share certificate
• Copy of Emirates ID
• Copy of Salary Certificate
• Memorandum of Association / Article of Association

Services provided by Banks in Dubai:

Banks are financial institutions included in lending and borrowing money. Banks collect client deposits in return for paying an annum interest payment to customers. Banks play a crucial role in the economy providing services for those who want to save, and also providing finance to business that wants to invest and expand. These business investments and loans are important to enable economic development.

• Debit Card and Credit Card –

Bank account opening in Dubai offers you an opportunity to receive a debit card and also a credit card. This is a convenient and classic instrument for any kind of transaction. The holder of a debit card can make any transaction by ATM, and also withdraw their money from the ATM machines. There are some conditions to using debit cards that are directly based on the debit card types and banks in Dubai.

• Cheque Book

Using the chequebook is very common in Dubai’s modern financial system. It is convenient to use a chequebook for a bank account in Dubai and on the other hand, it is a secure method of payment for corporate and individuals. Although to obtain a chequebook for the company’s corporate account, it is mandatory that the investor must be a resident of the United Arab Emirates.

• Online Banking System –

Many people who are interested in Dubai bank accounts usually show their interest in the online banking system. Dubai’s online banking system is a unique means of managing a bank account from any corner of the world. The online banking system of Dubai is attractive for companies that are willing to transfer funds from one account to another globally. Furthermore, it is very crucial to mention that the UAE’S online banking system is a highly secure way to conduct business transactions and save its customers from fraud.

How much does it cost to open a bank account in Dubai?

You could be excited about the costs included in a bank account opening in Dubai in case you are an investor who wants to do so.

What is truly shocking is that, similar to the units of banks in other countries, local banks in the country do not collect any costs when opening a bank account in Dubai.

There are many minimum monthly average balance classifications for local banks, and all local banks are needed to sustain a minimum monthly estimate balance.

Based on the bank you form an application for, this sum can array from AED 50k to AED 500k for domestic banks in UAE. AED 50,000 AED is the initial cost for Emirates NBD, for example.

In case you fail to maintain the needed minimum average monthly amount, you would stand penalized with a monthly cost of AED 250.

Minimum salary to open a bank account in Dubai?

For opening a bank account in Dubai you need to find out the minimum salary requirement that banks require. The minimum salary for a bank account opening is different and based on the bank, although, this is generally approx. AED 3,000. This is vital to note that so many banks give new customers sign-up rewards along with other benefits in case they fulfill and are eligible for their account needs. To locate if your chosen bank has any deals, this is worthwhile to check with them.

Types of Banks in Dubai

There are four kinds of banks that run in the United Arab Emirates-

Commercial banks – A commercial bank gives money for commercial activity, provide loans, and manages the accounts of people and companies.

Industrial banks – This kind of bank supports productive activities.

Investment banks – Investment banks are involved in the selling and purchasing of stocks.

Islamic banks – Islamic banks are becoming more influential now. This kind of bank means that business is to be done according to religious rules.

Currently, the UAE banks extended their services to cater to consumers wary of Islamic financial needs with Sharia’s banking services. There are 8 full-fledged Islamic banks and 23 Islamic windows formed by traditional banks in the country. As a whole, these units account for 19% of the overall banking sector wealth.

Advantages of Bank Account opening in Dubai

When you open a Bank Account in Dubai, here you will get such Advantages:

• Banks in Dubai provide complete secrecy of your personal information.
• Easy and reliable capital transfer in Dubai or out of Dubai.
• Safe and protective online banking and phone banking system.
• Accessibility to international banks and their services.
• Multiple currency exchange options are available.
• Access to personal, commercial, and car loan facilities.
• Offer credit cards
• Reasonable rates of interest.
• More than one currency account.
• Joint account option
• ATM Services
• Rapport manager who would be your direct contact and support.

Eligibility Criteria for Bank Account Opening in Dubai

• Applicant presence is compulsory in Dubai.
• A valid passport is a must with the UAE entry page.
• Applicant’s profile is a must.
• Original reference letter of the bank from the company or personal bank account of the applicant from anywhere in the world.
• Latest 6 months bank statement.
• Most banks in Dubai demand a monthly average balance to open a bank account in Dubai which is based on the bank-to-bank.

Jurisdictions to Open a Bank Account In Dubai

Free Zone – Freezone company bank account opening in Dubai is a bit of a difficult task. But no need to worry as we are here to help you in opening a company bank account in Freezone.

Mainland – Mainland account helps business owners to track their costs and handle their funds. Mustufa Yusuf Commercial professionals help business owners in a mainland company bank account opening in Dubai.

Offshore – Offshore banks usually act in the same way as traditional banks but with flexibility. So, if you are wanting, then we will help you with an offshore company bank account opening in Dubai

If you are a foreigner and want to open a bank account in Dubai, then there’s good news for them as Mustufa Yusuf Commercial professionals provide bank account opening services to other nationalities as well that comprise – Afghanistan, India, Iran, Israel, Tajikistan, and a lot more, that you can find in our website. So, do not think twice, grab this amazing opportunity, and secure your bank account in Dubai with us.

How we can help you

Mustufa Yusuf Commercial consultants will assist you and your company to establish a company and bank account opening in Dubai. Our professionals also help to prepare application forms for bank account opening and banker’s introduction and fixing appointments. We guide you through every step that we take in the process of opening a bank account in Dubai.

If you want to get help with bank account opening in Dubai, then Our professionals at Mustufa Yusuf Commercial will cover you properly. We understand our clients’ all requirements and we act according to your wish.

Mustufa Yusuf Commercial offers our customers a broad range of services about bank account opening in Dubai and maintaining all the processes. We have a team of qualified professionals, who can advise you of the bank that will complete your all business needs.

Frequently Asked Questions on Bank Account Opening in Dubai