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24.10.2025
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Opening a bank account in Dubai might seem like a challenging task, but with the right approach it becomes quite feasible.
The Central Bank of the country has become the main regulator of the Emirates' financial system. Its powers include determining credit, monetary, and banking policies to maintain the stability of the national economy and currency, and controlling the implementation of decisions made within the current state policy.
The state banking system consists of 6 banks in the Persian Gulf and 22 foreign banks (as of 2023). Each bank provides private and corporate services to a wide range of sectors and has become part of the foundation of the UAE financial system.
Opening an account in the UAE for non-residents requires at least minimal familiarity with the financing specifics of an Islamic state, characteristic of local banks. For example, it is forbidden to issue/accept loans or borrowings with interest, or to receive income from interest on deposits.
The global trade and financial system knows few countries that can compete with the Emirates, especially considering the advantages of the banking industry. The UAE has become a leading centre of international banking due to its robust regulatory framework, use of advanced technologies, and overall country stability.
Having an account in the UAE offers certain advantages, from the availability of digital banking services and tax benefits to the widest range of financial products offered. The Emirates is the ideal financial centre, combining convenience, security, and quality information protection.
The UAE's obvious advantage is the country's economic stability and its image formed over the years. There is no inflation, complete stability of the banking system (it's not on the OECD and FATF blacklists), simplified KYC when choosing transactions in the national currency (dirhams), and trust of the business partners. Moreover, bank requirements for transaction procedures with counterparties in dirhams are minimal.
The inclusion in the global financial system is also an undoubted plus. The world's most renowned economic institutions have their branches in the UAE, and the country's banks, in turn, have opened offices across the planet.
An organisation's daily activities often involve multiple payments from third parties. UAE banks do not view such operations with suspicion.
Image source: MIND AND I / shutterstock.com
When settling in any world currency, no conversion is required. Opening an account in the Emirates allows payments in euros, dollars, yuan, pounds sterling and other currencies, including settlements within the country.
The UAE does not disclose tax information about its residents. This is the policy of the Central Bank of the country — information about any financial movements on accounts is not provided within the framework of automatic exchange.
If you're wondering how to open an account in a UAE bank and which organisation to choose, use the list below. These are the country's best banks that have earned the trust of clients with high-quality service:
Based on the residency status of the person wishing to open an account, UAE banks offer different types of corporate accounts (resident or non-resident), each with its own requirements and conditions for opening and further servicing.
Based on the information presented earlier, it's clear that non-residents find it much harder to open an account in the UAE than country residents. There is a high probability of rejection, as it's often difficult for the former to justify their decision to open an account to the bank.
However, even with a successful outcome, the range of banking services available to them is quite poor and involves many restrictions. Thus, non-residents can only access savings accounts, while residents can also have a current account.
Image source: CHOTTHANIN THITIAKARAKIAT / shutterstock.com
For successful account opening in the UAE, we advise you to prepare thoroughly and, if possible, obtain a resident visa. In addition to the latter, banks typically also request the following documents:
Bank requirements for those wishing to open an account in the Emirates may vary depending on their status — resident or non-resident. Similar to personal accounts, creating a corporate account for non-resident companies is an extremely time-consuming process that rarely leads to success. Several conditions must be met, which may vary depending on the specific bank. These may include:
Residents (including local companies and those registered in free economic zones) have great opportunities for successful account opening.
Most often, foreigners choose the free zone company format for organizing business in the Emirates. It provides tax benefits and allows 100% foreign ownership. Moreover, such organisations can freely conduct their affairs both within the UAE and abroad.
Most commonly required documents:
Opening an account in the UAE provides access to a wide range of opportunities and advantages:
Whether you own a large business or are an individual, opening a bank account in the UAE will give you many opportunities and advantages.
According to the rules of the Central Bank of the United Arab Emirates, the client must be personally present when opening an account.
You must present a passport, your current visa, documents confirming income (employment contract or relevant certificate from workplace), proof of residence address (this can be a utility bill), and a bank statement from your country of residence for the last 6 months.
Most banks do not charge a fee for opening an account, but some may charge for processing the application (up to 1,500 dollars). Banking account maintenance is also usually free, however, some credit institutions may also charge about 15 dollars per month.
The annual service fee will be approximately 100 dollars, but if you meet certain bank conditions regarding account turnover, this amount can be waived.
The refusal to open an account can be based on failure to provide all the necessary documents, including those confirming income. Application rejection will also occur if the client has been blocked in other financial institutions for rule violations during the last 1–2 years and concealment or provision of deliberately false information about themselves or the company.
Article header image source: CHOTTHANIN THITIAKARAKIAT / shutterstock.com
