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Personal Bank Account

Personal Bank Account Opening Services in UAE

The UAE economic and financial institutions in the country are valued around the world and are considered reliable. There are several advantages to opening a resident or non-resident personal bank account. Global access and secure payments with high-level technology support with reliable and secure transactions are the reasons to choose a personal bank account in UAE. Our team of business consultants here at MAD Middle East will help you through this complicated process in a hassle-free manner.

Types of Personal Bank Accounts in UAE

There are types of personal bank accounts in the UAE, which are as follows:

  • Bank Account for Residents
  • Bank Account for Non-Residents

Quick Query

Resident Bank Account

After starting a business in the UAE, you can apply to open personal and corporate bank accounts as a resident of the UAE. Such bank accounts are the most profitable for foreign investors because they are not taken into account and offer many options for bank account holders.

  • Dedicated Account Manager
  • Cheque Book
  • Non-reportable bank account
  • Online banking
  • Any bank facilities
  • Credit and Debit cards

Non-Resident Bank Account

If you are a non-UAE resident and wish to open a UAE bank account for yourself or your business, there are certain limitations you will face after opening a non-resident bank account. It is worth mentioning that such a bank account is:

  • Limited in online banking
  • Limited in bank facilities
  • Reportable to the jurisdictions of the owner’s tax residency
  • Takes more time to open
  • Not allowed for issuing credit or debit cards

Advantages of a Personal Bank Account in UAE

  • Cheque book which gives the flexibility of payments throughout UAE as the preferred mode of payment (this perk is only available for resident accounts in UAE)
  • Complete online banking facilities
  • MasterCard/VISA cards are available
  • Debits cards can also be upgraded to platinum and premium cards with higher withdrawal limits

Documents Required for Personal Bank Account

  • Personal Profile of the applicant-CV (Curriculum Vitae on your business and professional experience)
  • Original latest 6 months personal bank statement from applicant’s country of origin or anywhere across the globe (if applicant have only corporate account then-latest six-month bank and also provide legal documents from the company validating his ownership or share in the company)
  • Passport copy with UAE entry page
  • Latest utility bill
  • Original bank reference letter of an applicant from her/his personal or company bank account in the country of origin or anywhere across the globe (requirement varies from bank to bank)
  • Most banks in UAE require a minimum monthly average balance for opening a non-resident personal bank account in UAE.
  • Information on the source of incoming funds

MAD Middle East helps companies with legal entity formation in the UAE in all aspects. Full repatriation of funds, tax-free tax and asset management are some of the related functions that MAD Middle East performs apart from helping businesses set up bank accounts. Before deciding on the type of bank and bank account in the UAE, contact our experts for free advice. We will find the best solution that best fits your business needs and budget.

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