BANK ACCOUNT IN DUBAI

OUR PROMISE

Oxford Consultants DMCC will help you open all types of bank accounts in Dubai by considering your requirements in regards to the available banking services, its type, required minimal deposit amount and tariffs.

We have well established long term relationships with banks in Dubai and in other UAE’s emirates that enable us to choose the most favorable bank for each client in respect to bank account opening in Dubai.

  • We are happy to share that our opening success rate is at 98% as we make sure that our clients comply with the requirements of the bank before we apply to the respective bank.
  • We are approved introducers for most reputable banking institutions and due to this we may liaise directly with the bank for the opening of the bank account without the involvement of the client.
  • We also have a great expertise on the requirements of each bank that we work with and as a consequence, opening an account is much uncomplicated.
  • Once that bank account is opened, we directly transmit the bank account details and any related information / electronic devices (security token) to our client.

Dubai Bank Account Opening

 

UAE / DUBAI BANK ACCOUNT OPENING

dubai bank accountUAE’s financial sector is ranked among the top three sectors in the Gulf Region and boasts of an impeccable reputation. The policy of UAE’s Central Bank sets high requirements to the bank’s own capital with the banks of the UAE and Dubai being rated as the most reliable banking sectors globally.

In comparison with European’s majority banks, the banks in Dubai and in other emirates distinctively distinguish themselves in low tariffs on banking services, high quality services with competitive fees, simplified reporting systems and loyalty to their clients.

Ideally, all banks in Dubai as well as in other UAE emirates have high level of service with distant access services via telephone and internet banking systems thereby making Dubai bank account opening cost efficient and equally easy.

Personal Dubai bank account for residents of UAE – Can be done effectively in any UAE banks without any restrictions whatsoever. The time for bank account opening in Dubai is dependent on bank policies and procedures and stretches from a few days to weeks in respect to the bank of choice.

Personal Dubai bank account for non-residents of UAE – Possible, with some restrictions on accounts implying that such account would be Dubai savings bank account (check book not issued as well as loan borrowing not allowed). The other bank account features will be fully available. It is important to note that not all UAE banks open accounts for non-residents of UAE.

Dubai bank account opening for UAE company – Procedure is smooth as long as the company shareholder/shareholders submit all the required company documents as well as personal documents. If you do not have a company in the UAE but want to set up the company and account in Dubai, the most economical solution is to register a UAE offshore company and open an account for the company. Opening bank account in Dubai for corporate entities registered in UAE is smooth and fair.

 

OPEN BANK ACCOUNT IN DUBAI – FAQs

CAN I OPEN A DUBAI BANK ACCOUNT?

Contact us; inform us on the preferred account type- personal, an account for a foreign company or a UAE Company plus account. We will send information on the required documents. Prepare the docs and send s copies of the same by e-mail. Come with the originals when you come to the UAE to sign bank documents. After a given timeframe the account is opened. UAE’s Central Bank requires that you must come to UAE in person to open an account.

THE ATTESTATION OF A FOREIGN COMPANY’S DOCUMENTS IS LENGTHY AND EQUALLY EXPENSIVE. IS THIS TRUE?

As the United Arab Emirates did not sign the Hague Convention for the Apostille of documents, certification of foreign companies’ documents is length and rather costly. Firstly, the company documents should be certified at the Consulate of the Emirates in the country of registration of the company. Secondly, the documents should be certified at the Ministry of Foreign Affairs of UAE. A government fee of AED 2,000 per document is charged for certification of documents at the Ministry of Foreign Affairs. Due to this, the total costs for all certification steps for the complete set of a foreign company’s documents can easily reach €2,000 to €2,500.

IF THE ATTESTATION OF A FOREIGN COMPANY’S DOCUMENT IS EXPENSIVE- HOW ABOUT TO OPEN A BANK ACCOUNT IN UAE FOR THE COMPANY?

The easiest way is to incorporate the company in the UAE and open an account in UAE for such a company. The costs of UAE’s offshore company are not high and registration can be done within a couple of days.

HOW TO CHOOSE A BANK WHERE TO OPEN AN ACCOUNT IN UAE?

By contacting, you will be in a position to get quality information on banks in UAE and the features of each of the banks thereby making it easy to choose the most suitable bank for you.

HOW LONG DO I NEED TO STAY IN UAE AND HOW LONG DOES IT TAKE FOR THE BANK TO OPEN AN ACCOUNT?

The time required in opening a bank account in UAE is dependent on account type (personal or corporate account), bank of choice and completeness of the submitted documents. On average the time taken to open an account is one to two weeks. There is no requirement that you should stay in the UAE for all this time. You only need to come to UAE for one day to open an account. When the bank opens your account, the banker will contact you and send you details of your account and, after sometime will send you internet banking access data.