Company Formation in IFZA
Dubai International Freezone Authority

Top Quality Business Bank Account Services At Your Fingertips. We offer the following bank account services:

Business Bank Account

Resident Bank Account

Non-Resident Bank Account

For Free Bank Account Opening

Please note with the below banks you can open your Zero balance account easily, click on the link and follow the steps.

RAK Bank – RAK Starter Account

Apply Now

Mashreq Neo BIZ

Apply Now

Before choosing which type of bank account to open and which UAE bank to choose - contact our experts to get free advice and we will find the best solution which will suit your business needs and budget the best.

Why To Choose UAE Service Fees Top-5 UAE Banks UAE Bank Account FAQ's

SERVICE FEES FOR UAE BANK ACCOUNT OPENING:

TYPE OF SERVICE	SERVICE FEE (AED)	TIME FOR EXECUTION
Personal Resident Bank Account Opening	Starting from AED 1,000	3–7 working days
Personal Non-Resident Bank Account Opening	Starting from AED 3,699	5–10 working days
Corporate Bank Account Opening for UAE Offshore company in UAE Bank	Starting from AED 9,200	4 weeks
Corporate Bank Account Opening UAE Free Zone/LLC Company	Starting from AED 3,500	3 weeks
Corporate/Individual Bank Account Closing	Starting from AED 1,850	4-10 workings days
General Consultation on Bank Account Opening	Starting from AED 1,850	Cost per 1 hour

* All fees are subject to an additional 5% VAT charge.

It includes.

Selecting the bank as per your profile Prepare additional documents Preparing the bank forms Coordinating with banks

We Offer the Following

Bank Account Services!

RESIDENT BANK ACCOUNT

After setting up a company in the UAE, you can apply for a personal and corporate Bank Account opening as a UAE Resident. Such Bank Accounts are the most beneficial for foreign investors because they are non-reportable and provide many opportunities to bank account holders.

- Non-reportable bank account
- Cheque book
- Any bank facilities
- Online banking
- Debit and credit cards
- Dedicated Account Manager

NON-RESIDENT BANK ACCOUNT

If you did not obtain UAE Residency and are willing to open a UAE Bank Account for your business, then there will be certain restrictions which you will face after opening a Non-resident Bank Account in UAE.

- Reportable to the jurisdictions of the owners' tax residency
- Takes more time to open
- Limited in bank facilities
- Limited in online banking
- Not allowed for issuing credit or debit cards

OFFSHORE BANK ACCOUNT

If you want to open an Offshore Bank Account in UAE, here are the benefits and restrictions of such Bank Accounts:

- Extra secured and have the highest privacy level
- Allow 100% repatriation of capital and profits
- Fast to open
- Can be opened without UAE Residence Visa
- Have no currency or funds transfer restrictions
- User-friendly online banking system
- Not eligible for cheque books, credit or debit cards, and ATMs

How We Can Help You

Open Your Bank Account in UAE

At Moon Business Services we are proud to leverage over 12 years’ experience in opening all types of personal and corporate Bank Accounts in UAE, strong connections with the TOP UAE Banks, and serve our Clients to meet all the requirements for a successful opening of a Bank Account in the UAE.

Our hyper-personalized approach to all Clients resulted in 100% Bank Account Opening Success Rate in 2018 and 98% Success Rate in 2017.

WITH US YOU WILL GET:

Follow-up of Bank Account opening

Regular updates on the status of your application

Introduction to your official Relationship Manager

Scheduling the meeting with Relationship Officer of a chosen bank

Full assistance during UAE Bank Account opening application and interview

Coordination with Relationship Officer before account opening application meeting

Assessment of individual/corporate background

Preparation of required documents with a company profile specially crafted for banks

WHY TO CHOOSE

UAE BANKS

These days, the vast majority of offshore jurisdictions are facing serious problems due to implementation of the Common Reporting Standard (CRS), under which all your financial data is reported to the country of your tax residency (in a CRS participating jurisdiction). Today, even Swiss and Singapore banks can’t ensure 100% secrecy of their customers’ data.

In this spotlight, UAE banks are the best option as the UAE Resident bank account information is non-reportable. Aside from that UAE banks have a strong economic performance and autonomy from international financial organizations what makes UAE a highly desired destination for foreign businessmen and investors to park their monetary assets.

Full exemption from taxation of interest

Economic Stability 1 USD = 3.6725 AED since 1997

No currency exchange regulations

Best Modern Online Banking

Innovative Banking Facilities with Apple Pay, Samsung Pay

Multicurrency Bank Accounts

Dedicated Relationship Manager

UAE ranked World's 2nd safest country

Access to Global Investment Opportunities

Learn more about reportable and non-reportable UAE Bank Accounts in in-depth article of our expert: “CRS and Its Impact on UAE Bank Account Holders”

Please find below required documents to open a business bank account ( depend on banks this can vary).

Original passport with UAE Residence Visa
Original Emirates ID
Stamped 6 months to 1 year bank statement (Local/ International Banks)
Tenancy Contract (residence in UAE)
Any utility bill which features your address
Updated Curriculum Vitae
Business Plan with list of potential clients inside or outside UAE
Complete and original set of the company incorporation documents –
Company Stamp - We will Provide Complimentary
BOR (upon request) sample attached if attestation required AED 450

Once you have prepared all these documents we will review, and finalize everything prior to the meeting with the banking representative.

Please note that Bank account opening will be always subject to approval if any case we are not able to open your business bank account we will refund 50% above fees.

If you have any concern feel free to contact us anytime, we will be more than happy to assist you

TOP-5 UAE BANKS

By Moon Business Services

The procedure for opening a Corporate Bank Account in the UAE varies from bank to bank. Below we provide the list of TOP-5 UAE Banks with which we work for many years in a row and highly recommend them to our clients.

In the provided list you can find the Bank Account Opening packages with minimum maintenance balance total from all currencies on account, with and without dedicated Relationship Manager (RM).

Emirates Islamic Bank

AED 35,000 (with RM)
AED 100,000 (with RM)
AED 250,000 (with RM)

Learn More

Emirates NBD

AED 50,000 (no RM)
AED 200,000 (with RM)
AED 500,000 (with RM)

Learn More

Dubai Islamic Bank

AED 50,000 (no RM)
AED 250,000 (with RM)
AED 500,000 (with RM)

Learn More

Mashreq Bank

AED 50,000 (with no RM)
AED 150,000 (with RM)
AED 350,000 (with RM)

Learn More

First Abu Dhabi Bank

AED 50,000 (with no RM)
AED 250,000 (with RM)
AED 500,000 (with RM)

Learn More

RAK BANK

AED 250,000 (with RM)
AED 500,000 (with RM)

Learn More

When opening a Bank Account in the UAE there is a bewildering array of complex steps and procedures you have to go through. Therefore Moon Business Services offers its services to help you open a Corporate or Personal Bank Account which would save you a big chunk of your precious time.

BANK ACCOUNT OPENING IN UAE FAQs

How many banks are there in the UAE?

There are 28 foreign and 22 local UAE banks.

TOP-3 biggest UAE local banks.

They are First Abu Dhabi Bank, Emirates NBD, and Abu Dhabi Commercial Bank (based on total assets of banks at the end of the 2017 year).

Is it true that local UAE banks are better?

All banks in UAE, local and foreign, are safe and provide efficient services. However, local banks are more flexible with SME companies in terms of chances of getting the approval for Bank Account Opening in the UAE and credit facilities.

Is it safe to have a bank account in the UAE banks?

In 2017 UAE raised to the 4th place as the country with the biggest wealth inflows, which proves UAE as a safe financial jurisdiction for investors to keep their monetary assets in the UAE Bank Accounts. So yes, it is absolutely safe.

What is the meaning of Current Bank Account and Call Account in UAE?

The UAE current Bank Account is the account, where the signatory is the UAE Resident, Call Account is the one, where the signatory is a Non-Resident.

How much will it cost to open a bank account in UAE local bank?

UAE local banks don’t charge any fees for Bank Account Opening.

Do UAE banks provide multicurrency accounts?

Yes, UAE banks provide multicurrency Bank Accounts in AED, USD, Euro, GBP, CHF etc. There is the possibility to apply to the multicurrency Bank Account in most UAE banks without additional service fees or maintain a minimum, or average balance for the Bank Account.

Can I apply for the Bank Account Opening at any UAE bank?

You can apply for current (Resident) Personal Bank Account at any UAE local or foreign bank. Choose the right bank which offers all the facilities you are looking for, and where you can qualify to their minimum maintaining balance requirement.

Can foreigners open the Personal Bank Account in UAE?

Yes, as the foreigner you can open a Personal Bank Account in UAE. Most of the banks in Dubai/UAE require min AED 100,000 (USD 27,249) as the monthly average balance to open a Non-Resident Personal Bank Account in Dubai/UAE.

How long will it take to open Resident Personal Account and Non-Resident Personal Account at UAE banks?

3-7 business days and 5-10 business days respectively. The time frame can vary from case to case.

What are the required documents to open the UAE Resident Personal Account?

Emirates ID

Passport copy

Valid UAE Residence Visa

Utility Bill issued within last 3 months for your UAE residential premises, rented or owned

Salary Certificate from employer or contract with the employer (for employees). For investors, it should be the latest corporate document, showing ownership in the company

Any bank may require additional documents based on their special requirements and submitted case.

What are the required documents for opening a Non-Resident Personal Account in UAE?

Passport Copy
Proof of address issued within the last 3 months
CV

Document proving the source of the applicant’s income (it can be the latest 3 months personal bank statement or corporate bank statement which applicant owns). Make your application process hustle-free and hire a Professional Business Consultant when applying to the UAE Non-Resident Bank Account. Contact Moon Business Services for free expert advice.

Can I have two bank accounts with different UAE banks?

Yes, you can have as many bank accounts as you like in different UAE banks. There are several reasons to have more than one Bank Account. You can check the benefits of having an alternative corporate bank account in one UAE banks for your company in our expert blog.

Is the presence of the signatory required to apply to Bank Account Opening in UAE?

Yes, the presence of the signatory is mandatory to apply to Bank Account opening in UAE. The banker should verify the original passport and meet the signatory personally. This rule is valid for all UAE Bank Accounts: Resident, Non-Resident and Offshore Bank Accounts in the UAE.

What is the initial deposit to open the Corporate Bank Account in UAE?

There is no min amount of money required to open a bank account or the initial deposit in order to open the Bank Account, like in other countries. However, UAE banks require to maintain a monthly average balance for the Bank Account. During applying for Bank Account opening in the UAE, the specific package will be chosen upon your needs.

What is the CRS in regards to reporting the Bank Account details?

Please, check our expert blog to know more about CRS in the UAE banking system and what Bank Accounts are considered to be reportable and non-reportable.

Still have questions? Please, contact our Experts in UAE Corporate Services and Bank Account Management for the professional advise at info@Moonbusiness.com or call by clicking on the form below.