Opening an account in Dubai

Many businessmen and companies are interested in investing in Dubai for many reasons. All business transactions for individuals or companies require account opening. This article covers all the twists and turns and information that a person needs to open an account in Dubai.

How many steps are there to open an account in Dubai?

Many Iranians immigrate to the UAE for work, education or business. One of the most important aspects of immigration is opening an account. Opening an account for Iranians has specific steps that are addressed.

1. Do your research to find the best bank.

The first step to start opening an account in Dubai is to research the banks and their terms and conditions. You need to find a bank that meets your financial and business needs. Dubai has many banks, but the most reliable ones include the Emirates NBD, Mashreq Bank, Dubai Islamic Bank.

2- Get legal advice before opening an account.

After you have read the conditions of the banks and found the right bank for you, it is better to consult a lawyer specializing in banking and legal matters. Your lawyer will ensure that you comply with all the rules and regulations and face the least administrative hassles in opening an account.

3- Complete the special bank forms.

After finding the bank of your choice and consulting with an expert lawyer, you must fill out the bank's forms to open an account. This form includes personal information, company information (if any), sources of income and other related information.

4- Identity verification

All banks around the world will ask you for valid identity documents to open an account. These identification documents include: a passport, Emirati residence and active Emirati contact number. So, to open an account in Dubai, you need valid identification documents.

5- Confirm your financial sources.

To open an account for Iranians, most banks in Dubai require documents in which you declare your financial sources. These documents include bank transactions and financial records.

6- Pay the bank fee.

Many banks in Dubai charge you a fee for opening an account. This fee varies from 500 to 1000 dirhams according to your conditions. In addition to the fee for opening an account, many banks also set a minimum balance that must remain in your account. In addition to the commission fees, you have to pay additional fees such as check book and bank card. Some banks charge fees for transfers, ATM withdrawals, etc.

After completing all the above 6 steps, the bank will open an account for you. After opening, you can use that account to make your transactions

Which are the best banks in Dubai?

As mentioned, Dubai has different banks, but 3 of them are more reliable than others, which we will discuss.

1- The Central Bank of the Emirates

Emirates Bank NBD is the largest and most reliable bank in Dubai. This bank was established about 50 years ago. This bank offers different types of accounts such as current and savings accounts. In addition to various accounts, this bank offers services including loans, credit cards, and financial and asset management.

2- Mashreq Bank

Mashreq Bank is one of the first banks established in Dubai, which is also the best bank in Dubai. Mashreq Bank provides all the services expected from a bank.

3- Dubai Islamic Bank

Dubai Islamic Bank is the first Islamic bank in Dubai that offers special Islamic banking services Gives. Due to the quality services of this bank, Dubai Islamic Bank is known as one of the best banks in Dubai.

How is opening an account in Dubai for Iranians?

Opening an account for Iranians has special conditions due to sanctions. To open an account, you need complete identity documents including passport and UAE visa. In addition, you must prove your financial resources and income. For Iranians who are not residents of the UAE, opening an account is more complicated and they need detailed legal advice. Account opening costs for Iranians may vary slightly and should be inquired about. After completing all the account opening steps, your account is opened and you can make financial transactions through it.

Conditions for opening an account in Dubai

Opening an account in Dubai without residency is also possible. Some banks allow people who do not reside in Dubai to open an account under certain conditions. To open an account, you need a passport and financial documents. The minimum amount of money required to open and keep an account is 3000 dirhams, which is not a significant amount in Riyal terms. Some banks open their account online and you can open an account by presenting your identity and residency documents. But it should be noted that most of the time, you have to visit the bank branches in person to open an account.

In the end

In general, opening an account in Dubai banks is a complex and time-consuming legal process, and people usually use the help of legal experts in this field. Our advice to you is that before starting to open an account, be sure to consult with your trusted lawyers and read all the terms and conditions of the banks and do this by comparing and complete information so that you deal with the least possible trouble. 

Phil website, by providing comprehensive and practical information about legal and immigration services in Dubai, has created a reliable platform to guide and facilitate the process of immigration and starting a business in Dubai. By utilizing the services of this website, you can enter the Dubai business market with greater confidence and awareness.