FAQ - Banks and investments in Dubai

With a residence visa in the UAE, you have access to all banks in Dubai to open a personal account. You can therefore open this account with the same bank as your Free Zone company or with another one. We assist you free of charge with opening it (this service is included in our package). We work with all banks in Dubai, mainly Emirates NBD, Noor Bank, and Mashreq Bank.

Banks offer all the usual investment products: bonds, stocks, gold, investment funds, etc. Depending on the value of your assets, you will be managed by a different department of the bank (Private Banking from USD 1 000 000), giving you access to services and products tailored to your expectations. You can also turn to fund managers within the bank or to independent managers. We can advise you impartially on this subject (we are not paid by bankers or fund managers). Please note that some investments comply with the principles of Islamic finance.

You can buy physical gold (several sizes are available, up to 1 kg bars) or certificates. Safes are available at most bank branches. We do not handle these purchases; you must request them directly from your account manager.

This is entirely possible, since banks have financial platforms that allow you to acquire securities on stock exchanges or units in investment funds worldwide. It is also possible to open a trading account with the broker of your choice (SAXO, Alpari, etc.), which often have an office in Dubai.

The new regulations require you to be present in Dubai to open your company’s bank account. We are available to assist you whenever you wish, from Sunday through Thursday inclusive, from 9 a.m. to 6 p.m. Please note that the appointment with the bank to sign your company’s account-opening forms may take place even if your company has not yet been registered. We will then send the original documents to the bank as soon as your company is registered. “Would you like to work in Dubai? Discover everything you need to know about opening a bank account there.” Which bank can I open a bank account for my Free-Zone company with? We mainly work in the Emirates with EmiratesNBD, Mashreq Bank, Noor Bank, and NBAD. If you would like to use another bank, please do not hesitate to ask us, and we will do what is necessary to open your account with the bank of your choice.

Several bank accounts are automatically opened for you: - An AED account. - One or more accounts in foreign currencies of your choice: EUR, USD, GBP, etc. Simply indicate the currencies you want when opening your account (or later, according to your needs).

This is entirely possible, but for your information, two issues may arise: – The loss of banking secrecy, which is guaranteed in the UAE and may no longer be guaranteed in another jurisdiction. – The credibility of your company, which would have a bank account in a country other than the location of the company’s registered office. This could raise certain credibility issues regarding your invoices and therefore have a legal and tax impact on your customers/suppliers. However, this poses no problem for an investment account that would be credited/debited by your account in the UAE (for example, an investment account in Switzerland, but not a business current account).

This is entirely possible, and we will assist you with opening it at the bank of your choice (this service is included in our package).

Timelines vary considerably depending on the bank you choose. The minimum timeframe is 7 days. Some banks (such as EmiratesNBD or HSBC) require extensive documentation and may take several months to open a business account… We will therefore always confirm your expectations with you to select the bank that meets your needs.

Opening a bank account for a Free-Zone company is a decision made solely by the bank. We therefore cannot be held responsible if a bank account is not opened. Consequently, our package includes an obligation of means, not an obligation to achieve a specific result, since we cannot guarantee something that depends not on us but on a third party (the bank). This obligation of means consists of assisting you with opening your bank account, BUT we are not authorized to replace you in this process or to act on your behalf (for example, if the bank asks you for additional information about your business, we cannot respond in your place because regulations prohibit us from doing so). Following the appointments to open the account, banks usually communicate directly with the client rather than through us because of bank secrecy. We are therefore not always aware of the progress of an account-opening application or whether any documents are missing from the file. We undertake to assist you free of charge in opening an account with a second bank if the first bank has refused to open your account or if the opening timescales are too long.

Only the bank can answer these questions because we cannot answer on its behalf. We therefore invite you to ask your account manager directly.

All banks offer credit cards (Visa or Mastercard). We assist you in applying for them through the bank (a service included in our package). Please note that all banks require you to block an amount in your account corresponding to your card's spending limit.

All fees related to opening your business bank account (sending your company's incorporation documents to the bank and assistance with opening the account) are included in our package. Therefore, there are no additional fees to expect for opening your business bank account. For the operating fees of an account opened with EmiratesNBD, Mashreq Bank, Noor Bank, or NBAD, please contact us and we will email you a list of their fees.

Online banking is available at all the banks we work with. It allows you to carry out all the usual banking transactions (checking your accounts, making transfers within the UAE and abroad, downloading bank statements, secure messaging with your banker, etc.).

Here is the list of documents required to open a non-resident "saving" bank account in Dubai with Emirates NBD Bank:

1. The original passport;
2. Proof of address dated within the last 3 months;
3. Bank statements for the last 6 months from your personal account;
4. A reference letter from your current bank, confirming your banking history and creditworthiness;
5. The tax assessment notice and the applicant’s identity card;
6. A detailed CV;
7. Information about the sources of your income and the funds you wish to deposit into the account;
8. The purpose of opening this non-resident account;
9. Information concerning the deposit account.

NB: To finalize your application and open a non-resident bank account in Dubai, you will need to bring the original documents. If the documents you provide are in a foreign language, they will need to be translated by a sworn translator to be accepted. We can help you find a qualified translator if necessary to open a non-resident bank account in Dubai.