Opening an account in Dubai - requirements, procedure & costs

Opening an account Dubai

Opening a bank account in Dubai is becoming increasingly popular. On the one hand, because more people are emigrating to Dubai and need local banking solutions. But banks are particularly popular with non-residents due to their high level of security and modern online banking.

We have been helping people open bank accounts and banking solutions in Dubai for over 10 years. Both with local banks such as ENBD, as well as with major international banks such as HSBC, Citibank and Co.

Advantages

An overview of the most important reasons why you should open an account in Dubai.

High security

There has never been a bank run or bank failure in the UAE in its entire history. The banks offer a high level of security.

Modern online banking

Compared to other offshore banks, Dubai offers modern online banking via desktop or mobile app.

Multi-currency

Depending on the bank, over 30 different currencies are offered and supported

IBAN

The banking system in the UAE is structured with an IBAN, similar to Europe.

Support

Every bank has English as its corporate language and you get very good support in English.

Procedure

We support you step by step in opening a bank account in Dubai.

1st consultation

In the first step, we advise and weigh up whether Freezone or Mainland makes more sense, which location is suitable and how the company should be set up.

2. company formation

The company is then incorporated, including the incorporation documents and office address. For Mainland companies, we help with EJARI registration.

3. Emirates ID / VISA

After establishment, entry is via EVISA. A medical test and biometrics are then carried out on site in Dubai in order to obtain the EID and the RV.

4. account opening

As soon as you have the Emirates ID, we start opening bank accounts, both private and business, including debit and credit cards.

5. tax registration

In order to remain legally compliant from a tax perspective, we register the company with the FTA and advise on compliance and legal tax optimization.

6. ongoing support

We are your ongoing contact for all questions relating to company formation in Dubai. From taxes and banking to VISA and emigration.

Ready for Dubai?

Our services

We offer the complete support for bank account opening in Dubai.

FAQ

Below are the most frequently asked questions about opening a bank account in Dubai.

How much does it cost to set up a company in Dubai?

The cost of setting up a company depends heavily on whether a mainland or freezone company is required, which licenses are needed and ultimately how many VISAs the company should carry.

These 3 aspects are decisive for the costs.

How long does the process take?

The company formation process usually takes 1 week. This is followed by (optional) entry to carry out the medical test and biometrics for the Emirates ID. This again takes one week. The next step is to open an account, which takes a few working days on site.

Will my family also get a VISA?

Yes, you can sponsor your family's VISA as a spouse or apply for their VISA or hire family members in the company.

Do I have to live in Dubai?

No, you do not have to live in Dubai and run a company here. However, you should enter the country once or twice a year to maintain your VISA.

What is the difference between Freezone and Mainland?

The key difference is that Freezone companies can only operate in Freezone and worldwide without restriction. No services may be provided locally in the Mainland. Anyone selling goods or services locally requires a mainland company.

Are there differences within the free zones?

Yes, each free zone has its own licenses and infrastructure. For example, JAFZA has a port and storage facilities, while DIEZ has many licenses for (digital) services.

Do I absolutely need an Emirates ID?

An Emirates ID is mandatory for opening local accounts. It may also be required in the event of emigration.

Does Dubai Setup also support emigration?

Yes, we not only provide support with the company setup, but also with the entire emigration process.

What do our customers say?

Experience

For years we have been helping people with emigration, company formation, real estate, foundations and much more in Dubai. We are proud of the genuine reviews we have received from our clients. (Source: Google & Trustpilot)

From the first contact to the final implementation, I was supported professionally, quickly and above all transparently.

I particularly appreciate the fact that the team speaks German, which makes you feel immediately understood and in good hands in a complex environment. Every one of my questions was answered in detail and you can tell that there is real expertise here.

For all those who are thinking about setting up a company or emigrating to Dubai: absolute recommendation!

I set up my company in Dubai via Dubai Setup and am absolutely satisfied with the entire process. The team was extremely competent, professional and German-speaking right from the start, which made communication and understanding the local requirements much easier.

If you are looking for serious and professional advice on setting up a company in Dubai, you have come to the right place. Many thanks for the great support - I can recommend the service without reservation!

Clemens guided me through the entire process and was always available to answer questions quickly. Even when questions arose that were "outside" the scope of the service, the Dubai Setup team was on hand with advice. In summary, I can recommend Global Setup's service to anyone.

Dubai Setup did exactly what I expected so that I could concentrate on my core business in the UAE! The path to the company was clearly shown and quantified, there were no surprises and the deadline was even shortened through internal optimizations! Absolutely recommendable!

The Dubai Setup team provided me with comprehensive and confident advice before I emigrated from Austria and set up my company abroad. The subsequent implementation went very quickly and I am currently fully satisfied with my international company structure.

I was a bit skeptical at first because you hear and see a lot of dubious things on the market, but I can't confirm that at all with Dubai Setup and Clemens! 🙂

From the first contact 2 months ago to the complete processing, everything went super professionally and extremely quickly! I was so impressed with how smoothly bureaucratic processes can run here.

All in all, a clear recommendation from me for the team at Dubai Setup and Clemens! 🙂

Clemens Kohlbacher

Dubai Setup Specialist

office@dubaisetup.co

Contact

Do you have questions about setting up a company in Dubai? Contact us now via the contact form, e-mail or book an appointment for a non-binding initial consultation.