COREDO > Corporate Services > Bank Account for Individuals > Opening a Bank Account in the UAE

Opening a Bank Account in the UAE

Opening a Bank Account in the UAE with COREDO

The banks of the United Arab Emirates are supervised by the Central Bank of the UAE (CBUAE), and the dirham is pegged to the US dollar. A stable economy, the absence of currency controls, well-developed infrastructure, and a strategic location between Europe, Asia, and Africa make the UAE attractive for international business.

Since 2016, COREDO has provided professional assistance with opening bank accounts in the UAE for legal entities and individuals, ensuring full support at every stage.

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Cost of the service
from EUR 700

Banking System of the UAE

CBUAE supervision

CBUAE supervises banks’ compliance with the UAE’s AML/CFT requirements and licenses payment service providers.

No currency controls

Funds move freely; the dirham (AED) is pegged to the US dollar at 3.6725 AED per 1 USD.

Free zones

Companies in free zones such as DMCC, JAFZA, RAKEZ, DIFC and ADGM can open corporate accounts; each bank sets its own requirements.

Strategic location

Located between Europe, Asia and Africa, the UAE is a convenient base for companies trading across these regions.

Types of Bank Accounts

The following main types of bank accounts are available in the UAE:

A Corporate Account

is designed for legal entities and is used for conducting business activities, settling payments with counterparties, and managing working capital. The account is opened in AED and, depending on the bank, in USD, EUR and other currencies with access to online banking and international payment systems.

A Payment Institution Account

A Payment Institution Account is an alternative to a traditional bank account. It is opened at licensed payment institutions regulated by CBUAE and is suitable for companies requiring prompt access to settlement services.

A Personal Account

A Personal Account is opened for individuals — both residents and non-residents of the UAE. It is used for receiving salaries, making day-to-day payments, and managing personal finances. UAE residents can open a Current Account with a full range of services. For non-residents, Mashreq Bank, for example, offers a savings account with limited functionality.

A Savings Account

is used for accumulating funds with interest accrual. Terms regarding interest rates and minimum balances vary depending on the bank.

A Deposit (Investment) Account

is intended for placing funds for a fixed term with higher interest rates.

Requirements for Clients

Opening a bank account in the UAE is subject to the strict AML/CFT requirements of UAE law. Banks are obligated to conduct Customer Due Diligence (CDD) and identify the beneficial owner before establishing business relationships. Under the UAE’s AML/CFT legislation, licensed financial institutions must identify and verify every client, whether permanent or occasional.

For legal entities, banks verify the corporate structure, beneficial ownership data (natural persons holding 25% or more, or otherwise exercising control), sources of funds, the nature of planned transactions, and financial statements. Each bank sets its own eligibility criteria for corporate accounts. Some products are open only to legal entities operating in the UAE (free zone, mainland, or offshore), and acceptance of a company registered abroad depends on the bank.

For individuals, banks generally make the full range of banking services conditional on a UAE residence visa. Non-residents have the ability to open a limited set of accounts; those without a UAE-issued identity card are treated as high-risk customers and undergo Enhanced Due Diligence (EDD), and additional minimum balance requirements may apply.

Account Opening Process and Timelines

The process of opening a bank account in the UAE through COREDO includes the following stages:

Client Analysis (preliminary screening).

COREDO specialists analyse the client’s profile, identify suitable banks and account types, and assess the likelihood of application approval. At this stage, primary information about the company or individual is collected and reviewed.

01

Document preparation.

A complete document package is prepared in accordance with the requirements of the selected bank. For corporate clients, this includes the memorandum and articles of association, a document authorising the signatories, financial statements and a business model description. The UAE is not a party to the Apostille Convention, so COREDO prepares documents of foreign origin in the form the selected bank requires, translated into English or Arabic where necessary.

02

Application submission and bank liaison.

COREDO submits the documents to the bank and ensures communication between the client and bank specialists at all stages of review. Where the selected bank requires the personal presence of signatories for identity verification, COREDO arranges the client’s visit.

03

Verification and account opening.

The bank conducts a compliance review of the submitted documents and KYC procedures. Following successful verification, the account is opened and the client receives account details and online banking access credentials.

04

Verification and account opening timelines at UAE banks depend on the selected bank, the complexity of the corporate structure, and the completeness of the documentation.

COREDO Service Fees

Legal Entities

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 300 + VAT
Stage 2 — Bank corporate account	EUR 2,000 + VAT
Stage 2 — Payment institution account	EUR 1,500 + VAT
Non-refundable deposit (Stage 2)	EUR 1,000
Total	from EUR 1,800 to EUR 2,300 + VAT

Individuals

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 200 + VAT
Stage 2 — Bank account	EUR 1,000 + VAT
Stage 2 — Payment institution account	EUR 500 + VAT
Non-refundable deposit (Stage 2)	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The final cost depends on the account type (bank or payment institution) and the complexity of the case; bank and payment institution fees are not included. A non-refundable deposit — EUR 1,000 for legal entities and EUR 400 for individuals — is required upon commencement of Stage 2.

Required Documents

For a corporate account, Cabinet Resolution No. 134 of 2025 requires the bank to obtain the company’s name, legal form, memorandum and articles of association, registered office and, where applicable, tax registration number. The bank also records the names of senior management, checks that persons acting for the company are duly authorised and establishes its ownership and control structure. COREDO’s basic package adds identity documents of directors, beneficial owners and signatories, the beneficial owners’ source of funds, financial statements, a business plan and the bank’s forms.

For a personal account, the bank obtains a true copy of a valid identity card or passport and the client’s nationality, address, date and place of birth and, where applicable, employer. COREDO’s basic package also includes proof of residential address (a utility bill or bank statement not older than three months) and information on the source of funds.

The specific list of documents may vary depending on the requirements of the selected bank and the client’s profile. COREDO specialists provide a detailed document list following the preliminary analysis at the first stage of cooperation.

Advantages of Working with COREDO

COREDO has been operating in the legal and consulting services market since 2016. The headquarters is located in Prague, and services are provided across the European Union and beyond. Working with COREDO when opening a bank account in the UAE offers a number of significant advantages.

Professional analysis of the client’s profile allows identification of the most suitable banking institutions, taking into account the specifics of the business, the ownership structure, and the objectives of account opening. Full document support includes the preparation and review of all required documents in accordance with UAE bank standards. Communication with the bank is handled by the COREDO team, which substantially reduces the likelihood of delays due to incomplete documentation or incorrect formatting. The client receives individual support from an expert throughout the entire process — from the initial consultation to receipt of account details.

Contact us

Our Experts

The COREDO team has been operating since 2016 and supports clients in opening accounts with banks and payment institutions.

Nikita Veremeev

Founder & NED of COREDO. Founded the company in 2016 and personally oversees the strategic development of the business across dozens of jurisdictions.

Pavel Kos

Head of Legal. Has been with the COREDO team since June 2017, responsible for legal support of corporate projects and company registration.

Alena Mach

Executive Director

Daniil Saprykin

Head of Customer Success

Annet Abdurzakova

Senior Customer Success Manager

Frequently Asked Questions

Can a non-resident of the UAE open a bank account?

Yes, non-residents have the ability to open a bank account in the UAE; however, the available functionality is limited: Mashreq, for example, offers non-residents a savings account. To open a current account with the full range of services, a UAE residence visa is generally required. Non-residents without a UAE-issued identity card are treated as high-risk customers and undergo Enhanced Due Diligence (EDD), and increased minimum balance requirements may be imposed.

What are the timelines for opening a bank account in the UAE?

The timeline for opening a bank account in the UAE is set by the selected bank. It depends on the complexity of the corporate structure and the completeness of the documentation.

Is personal presence required when opening an account?

It depends on the bank’s own procedures for initial identity verification of signatories. COREDO informs the client of the specific requirements of the selected bank and, where necessary, arranges a visit to the UAE.

In which currency can a bank account be opened in the UAE?

The primary currency for bank accounts in the UAE is the UAE dirham (AED), which is pegged to the US dollar at a fixed rate of 3.6725 AED per 1 USD. Depending on the bank, accounts are also held in USD, EUR, GBP and other currencies. The absence of currency controls ensures the free movement of funds.

What are the specifics of opening an account for a company from a free economic zone?

Companies registered in UAE free economic zones (DMCC, JAFZA, RAKEZ, DIFC, ADGM, and others) can apply for corporate bank accounts. Requirements and timelines are set by the selected bank; COREDO prepares the free zone documents to that bank’s list.

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If you are planning to open a bank account in the UAE — for a company or for personal purposes — COREDO specialists are ready to provide professional assistance at every stage of the process.

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