COREDO > Opening a Bank Account in the UAE

Opening a Bank Account in the UAE

Opening a Bank Account in the UAE with COREDO

The United Arab Emirates holds a leading position in the Middle East in banking and financial services. A stable economy, the absence of currency controls, well-developed infrastructure, and a strategic location between Europe, Asia, and Africa make the UAE one of the most attractive financial centres for international business.

COREDO provides 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 700 EUR

Types of Bank Accounts

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

A Corporate Account

is designed for legal entities registered in the UAE or abroad and is used for conducting business activities, settling payments with counterparties, and managing working capital. The account is opened in AED, 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 is opened for individuals

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, a number of banks, including Emirates NBD and Mashreq Bank, offer specialised savings accounts 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 strict AML/CFT requirements established by CBUAE. Banks are obligated to conduct Customer Due Diligence (CDD) and identify the beneficial owner before establishing business relationships. In accordance with Article 8 of Cabinet Decision No. 10 of 2019, licensed financial institutions must identify and verify all clients regardless of the nature of the business relationship.

For legal entities, banks verify the corporate structure, beneficial ownership data (with disclosure of stakes from 25%), sources of funds, the nature of planned transactions, and financial statements. A mandatory condition for opening a corporate account is having a registered company in the UAE (in a free economic zone, on the mainland, or in an offshore format), although some banks also serve companies registered abroad.

For individuals, the primary condition for receiving the full range of banking services is holding a UAE residence visa. Non-residents have the ability to open a limited set of accounts; however, Enhanced Due Diligence (EDD) procedures and additional minimum balance requirements apply to them.

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 incorporation documents, a trade licence, a resolution appointing signatories, financial statements, and a business model description. Documents of foreign origin are subject to legalisation (apostille or consular legalisation) and, where necessary, translation into English or Arabic.

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. A number of UAE banks require the personal presence of signatories for identity verification; where necessary, 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

Standard verification and account opening timelines at UAE banks range from 2 to 4 weeks after submission of the complete document package. Actual timelines depend on the selected bank, the complexity of the client’s corporate structure, and the completeness of the documentation provided. For companies from free economic zones, the process typically proceeds faster thanks to standardised procedures.

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
Opening deposit	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
Opening deposit	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The final cost depends on the type of account being opened (bank or payment institution). The deposit is credited to the client’s account and remains at their disposal after account activation.

Required Documents

To open a corporate bank account in the UAE, the following documents are generally required: a company Trade Licence, a Certificate of Incorporation, a Memorandum and Articles of Association, a board resolution to open the account with specimen signatures, notarised copies of the passports of directors and beneficial owners, copies of residence visas and Emirates ID (if available), proof of residential address of directors and beneficial owners, a description of business activities and planned transactions, and financial statements for the last two years (for operating companies).

To open a personal bank account, an individual will need: a valid passport, a UAE residence visa (for the full range of services), Emirates ID, proof of residential address, and a salary certificate or other proof of income. Non-residents may additionally be required to provide a bank statement from their country of residence for the last six months and a reference letter from an existing bank.

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

Daniil Saprykin

Head of Customer Success at COREDO. Provides operational coordination of the account opening process and liaison with banking institutions.

Pavel Kos

Head of Legal at COREDO. Has been with the company since June 2017 and has headed the legal team since July 2020. Specialises in corporate services, bank accounts, and legal support for clients.

Diana Šnajdr

Customer Success Manager at COREDO. Supports clients at all stages of interaction with banks and monitors adherence to timelines.

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. Most banks offer non-residents savings accounts. To open a current account with the full range of services, a UAE residence visa is generally required. Enhanced Due Diligence (EDD) procedures apply to non-residents, and increased minimum balance requirements may be imposed.

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

The standard timeline for opening a bank account in the UAE is 2 to 4 weeks after submission of the complete document package. For companies from free economic zones, the process may be expedited thanks to standardised procedures. Actual timelines depend on the selected bank, the complexity of the corporate structure, and the completeness of the documentation.

Is personal presence required when opening an account?

Most UAE banks require the personal presence of signatories for initial identity verification. This is related to CBUAE’s AML requirements. 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. Most banks offer multi-currency accounts with the ability to conduct transactions 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) have full rights to open corporate bank accounts. The process is typically standardised and takes from 7 to 21 business days. Banks are familiar with free zone documentation and have clear requirements for such companies.

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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.