In Abu Dhabi, there are two main types of bank accounts: personal and corporate. Personal accounts are for individual use, while corporate accounts are a mandatory requirement for businesses operating in the country and essential for managing finances, handling payroll, and dealing with clients. Both types come with their own set of requirements and timelines.
A corporate bank account is a requirement for businesses registered in Abu Dhabi. It is prohibited by the UAE Central Bank’s regulations to use a personal account for business purposes.
Sovereign PPG can assist in ascertaining the best bank account solution in the UAE by assessing your company's requirements.
To open a personal or corporate bank account in Abu Dhabi, you'll need to provide the following:
For Personal Accounts:
For Corporate Accounts:
Some banks might request an initial deposit or minimum balance to activate your account, so it’s important to double-check the specific requirements before you start the process.
The timeline for opening a bank account in Abu Dhabi can vary depending on the type of account and the bank you choose.
Most banks are able to open a personal account within 1-2 business days if all documents are in order, but corporate accounts tend to take a little longer. Depending on the complexity of your business, this can be anywhere from one to three weeks or more if your business is newly established or if the bank requests additional documentation. To avoid delays, it’s important to ensure all documents are complete and you meet the bank’s criteria.
Yes, non-residents can open bank accounts in the UAE, though there are some restrictions. Most banks offer non-residents the option to open a savings account rather than a current account. These typically come with a debit card for ATM withdrawals and everyday transactions, but don’t usually include services like cheque books.
Non-resident accounts also often come with other requirements, like maintaining a minimum balance, and in some cases, there may be a cap on the maximum balance. Additionally, many UAE banks provide the flexibility to choose the currency for the account, allowing you to hold funds in AED or other major currencies, which can help you avoid currency conversion fees.
To open a non-resident bank account in the UAE, you’ll need to provide the following documents:
In most cases, you have to be physically present in the UAE to open an account because the bank requires your signature on the application and other documents, which should typically be witnessed by a bank officer.
That said, there are alternatives if you’re based abroad and can’t visit the country in person. By appointing a financial advisor or representative, you can have someone handle the process on your behalf. They can assist with completing the paperwork, collecting required documents, and even managing transactions remotely.
Sovereign PPG has extensive experience navigating the UAE's banking and regulatory systems, helping businesses and individuals open bank accounts in Abu Dhabi with ease. From preparing the necessary documents to liaising with banks and handling any complications, we provide end-to-end support to ensure a smooth and efficient process.