Open a Bank Account In The UAE

Opening a Bank Account in the UAE: A Guide for Entrepreneurs

The UAE is one of the hottest up-and-coming countries to move to, attracting around 200,000 newcomers every year. It’s a place where you can enjoy the sea, fast-paced city life and so much more all in one place!

If you’re moving to the United Arab Emirates, you’ll need a bank account. Having a bank account (or accounts) will make it easier for you to move money around and pay for goods and services in your new country.

To make things easier for you, we’ve put together a quick guide to opening a bank account in the UAE. Let’s dive in and learn everything you need to know about the many banking services available in the UAE!

An overview of banking in the UAE

Before we get into how to open a bank account in the United Arab Emirates, let’s take a minute to talk about the banking sector. The UAE has a banking system that’s regulated by a central bank.

In addition to the central bank, there are approximately 50 international and local banks scattered throughout the country. The banking system is considered to be relatively stable due to banks’ liquidity buffers and resilient capital levels.

Most banks in the UAE are funded by deposits. Their strong capital levels provide a large buffer to absorb any losses.

There are four different types of banks in the UAE. These types of banks include

Commercial banks

Investment banks

Industrial banks

Islamic Banks

Islamic banks are a type of bank that has grown in popularity. In recent years, banks in the UAE have worked to extend their banking services to consumers with Islamic financial requirements. This is important for the many Islamic citizens living in the country.

There are currently 23 Islamic banking windows and 8 fully-fledged Islamic banks in the country.

These institutions account for nearly 20% of the UAE’s banking sector.

Aside from Islamic banks in the nation, the UAE banks also cater to foreigners and international consumers. They have adopted several international regulations and offer all their banking services in both Arabic and English.

A few international regulations that UAE banks comply with include:

• International Accounting Standard
• International Financial Reporting Standards
• Capital Adequacy Regulations from the Basel III Regulations

Opening a business bank account in the UAE can be a challenging process, as you need to go through several strict compliance procedures mandated by the UAE Central Bank. With our bank account opening service, this doesn’t have to be the case. Our team will help you open a bank account, guide you through every step and ensure you have a hassle-free experience.