In the banks of the Emirates you can open:

• a personal account in the UAE;
• a corporate account in the UAE.

Getting approval is not always easy. Banks in the UAE take a number of factors into account when assessing a potential depositor, reviewing their documentation and during the interview process. However, there are certain circumstances in which a bank may reject an investor outright, even if other information about them looks positive. Here are the main reasons why Emirati banks may refuse to open an account:

1. The potential investor does not provide or does not have the required documents.
2. The potential investor's account has already been frozen by another Emirati financial institution.
3. The business owner refuses to meet with a bank representative. 
4. The client has no proof of source of income or previous business activity.
5. The client shows frequent inconsistencies in the turnover of the business account or has failed to meet the minimum balance requirements on the personal account.

To minimize risks, it is necessary to:

1. Check the documents submitted to the bank for completeness and accuracy of information. Ensure that all necessary documentation has been collected and meets the bank's requirements. This may include passports, visas, proof of address and proof of income.
2. Research the requirements of the specific bank. Different banks may have different account opening requirements, including minimum deposit amounts and a list of required documents. Familiarise yourself with the terms and conditions in advance.
3. Prepare a business plan (if you are opening a business account). If you are planning to open a business account in the UAE, a clear and structured business plan will help convince the bank that you are serious.
4. Prepare additional documents. Some banks may ask for additional documents, so be prepared to provide them.
5. Keep abreast of changes in legislation. Legislation in the UAE is subject to change and it is important to keep abreast of any new developments that may affect the account opening process.
6. Seek expert advice. If you are in any doubt about the process or requirements, it is advisable to seek advice from consultants who specialise in opening accounts in the UAE.

By following these tips, you can significantly increase your chances of successfully opening an account in the UAE and avoid common mistakes.

The first step is to double-check the documents you have submitted to the bank. If you have already been refused several times, it is advisable to contact specialists who work with local financial institutions and are familiar with their peculiarities. Ask such an organisation to carry out a preliminary review of your documents, which will include a detailed analysis and recommendations for improvement.

Companies operating in the local market have reliable professionals and established relationships that allow them to deal effectively with different situations. They will help you understand the reasons for rejections, identify weaknesses in document preparation and presentation, and prepare all the necessary materials to successfully open an account in the UAE.

Contact us now! Consultation with our specialist on opening a corporate account in Dubai will allow you to collect the necessary documents in time, prepare thoroughly for the meeting with a bank representative and successfully become a client of your chosen bank.

Contacts

United Arab Emirates, Dubai, Barsha Heights, I-Rise Tower, 29th Floor, Office 5