Opening a bank account in the UAE
Bank accounts for individuals and companies
Have you started your own business, but banks are reluctant and slow to process your account application? Are bankers asking for too many documents or trying to sell you insurance packages you don’t want?
For corporate accounts, prepare
Fee
AED 10,000 to AED 50,000
Personal documents
CV, EID Passport,
Company documents
License, Moa, Ejari
Bank statements
6 months
Corporate account
Freezone – Mainland
Service fees for opening an account can be found in the tab -> Price list. Fees vary, but the required documents and process are usually the same.
Most banks require you to arrive in the UAE to open an account, but not all. I offer accounts in AED, USD, and Euro.
Shareholder details
Passport scan, Emirates ID scan, Resident visa, Company shareholder CV
Company documents
License, Memorandum, Proof of office rental, Ejari or tenancy contract. *Sometimes photos of the office with a sign
Proof of income
Company license outside the UAE, 6 months of private or company account statements
Customers and suppliers
5 potential customers and 5 potential suppliers
Email and phone number
Almost all banks require a local mobile phone number
Address in the UAE
A residential address in the UAE is required, even if the customer does not live in the UAE. I sign a document for customers stating that I am hosting them at my address, and this is sufficient for the banks. Banks do not send correspondence by traditional mail, and couriers can only deliver cards to persons with a fingerprint registered under Emirates ID.
Mainland
A Mainland business account, even if the company’s activity is restricted (e.g., general trading, petroleum trading), takes much less time and fewer procedures, and it can be assumed that the account will be ready within 5-10 days.
Freezone
A Freezone Company account will take much longer, and I cannot accept every order. There are zones that banks do not want. If I accept the order, it must be assumed that we will have to wait longer for the account.
Trading Company LLC
PROCESS and cost brakedown
Trading Company LLC
GOVENRMENT FEES AND OUR FEES
TOTAL 29,600 – 35,100 AED
- Our Setup Fee 10,00 AED
- License Specific Activity – 8,000 – 12,300 AED
- Office Ejari – 7,500 – 10,000 AED
- Single investor Visa, 4,100 AED
- *extra investor Visa +3,600 AED
Govenrnment and service costs
OUR service fee – 10,00 AED – separate – you can book a service by clicking link below here or at the Pricelist page.
Government fees Clients pay independently. Most of the cases we open company online, and then the license payment is done before arrival to UAE.
License cost for an LLC starts from 8,120 AED Some licenses can cost up to 23,600 AED (General Trading) depending on Activity. – These payments can be done by card on government website.
Office ejari, for virtual office will cost 7,500 AED if you do not need employees, and will go up to 10,000 AED if you shall require hiring staff.
Process takes up to 3 days
Visa process in UAE
Day 1. Establishment card. after approval we make Entry permit.
Day 2-3. Entry permit is approved and we process Change status. Same Day we attend Visa Medical test, Emirates ID Biometrics – Attend fingerptint collection for Emirates ID.
Day 4. We make application for Visa stamping. Visa is digital, no stamp on the passport
This process might take longer in high season – October-April
Company bank Account
Company bank Account requires documentation.
- Bank statement from home country, personal and company in Engish.
- Proof of income – company license in English.
- Company profile, 5 buyers and 5 suppliers.
- 5 invoices from company in home country
- Dubai Company and personal Documents.
- Most of the banks require visiting in the branch, some require office inspection. Some do not require bank statement from home country.
Stage 1. After Entry to UAE
Company is ready and now we need to issue Resident Investor Visa for company owner/owners. This process cannot be done without presence in UAE. I will be with you all the way, and you will be paying fees directly to counters.
- Establishment card 570 AED
- Immigration entry permit 1,130 AED,
- Change status 680 AED
- Medical test VIP 755 AED (slow for 300 AED), Emirates ID 356 AED,
- Visa stamping VIP 700,
- AED Personal bank opening – 0 AED
Proces takes 3 days in months april-september and it takes 5-14 days in months october-march
Personal Bank Account opening
After Visa stamping we are waiting 5-10 days Government will send Emirates ID to the Post office. These documents are necessary to open any UAE Bank Account.
The personal bank account is in AED, but it is possible to get Euro, USD Etc. Some banks send ATM cards to clients’ home countries for 250 AED. Other banks print a card on the spot. Some require attending the branch, some have smart app. Fastest option takes 50 minutes. Bank account opening is Free. The process is completed in Emirates.
Having a company in UAE
Your company license requires renewal every year.
Your Investor resident Visa has 3 years of validity.
You can freely issue invoices from your UAE company globally, when invoicing local UAE companies you should Include 5% VAT. For outside UAE for services its 0% export VAT
After reaching 360,000 AED turnover you should register at FTA and get TRN number.
F.A.Q.
Trading Company Questions
Can you make Company for me without me coming to UAE?
Sadly, no. We can create a company before your arrival, but company will not get a bank account unless you have a residency Visa and Emirates ID.
Will EU know I have account in UAE?
There are agreements between UAE and EU about flow of information data regarding non resident bank accounts. In 7 years in business not one resident had a leackage of his bank information spilling out of the bank. The Law in UAE requires a Police warrent to give such informations about residents account.
How do I use my UAE money?
You have a personal bank account and a AED card. You use it everywhere around the world. The exchange rates are now about 4%.
Can I pay you Afterwards/when I come?
No. We provide Vip services in ultimate speed timeframes. We don’t undertake assignments in random time, because Dubai is a busy city. We operate on booked slots with clients and in government offices.
Can I get Visa for my Spouse, Partner?
Its a one Visa only per provided documents.
i wANT A GENERAL TRADING COMPANY
General trading company can trade almost anything. The license is more expensive as it starts at 22,100 AED. Problem with this activity is, it is very hard to get a bank account for a new resident. I dont recommend this option.
Resident Visa - Will I Get a Tax certificate?
No. To get a TRC – tax residency certificate from UAE you need to earn money in UAE, have a company or a job, be here 183 days a year and be renting an apartment on long term lease. Then you can apply
Do I have to Live in Emirates?
No. You may live where you want. Remeber your visa has 3 year validity and bank will ask for renewed Emirates ID after your document will Expire. Your license expires every year.
Can I renew my company by myself?
Yes! I never tie my clients to me. After the setup process all logins are at your disposal and you can renew your company yourself.
If you wish to renew with me, it costs 5,000 AED success fee, and government fees, which will be 90% of what you paid for license.
What are the medical Visa tests for?
STD’s and Tuberculosis. Test is from blood and a X ray of chest.
Can I get a Bank Account without coming to UAE ?
Banks Require owner of the company to have a Visa. The Visa process can start out of the UAE, but has to be finished in UAE and you have to come.
What is "Regulated Activity"
Some Activities Require Owners to have relevant work experience or/and Degree in the relevant field.
In other cases The UAE requires to register the company in thee relevant ministry and payment of a fee. For Example Food related traders have additional costs of Dubai Municipality.
Choice of Activities
- There are thousands of activities to choose from for a trading companies. These are ones, that are the most popular.
- Perfumes and Cosmetics trading
- Automobile trading
- Medical equipment trading
- Petrochemicals trading
- Toys and garments trading
- Software trading
- Foodstuff trading
- Wooden Products Trading
Some Activities require extrenal approval.
Convenient
We Come to You
We Collect you from your hotel and drive you around the procedures in the City. you get a plan od your stay and we work since 7 am till 2 pm on your Visa, so the rest of the day you can Enjoy Dubai.
Official
Licensed & Insured
My company and me are locally know. My services are provided legally, officially and in a congruent manner.
Trusted
Satisfaction Guaranteed
Take few scrolls over my social media, where you will find 7 years of satisfied clients and success stories.