Jitendra Business Consultants can help businesses in opening corporate or business bank accounts with regional and foreign banks in Dubai and UAE. All commercial banks and financial institutions in the UAE are regulated by the Central Bank of the UAE. In the wake of recent global financial initiatives against money laundering, tax evasion and terrorist financing activities, UAE Central Bank, in line with the international standards has introduced certain compliance requirements on financial institutions and on customers opening offshore companies.
Know Your Customer (KYC) & Due Diligence Requirements for the Opening of a Bank Account in Dubai, UAE
Many foreign entrepreneurs operating their business worldwide through UAE offshore companies or having small facilities commonly known as flexi desk or E office in the free zone are finding challenges to open and operate a bank account in Dubai UAE due to recent Anti-Money Laundering (AML) and Combating Financial Terrorism (CFT) regulations issued by UAE Central bank. All the banks in UAE are asking more and more documents about the Ultimate Beneficial Owner (UBO) including personal profile and website showing the business information under Know Your Clients requirements.
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Information on Sanctioned & High-risk Nationalities
Countries | Resident | Non-resident | Comment |
Russian | Yes | No | Cannot make transfers to Russia currently |
| Syria | Yes | No | USD account is not allowed |
| China | Yes | No | Import & Export business, General trading business and Textiles business are temporarily stopped |
Sanctioned Countries
Cuba, Myanmar, Iran, North Korea, Ukraine (Crimea), Sudan and Syria.
High-Risk Countries
Iraq, Nigeria, Russia, Somalia, Ethiopia, Serbia, Yemen, Kenya, Uganda, Saint Kitts, Nevis, Anguilla, Malta, Cyprus, Zimbabwe, China and Libya.
Unacceptable /Prohibited Client Relationship
- Non-resident Individual customers who are nationals or residents of Sanctioned Countries.
- Entities (based outside of UAE) that are incorporated or registered in Sanctioned and/or High-risk Countries.
- All Iranian nationals or those born in Iran (applicable to both individual and entity accounts). This also covers entities, wherein they are partners or holding key management positions.
- Small and Medium General Trading Entities that are incorporated or registered in Free Zones and do not have a clear line of business or dealing in Jewellery and gold Except entities registered in DMCC with the clear ownership structure
- All entities which into the business of Exchange Houses, Hawala business, encrypted currencies.
Required Documents to Open a Bank Accounts in Dubai, UAE
General Documents Needed for Bank Account Opening for Corporate:
- Valid passport with entry stamp
- Proof of residence address
- Company Profile
- KYC form duly filled with business information
- All original Company Documents-MoA and trade license and resolution
Offshore Company Account Opening Requirements
- Six months bank statement for the parent company and or the client personal account.
- Contracts with customers & suppliers if possible.
- Invoices to be used as evidence on some of the mentioned transactions on the statement (3-5 invoices would suffice).
- Reference letter from the client’s bank in his country.
- Newly established offshore entity (in UAE) i.e. 3 years and below, should provide documentary evidence of running a similar business (not offshore) at least for 3 years in either UAE or another country & Parent company audited financial statements or financial statement of the offshore for those already existing for 3 years might be required. P.S: if the account is opened for savings & investments only then audited financial statements could be skipped.
- A business plan may be requested on case to case basis and the same will be mandatory for a consultancy business.
- The legal documents for the company’s formation in UAE & the owner’s IDs.
- Proof of address for all the partners as a gas or electricity bill.
Free Zone Company Account Opening Requirements
- Provided the owner has a UAE visa or if the owner appoints a POA who has residency visa.
- Six months bank statement for the mother company and or the client personal account.
- Invoices to be used as evidence on some of the mentioned transactions on the statement (3-5 invoices will suffice).
- Reference letter from the client’s bank in his country.
- The legal documents for the company’s formation in UAE & the owner’s IDs.
- Placing a small investment amount facilitates the process
Requirements for Non-Resident Personal Account
- Passport copy + entry stamp to UAE.
- 6 months bank statement from your bank.
- Reference letter from your bank.
- The source of wealth & source of income so,
- If it was an owned company then I will need the bank statement for the company as well + the trade license.
- If it was a salary then I need the salary to be shown on the personal statement.
- If it was commissioned, I will need some any supporting document for that.
- If it was owned properties then I need the title deeds + rental contracts.
- The source of income & wealth could be a mix between all the mentioned above.
Enhanced AML/CFT Law Made Challenging the Opening of the Bank Account in the UAE
How a UK Citizen Can Open a Corporate Bank Account in the UAE?
How Jitendra Business Consultants Can Help You?
- We recommend the most suitable bank for your business needs.
- Liaise with the banks until the bank account is opened.
- Guide you to prepare and compile the required documents
- Brief you on KYC requirements of the banks
If you need additional assistance or have any questions, please contact the following:
Email: info@freezonesuae.com
Tel: +971 4 343 8022
