Contents
Short answer: a non-resident can open an account, but the conditions are stricter than for a resident, and much depends on the bank. Here is how it works.
Personal account
Not all products are usually available to a non-resident. Banks may offer a savings or investment account and require a minimum balance and proof of income. A current account with a card is more often opened for residents with an Emirates ID.
What is usually requested:
- Passport
- Proof of address
- Proof of income or source of funds
- A reference letter from a bank in your country of residence, if the bank requests one
Corporate account
For a UAE company, banks review the licence, ownership structure, beneficial owners and business model. Details are in the article How to Open a Business Bank Account. It is often better to register the company with a specific bank in mind.
Can it be done remotely, without a trip
Some banks, especially digital ones, accept applications online, but for certain account types and for final confirmation, a personal visit or a video call may be required. Rules change, so confirm with the bank before applying. A comparison of bank types is in the article Traditional and Digital Banks.
How long it takes
The timeline depends on the bank and the complexity of your profile: from a few days to several weeks. The compliance review can take considerably longer if additional documents are needed.
Why banks decline
- A vague description of the business and the source of funds
- Higher-risk activity
- A complex or opaque ownership structure
- Counterparties from risky jurisdictions
How to improve your chances
- Prepare a clear description of the business and sources of funds
- Choose a bank that fits your profile
- Submit a complete package the first time
- Do not apply to several banks without a strategy
The decision is made by the bank, and any "guarantees" are a reason for caution.
We select the bank and prepare the documents: bank account opening.