How to open a bank account in the UAE in 2025: a step-by-step guide

A bank account is essential for living and doing business in the UAE. The conditions for opening an account depend on the bank you choose and whether you have a residence visa. Banking products for individuals and companies vary — each type of customer has its own list of requirements and options.
There are 23 local banks and 28 branches of European and American banks operating in the UAE. Almost all of them offer account opening services for UAE-registered onshore companies and residents, but some branches may currently impose sanctions on Russian citizens. All financial institutions are supervised by the Central Bank of the UAE (CBUAE), which monitors compliance with regulatory standards.

When opening an account, company owners carefully select a bank. But banks, in turn, carefully study potential clients. They pay attention to:

• the type of company (offshore or onshore);
• ownership and management structure;
• the field of activity (especially if it involves financial transactions);
• the presence of individuals from countries on the bank's sanctions lists among the founders or beneficiaries;
• the client's willingness to quickly replenish the account and use additional banking services — insurance, investments, etc.

Opening an account for an offshore company in Dubai in 2025 remains possible, but is fraught with a number of difficulties. Banks are imposing stricter requirements: the minimum account balance is higher than for onshore companies, and the application review period can take up to several weeks. The package of documents is also more extensive, as the bank carefully checks the company's structure, sources of funds, and business activities. After a surge in applications in 2022, many banks reduced the number of offshore accounts or stopped opening them altogether. Today, the chances of approval are significantly higher if the company has real operational activities and professional support when submitting the application.

An account for an onshore company (registered in a Free Zone or Mainland) is a standard option that most UAE banks are willing to consider. Such companies are perceived as more transparent because they have a license, a legal address in the country, and the ability to conduct real business in the Emirates. Quite a lot of documents will be required, but the conditions are much more favorable than for offshore companies.

It may vary slightly depending on the bank, emirate, and type of company, but in most cases includes:

• Articles of association, memorandum of association;
• Certificate of registration, licenses obtained;
• Detailed business plan (especially important for new companies);
• Lease agreement or utility bills confirming the address;
• Resume, description of the founder's professional experience;
• Bank statements for the founders' accounts for the last 6 months (sometimes a company statement is required if it is already operating in another jurisdiction);
• Proof of origin of funds for the initial deposit into the account;
• Passports, visas, Emirates IDs of the founders;
• Information on several clients or partners, current contracts;
• Completed bank forms for the company and founders.

Some documents must be legalized.
The time required to open a corporate account in a UAE bank can range from 1 week to 1–2 months, depending on the type of company, the bank's workload, and the completeness of the document package.
In most cases, the founder must be present in person at the meeting with the bank, especially when opening a corporate account. Once the account is opened, it can be used remotely via internet banking.

All individuals in the UAE can be divided into residents and non-residents:

For non-residents
Non-residents can only open savings accounts, and not at all banks. First Abu Dhabi Bank, Emirates NBD, and Mashreq Bank offer such accounts, but the decision is made on a case-by-case basis after a thorough review of the documents.
The account can be opened with internet banking, multi-currency mode, and a debit card, but banks require a higher minimum balance of between AED 25,000 and AED 100,000, depending on the bank.
Required documents:

• Passport and visa (if applicable)
• Statement from your foreign bank for the last 6 months
• Proof of source of funds (income statement, tax return, letter from employer, etc.)
• Proof of address (utility bill, rental agreement)
• Letter of recommendation from your current bank — preferred

For residents
Any UAE bank is available to residents. It is possible to open a savings or current account.
Required documents:

• Passport
• Resident visa;
• Emirates ID;
• Proof of residence (utility bill, rental agreement)

Account maintenance fees in the UAE depend on the bank, account type, and your activity.
Some account options for residents are free of charge subject to a minimum balance (AED 10,000–25,000), otherwise a penalty of around AED 50 per month will be charged.
Internet banking is usually included in the fee, but additional services can cost up to AED 300–600 per year.
Cash withdrawals outside the bank's network are subject to a fee of 3–5 AED per transaction, and 1–3% plus fees abroad. Purchases on foreign websites or in other currencies are also subject to a 1–3% fee.
On average, account maintenance costs are approximately AED 1,000 per year.

• Corporate tax is 0% on profits up to AED 375,000 and 9% on profits above that amount. For large multinational companies with global income > €750 million, a threshold rate of 15% will apply from 2025.
• Corporate tax — 20% for foreign banks and 55% for oil and gas companies.
• VAT — 5% on most goods and services; tourists can obtain a refund when exporting goods from the country
• Excise duties apply to tobacco products, energy and carbonated drinks, and electronic cigarettes (50–100%).
• Toll roads — in Dubai, you will have to pay AED 4 for travel on toll roads.
• Service charges in hotels and restaurants — it is common practice to include a 10–15% service charge and municipal tax (~10%) in the guest's bill.

The UAE's tax system is one of the best in the world — there are no taxes on personal income, dividends, capital gains, or inheritance. Thanks to low taxes, a transparent regulatory system, a stable financial system, and a high level of confidentiality, the UAE remains one of the most attractive places to do business and store capital.

If you are considering opening a bank account in the UAE, you can write to me on Telegram @Anton_Moskalev. I will advise you on where to start and share the contacts of trusted specialists with whom I work myself.

And if you are interested in moving, business, and investing in the UAE, subscribe to the Telegram channel Real Estate | Investments | Dubai. I regularly share important information there.