Opening an account in Dubai - Requirements, Process & Costs

Opening an account Dubai

Opening accounts in Dubai is becoming increasingly popular. On the one hand, because more people are emigrating to Dubai and require local banking solutions. But particularly among non-residents, banks are very popular due to the high security and modern online banking.

For over 10 years, we have been assisting individuals with account openings and banking solutions in Dubai. This includes both local banks like ENBD, as well as major international banks such as HSBC, Citibank, and others.

Advantages

The main reasons at a glance why you should open an account in Dubai.

High security

In the UAE, there has never been a bank run or bank failure throughout history. The banks offer high security.

Modern Online Banking

Compared to other offshore banks, Dubai offers modern online banking via desktop or mobile app.

Multicurrency

Depending on the bank, over 30 different currencies are offered and supported.

IBAN

The banking system in the UAE is built with an IBAN, similar to Europe.

Support

Every bank has English as its corporate language, and you can get very good support in it.

Process

We will support you step by step with your account opening in Dubai.

1. Consultation

In the first step, we'll advise and consider whether Freezone or Mainland makes more sense, which location is suitable, and how the company should be structured.

2. Company Formation

Subsequently, the company is founded, along with the founding documents and office address. For Mainland companies, we assist with EJARI registration.

3. Emirates ID / Visa

Upon establishment, entry is via EVISA. Following this, a medical test and biometrics will be conducted locally in Dubai, after which the EID and RV will be issued.

4. Opening an account

Once the Emirates ID is obtained, we will proceed with opening bank accounts, both personal and business, along with debit and credit cards.

5. Tax registration

To remain tax-compliant, we register the company with the FTA and advise on compliance and legal tax optimisation.

6. Ongoing support

We are your ongoing point of contact for all matters relating to company formation in Dubai, from taxes and banking to visas and emigration.

Ready for Dubai?

Our Services

We provide comprehensive support for opening an account in Dubai.

FAQ

Here are the most frequently asked questions about opening an account in Dubai.

How much does it cost to set up a company in Dubai?

The costs of setting up a company depend heavily on whether a mainland or free zone company is required, what licenses are needed, and ultimately how many visas the company should carry.

These 3 aspects are crucial for the costs.

How long does the process take?

The company formation process typically takes 1 week. Afterwards (optional), entry takes place to complete the medical test and biometrics for the Emirates ID. This in turn takes a week. Additionally, account opening takes a few working days on-site.

Will my family also get a visa?

Yes, you can sponsor the family's VISA as a husband or apply for their VISA, or you can employ family members in the company.

Do I have to live in Dubai?

No, you don't have to live in Dubai to be able to run a company here. However, you should enter the country 1 to 2 times a year to maintain your visa.

What is the difference between Freezone and Mainland?

The key difference is that Freezone companies can only operate within a Freezone and globally without restriction. They are not permitted to provide services on the mainland. Anyone wishing to sell goods or services on the mainland requires a mainland company.

Are there differences within the free zones?

Yes, each free zone has its own licences and infrastructure. For example, JAFZA offers a port and warehousing, while DIEZ, for instance, has many licences for (digital) services.

Do I absolutely need an Emirates ID?

An Emirates ID is mandatory for opening local accounts on site. If you emigrate, you may also need it.

Does Dubai Setup also support emigration?

Yes, we offer support not only for company setup but also holistically for emigration.

What are our customers saying?

Experiences

For years, we've been helping people with emigration, company formation, real estate, foundations, and much more in Dubai. We're therefore incredibly proud of the genuine reviews we've received from our clients. (Source: Google And Trustpilot)

“From the initial contact to the final implementation, I was guided professionally, quickly, and, above all, transparently. All of my questions were answered thoroughly, and you can tell there's real expertise here. RecommendedFor all those looking to emigrate to Dubai or start a business in the UAE.“

Gernot Kleindienst

CMO Heartbeat Consulting

“I established my company in Dubai through Dubai Setup and am absolutely delighted with the entire process. The team was extremely competent and professional from the outset, and also German-speaking, which greatly simplified communication and understanding of the local requirements.”

Philip Manhart

Founder Aladdin Media

“Clemens guided me through the entire process and was always available with a quick answer when I had questions. Even when questions arose that were “outside” the scope of the service, the Dubai Setup team offered advice. In summary, I can recommend Dubai Setup's service.”

Vincent Hahl

Founder of DISO GROUP

“Dubai Setup has delivered exactly what I needed to be able to focus on my core business in the UAE!
The route to the company was clearly laid out and quantified, there were no surprises whatsoever and the deadline was even shortened through internal optimisations! Recommended!”

Dirk Osada

Founder OSENM

“Dear Dubai Setup team, I am very pleased to have found you and simply want to say “thank you!” for the very good and transparent advice regarding my company formation and the excellent service. Top job, this simply must be acknowledged. Many thanks to the Clemens team!”

Alexander Felix

Founder Fit Consulting Group

“Everything went smoothly, from company formation, visa application to the detailed explanation of how everything works in Dubai. Competent, transparent and extremely helpful. I can recommend it without reservation, the best contacts for setting up a company in Dubai.”

Christoph Feldmeier

Founder ONLYVISION

Clemens Kohlbacher

Dubai Setup Specialist

office@dubaisetup.co

Contact

Do you have questions about setting up a company, tax, or emigrating to Dubai? Contact us now via the contact form., WhatsApp, Email or book an appointment for a Initial consultation without obligation.