If you’re an entrepreneur or investor looking to establish a presence in the UAE, you need a non-resident bank account. This account helps you manage your investments and business operations, and take advantage of the low UAE tax structure.
What is a Non-Resident Bank Account in UAE?
A non-resident bank account is only for individuals who don’t have a valid UAE residence visa. If you’re someone who mainly lives outside the country but operates a business or manages investments locally, this is the bank account you will need.
But who is considered a non-resident in the UAE?
- Overseas entrepreneur
- Tourist
- Frequent business traveler
- Global investor
Features | Non-resident bank account | Local bank account |
Primary account type | Savings account with debit card | Current account |
Purpose | Holding wealth, receiving business dividends, making international transfers, asset payments | Receiving your monthly salary, paying local bills, rent, day-to-day spending |
Minimum balance | Generally higher | Generally lower |
Credit cards | Not available | Available |
Cheque books | Rarely issued | Are issued |
Personal loan | Not available | Available |
Opening process | More extensive | Simpler |
Advantages of UAE Bank Accounts for Foreigners (Non-Residents)
- Stable banking system: The UAE has one of the most secure financial environments in the world. There are strict regulatory frameworks enforced by the Central Bank, protecting your funds.
- Accessibility: Most major UAE banks allow you to hold and transact in several major currencies from the same account. International transfers are also low cost and efficient.
Minimal tax obligations: Compared to other countries, opening a bank account in UAE as a non-resident gives you a base in a country known for no personal income tax and low corporate tax.
Who is Eligible to Open a Bank Account in the UAE as a Non-Resident?
- You must be at least 18 years old (in some cases, 21)
- You must not hold a UAE residence visa
- You should be able to present a clear source of funds
- You should be able to visit the UAE to complete the application process
Types of Non-Resident Accounts in UAE
There are two types of non-resident accounts in the UAE: personal and corporate. Generally, business owners would require both types of accounts; one for business expenses and one for company profits and dividends.
If your account’s average monthly balance drops below the bank’s required minimum, be prepared for the bank to automatically charge a monthly ‘fall below’ maintenance fee.
Personal Non-Resident Account
- If you have passive income or manage investments in the UAE, you can open a personal non-resident account.
- You can open a savings account or a fixed deposit account. Generally, current accounts aren’t granted to non-residents.
- Personal accounts support multi-currency transactions.
- The bank will conduct an intensive background check into the applicant. You will also be mandated to submit a proof of funds.
Business Non-Resident Account
- This type of account is for business owners who operate a company in the country but do not live in the UAE.
- Business accounts offer a larger number of transactions than personal accounts and offer multi-currency options.
- Non-residents can open an account for their free zone, mainland, or offshore business.
Streamline Your Business Setup Process
What are the Best UAE Banks for Non-Residents?
The best banks are the largest, most stable banks with dedicated international banking divisions as they are used to the intense compliance checks needed for non-resident clients. Not every bank offers its services to non-residents, so it’s best to open a bank account with a local consultant.
Some of the most popular banks are:
- Emirates NBD: A popular choice in the UAE’s banking sector. The bank offers robust non-resident solutions and a wide physical network, making it a reliable choice for general investors seeking strong digital tools.
- First Abu Dhabi Bank (FAB): This is the biggest and most stable bank in the UAE. Its services are aimed at clients with very high net worth who need top-level security and expert wealth management.
- Mashreq: Mashreq focuses on being quick and easy. It’s the ideal choice for non-residents who need to move money often, due to its advanced mobile banking and fast transfer options.
- HSBC: HSBC is best for clients who already have an account with them globally. If you qualify for their international service, getting an account here is the most straightforward option.
RAKBANK: RAKBANK offers simpler, competitive savings packages. It’s a practical choice for non-residents, especially those who own property and are looking for clear, standard banking.
Steps to Open Bank Account in UAE for Non-Residents
Getting a non-resident bank account can be a tedious process if you’re new to the country, but it is a foundational step for any successful Dubai business setup. If you’re opening an account for your company, working with a business setup partner like A&A Associate can make the process much simpler.
1. Find a Bank
The bank you choose has to match your needs. You’ll also need to determine whether you need a personal account, a business account, or both. Every bank has different application requirements, so make sure you’re eligible.
2. Submit Application & Necessary Documents
When you submit your application, you will need to provide some documents. For a personal non-resident account, a CV, proof of funds (bank statement), bank reference letter (from your home country), passport copy, and a proof of address would be necessary.
For a business account, you will need to provide your trade license, Articles and Memorandum of Association, business plan, Power of Attorney, tenancy contract, and shareholder passport copies are required.
Additionally, foreign documents must be in English or Arabic. Official attestation is also often mandatory.
3. Complete the Compliance Protocols
After you complete the KYC (Know Your Customer) requirements, the UAE bank will review your documents. This can take up to 4 weeks, as they will contact your home bank and may request for additional documents.
If you can’t tell the bank exactly why you need the account, they will likely reject the application. They are looking for a clear reason tied to the UAE economy, like owning property or running a business, not just saving money.
You will be required to come to the UAE to complete the final steps and meet your relationship manager. In some cases, you may also be asked to present certain original documents.
Once your application has been approved, you can deposit the minimum balance amount and start using your account.
A&A Associate Helps Entrepreneurs Open Non-Resident Bank Accounts in UAE
A&A Associate is the UAE’s largest business setup advisory. Our expert consultants have been helping entrepreneurs set up companies in the country for almost a decade. We offer end-to-end business setup support, including opening a bank account online, Golden Visa support, tax advisory, and accounting & bookkeeping services.
