Bank accounts opening

There is a possibility to open a bank account but the likelihood of success is low. At present, there are no available options for citizens of the Russian Federation who are non-residents of the UAE to open a personal bank account.

The set of documents depends on your visa status. If you have an employee visa, you will only need to provide your Emirates ID, visa, Salary Certificate and local phone number to open an account.
In certain cases, proof of address in the UAE, such as a registered lease or a UAE utility bill, may be required.

If you have an investor visa, instead of a Salary Certificate you will be required to provide a statement from another bank to confirm the source of your income. Providing statements from Russian banks complicates the account opening process.

The exact list of documents required to open a corporate bank account depends on the regulations of each particular bank.

The minimum required documents typically include:

•  Commercial License
• Certificate of Incorporation
• Shareholder statement (Share Certificate)
• Memorandum of Association and Articles of Association
• Lease agreement for the company’s office
• Passports, visas and Emirates IDs of shareholders, directors and managers, as well as their respective CVs
• Verification of the source of shareholders’ funds and their addresses in the UAE.

Banks may also require additional documents and information, depending on such factors as the company’s location of establishment, business activities, composition of shareholders, directors and managers, as well as the company’s turnover and other relevant considerations.

An application for an account opening may be denied due to the following circumstances:

• a shareholder of a UAE company is sanctioned or affiliated with another sanctioned company
• the source of the shareholder’s funds comes from the sanctioned activity or business
• statements on the availability and flow of funds of the shareholder are provided by a sanctioned bank
• the company is registered in the northern emirates (Ajman, Sharjah, Ras Al Khaimah, Umm Al Quwain, Fujairah)
• the company does not have a lease agreement for a physical office
• lack of confirmation of the residence in the UAE (real estate owned or leased) by shareholders and directors of the company
• no UAE residency for shareholders and directors of the company
• certain types of activities of a company can raise suspicion from a bank leading to denial of an account application for the companies engaged in those activities.

However, even if one or more of the above circumstances apply to your situation, there is still a possibility to open a corporate bank account.

It depends on each individual case.