Opening a corporate bank account in the UAE does not need to be complicated provided you have the right guidance and support. Both UAE residents and non-UAE residents can open a personal account with almost all UAE banks after fulfilling the necessary Know Your Customer (KYC) formalities.
Banking KYC and compliance are the common banking terms when it comes to opening a personal or corporate bank account in the UAE. Over the years UAE central bank has tightened the scrutiny over financial institutes to enhance their KYC techniques to prevent financial crimes. Therefore, banks are under extreme pressure to adhere to the regulator’s strict policies. In this article, we examine the main obstacles associated with opening a bank account in Dubai and UAE the common reasons for rejections.