Banking and Payment Systems in Dubai: A Guide to Stripe, PayPal, Binance Pay, and Payoneer

Opening a Bank Account in Dubai

Opening a bank account in Dubai ensures that financial transactions are carried out in an orderly and secure manner for both companies and individuals. Although it is not a legal requirement to open a bank account after company setup, it is a critical step for commercial transactions and payment systems integration.

Required Documents:

• Copy of passport

• Emirates ID (or application document)

• Company incorporation documents (trade license, partnership agreement, etc.)

• Office rental agreement

• Description of the company's activities and financial plan

Banking Options: Many local and international banks operate in Dubai. Local banks such as Emirates NBD, Mashreq, and RAKBank are commonly preferred, while global banks like HSBC and Standard Chartered stand out with their extensive service networks.

Opening Process:

• Application form is filled out

• The bank conducts a suitability assessment based on the company's area of activity and the backgrounds of the directors

• An account is opened within an average of 7-14 business days