Opening an Account at Banque Misr (UAE)
- Saving and settlement (current) accounts
- Personal and corporate accounts for local UAE and foreign companies incorporated OUTSIDE the UAE
- Min. monthly balance – AED 10 000 (~USD 2 730), and for Elite Private Banking ~ USD 100 000
- Incoming transfer ~ AED 20 (~ USD 5.5)*, outgoing transfer ~ AED 150 (~ USD 41)*
- Bank cards
- Internet banking in English
- Pre-approval is applied for before the opening process starts, which helps to prognose your positive chances
- The beneficial owner is required to personally visit the UAE for the opening of account
* The bank fees are indicative and may ultimately differ depends on the banking package chosen by the client.
Requirements for Documents and Information*
For a legal entity:
- Completed Company Profile;
- Business Plan;
- Resolution for opening an account and appointing a signatory to the account;
- Memorandum and Articles of Association.
UAE banks generally accept corporate documents without notarization.
If there is a corporate director / shareholder / secretary in the structure, it is necessary to provide the bank with all the documents listed above.
Since the UAE is not party to the Hague Convention on Apostille, copies of all statutory documents for the corporate director / shareholder / secretary must be legalized by the UAE embassy in the country of issue.
- completed bank forms;
- statement of the company’s bank account for the last 6 months (in the case of a new company, bank and financial statements of the owner’s other company can be provided with the proof of his ownership);
- copies of existing contracts / invoices with counterparties;
- confirmation of the source of origin of funds, including the initial deposit;
- office lease agreement, cash flow chart, ownership structure chart, etc.
For an individual (directors / shareholders / beneficial owners / attorneys):
- Proof of ID (passport);
- Proof of address (not older than 3 months);
- Bank reference letter and bank statements for the last 6 months.
* The list is not exhaustive. The bank may request any additional documents and information.