Banque Misr Open Account

As key facilitators of trade between UAE and Egypt that catered to the needs of Egyptian expatriates living in the Gulf, Banque Misr became a valued Institution in the MENA region.

Currently, with over 40 years of experience in building on its operational benefits within UAE, it has established 5 branches in Dubai, Abu Dhabi, Al Ain, Sharjah, and Ras Al Khaimah offering a wide range of corporate, investment, and personal banking services.

General Information

  • 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 a 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);
  • CV;
  • Bank reference letter and bank statements for the last 6 months.