For an investor or entrepreneur seeking new business opportunities, the United Arab Emirates (UAE) is the perfect destination. The UAE offers a favorable business environment, making it a popular choice for those looking to grow and expand their business ventures. For investors and entrepreneurs looking to do business or spend a significant amount of time in the country, opening a bank account in the UAE is a necessity.
Reasons to opening a bank account in the UAE
The advantages of opening either a personal or business bank account in the UAE includes the following:
- Opening a bank account in the UAE gives easy access to international banking services, which, in turn, helps entrepreneurs and investors to conduct cross-border transactions with ease.
- Dubai has a tax-free environment, which means bank account holders can enjoy tax benefits by opening a bank account in the UAE.
- The country has an improved and efficient banking system with state-of-the-art technology and infrastructure which makes banking more advantageous for entrepreneurs and investors.
- Banks in Dubai offer some of the highest interest rates in the world, meaning bank account holders can earn more on savings and investments.
- In addition to their stable reputation, banks in the United Arab Emirates provide several credit products tailored to meet the needs of their customers.
Opening a UAE bank account as a non-resident
Although most banks in the UAE offer individual and business accounts for non-residents, certain restrictions apply. Current account aren’t permitted for non-residents, just savings accounts. Furthermore, some banks may not allow non-residents to obtain a checkbook, but they will be provided with a debit card to make cash withdrawals.
Non-residents are also subject to minimum or maximum balance requirements.
As a non-resident, to open a bank account in the UAE, applicant must provide the following documents:
- visa and entry stamp page or e-gate card
- Emirates ID
- proof of address, and
- personal bank statements for the past 3-6 months.
In addition to these documents, applicants may also be required to provide a reference letter from his/her employer, a reference letter from the bank he/she has an account, and a CV detailing their personal and professional background.
For a corporate bank account in the UAE, the additional documents required are:
Documents needed to open a business bank account in UAE for residents and non-residents
- overview of the corporate structure,
- Existing contracts
- identity documents
- Company incorporation documents
- Company memorandum and articles of association
- Certificate of incorporation
- Shareholders registry
- Prediction of future profits and transactions for the company.
- Certificate of good standing
The company must also meet specific eligibility standards as specified by the bank to open one of the best business bank accounts in the UAE.
The process of opening a UAE bank account as a non-resident
The general steps involved in opening a bank account as a non-resident in the UAE begins with choosing an appropriate bank, followed by compiling the necessary documents and filling out an application at the bank.
After filling out an application and meeting the bank’s additional requirements, such as complying with Know Your Customer (KYC) regulations, the account can be activated.
Note that UAE law requires account holders to be physically present at the bank to confirm their identity and sign documents, and this has make it quite difficult to open an account online. However, it is possible to open an account remotely by authorizing a financial advisor to act on your behalf. Damalion can help in this aspect. It’s important to note that not all banks accept this solution, so it’s best to contact the chosen institution first.
If you need assistance in opening a bank account in the UAE, either for yourself or your company, please contact your Damalion expert now.