Concerned about the complexities of bank account opening Dubai? Opening a business bank account in UAE could be a bit tricky and requires strict adherence to various compliance procedures as mandated by the UAE Central Bank. We help businesses open bank accounts. Small businesses as well as large corporations need bank accounts to ensure seamless financial management. Our experienced consultants make business bank account opening in Dubai a hassle-free experience for you.
Our team will first study the nature and scope of your business including activities and turnover before suggesting the most suitable bank for opening your business account. We do all the liaising work with the bank, and help you prepare all the required documents and submit the same to the bank on your behalf.
The UAE banking system is stable and is under the supervision of the country’s central bank. As many as 50 international and local banks operate in UAE.
Essentially four types of banks operate in UAE: commercial banks, investment banks, industrial banks and Islamic banks. As much as 20% of the UAE banking sector is made up of Islamic bank windows and full-fledged Islamic banks.
There are several different types of bank accounts that are suitable for both non-residents and residents.
Current Accounts: Used primarily for daily money transfers and transactions, current accounts offer Cheque books.
Savings Accounts: Savings accounts provide limited fund access, but offer better interest rates than current accounts. Savings accounts can have variable or fixed interest rates, and can transact in the currency of your choice.
Investment Accounts: An investment agreement with a bank is needed to open an investment account. The investment period can be a minimum of 12 months and can go up to 10 years or more. An annual ROI of 3-7% is offered in most cases.
There is a minimum balance requirement for investment accounts.
Offshore Accounts: Offshore bank accounts are for expatriates. Offshore banks have global jurisdictions. You need to have a valid residence visa to open an offshore bank account in UAE. You can import and export funds using this account. It allows for secure, stable, and reliable money transfers. An added attraction is the lower taxes.
UAE’s offshore banking services guarantee asset protection.
Documents needed to open a current account or a savings account in UAE, include original passport and its copy, a copy of your UAE resident visa, salary certificate, and the Emirates ID card or a copy of registration form if it is under processing.
Non-resident applicants can open only a savings account. UAE banks need a copy of recent utility bill, a reference letter from your home bank, latest six-month bank statements from your home bank, and details about funding sources.
Digital banks are also popular. Digital banks in UAE include Liv, backed by Emirates NBD; Neo, supported by Mashreq; and YAP–an independent digital banking platform.
To open a digital bank account you need to download the application, and then upload your Emirates ID. Follow the instructions and complete the process. You will get a bank card that has international validity.
We are your best partner to open the most suitable accounting services in Dubai, in a hassle-free manner. Whether your business is in Mainland, Free-Zone, or Offshore, you can rely on us for the best banking services.