Whether you are thinking of moving to the Dubai for work, or you are interested in creating a company or planning to invest there, having a bank account will be necessary.
Having a bank account in Dubai offers numerous advantages for the corporate as well as for individual sectors. It opens up a gate of opportunities and provides and eases your trading or service needs both globally and locally.
As both businesses and individuals require an effective and functional financial instrument to solve any kind of problem for making money transfers, a bank account will be necessary in Dubai.
Beneficial features of a bank account in the UAE
If you open a bank account in Dubai, you can manage your private finances, and do your company’s local as well as global transactions.
Bank Accounts in Dubai
Foreigners can open a bank account in Dubai in either of the two categories – personal or corporate.
Personal bank account for Non-resident in the UAE
If you are a non-resident of the UAE, you can open a personal bank account but with certain restrictions on the choice of banks as well as the characteristics they offer.
Most banks in Dubai allow non-residents to open only savings accounts and not current accounts. Generally, non-residents are given a credit card to withdraw money but they are not qualified to obtain checkbooks. Also, non-residents are subjected to a minimum or maximum balance.
Requirements to open a personal bank account for non-residents
Most banks in Dubai impose a minimum monthly average balance for opening a non-resident personal account in UAE.
Corporate bank account in UAE
If you require a bank account for your Dubai business purposes, you will have to open a company account. You have two primary options to choose from in Dubai:
Both companies are 100% foreign-owned.
The requirement to open a corporate account in UAE
KYC Requirements
All UAE banks are regulated by the UAE Central bank and to meet global standards and requirements, the UAE Central Bank has placed a KYC (Know Your Customer) policy. It is a regular procedure that UAE banks will ask you specific questions and remark on your account transactions before you can open your personal or corporate account.
Whether it’s a personal bank account or a corporate bank account in Dubai, we can help you in opening one. Contact your Damalion expert now to open your UAE bank account.
