The UAE has a very large economy and a significant financial center, and this has been reflected in its banking area. Its banking system has been defined as stable due to the banks’ resilient capital levels, it is also suitable for everyone and it welcomes everyone.
Being a unique country, the UAE offers non-resident bank accounts for businesses and individuals. Whether you need a non-resident personal or corporate bank account in Dubai, you won’t be disappointed.
Benefits of opening a bank account in the UAE
The Bank account opening process in the UAE is very simple and hassle-free. Also, having a bank account in Dubai offers tremendous benefits for the corporate as well as for individual sectors; it opens up a gate of opportunities and eases trading or services needs internationally and locally. Some UAE banks also allow their non-resident account holders to determine the currency for the money in their account; could be dirhams (AED) or other currency.
Another compelling reason for non-residents to establish a bank account in Dubai is the fact that there are no taxes. Additionally, the Dubai banking system offers satisfactory interest rates, user-friendly online banking, and easy and credible transfer of capital in and out of the country.
Requirements for Opening a Bank Account in the UAE: personal or corporate
To open a personal bank account in Dubai as a non-resident, you need to submit a valid passport, a curriculum vitae (CV), a transcript of utility bills, and a copy of your bank account statements.
In addition to the documents listed above, you must also give detailed information about your incoming money.
As for a corporate bank account, the requirements differ, and the Ministry of Foreign Affairs will need you to certify some of the documents.
These documents include a company trade license, certificate of registration, share certificates, company memorandum and articles of association, board resolution, passport and visa copies for shareholders and authorized signatories, duplicates of Emirates ID of shareholders, bank statement of the shareholders, the shareholders proof of address, and copy of corporate legal documents.
The company may be asked for extra documents depending on the bank, the type of business activity, and the legal form of the company.
Lastly, the Central Bank in the UAE mandated a KYC (Know Your Customer) policy for all banks to ensure that they acknowledge global standards.
How to open a bank account in UAE as a non-resident
To apply for an account as a non-resident of the UAE, you have to visit the bank of your choice with the required documents. The bank will take duplicates of those documents and your signatures on the application forms.
Upon the account approval, the bank will send an email with the account details and online banking instructions to you.
Opening an account from outside of the country will not be easy, as many accounts require a signature in the presence of a bank officer. Alternatively, you can enlist the help of a financial advisor like Damalion to serve as your representative to help you open your account remotely.
Also, keep in mind that bank accounts for non-residents in the UAE banks will require a minimum balance or even enforce a maximum balance you can carry in the account at a time.
Whether it’s a personal bank account or a corporate bank account in Dubai, your Damalion experts can help you in opening one. Contact your Damalion expert now to open your bank account in the UAE.
