The banking system of the UAE is known for its reliability and stability. It ranks second in the world in terms of safety, and Dubai has gained recognition as a world center of banking and business.
ADVANTAGES OF THE UAE BANKING SYSTEM
impeccable reputation (not a single bank from the UAE is on the blacklist);
independence from international financial institutions;
free movement of funds in all directions;
high level of bank secrecy and complete confidentiality of personal data;
low payment rates and other bank fees;
calculations and settlements in any currency;
fast money transfers (for 2–3 days) anywhere in the world;
to manage the account from any place on the planet — via online or mobile banking systems;
easy depositing and withdrawal of money;
no foreign exchange controls;
currency stability due to the absence of inflation;
high level of service;
numerous bank branches;
convenient online and mobile banking;
strict state control.
UAE BANKS OFFER SEVERAL TYPES OF ACCOUNTS:
current (settlement, debit);
Opening an account in Dubai will take from 2 weeks to 2 months. The personal presence of the account holder is required.
DOCUMENTS FOR OPENING A COMMERCIAL ACCOUNT
To open a commercial account, you need to create a company and provide the following:
originals of the statutory documents of the company;
confirmation of the registered office (headquarter) address;
resume of the founder of the company and firm;
a letter of recommendation (must match the sample) from a bank with an open account;
account statement for the last six months.
The bank statement and the letter of recommendation must be in English or translated into English, and the seal of the translation agency is required.
You also need to submit documents of the directors/founders of the company:
visa or note of entry into the country;
a document confirming the place of residence (such as a utility bill).
Additionally, the bank may request contracts, a business plan, or letters of recommendation from the company’s partners.
Simultaneously with the corporate account, you can open personal accounts for the directors and shareholders of the company. For this, you will need a passport, proof of residence, and an account statement for the last six months.
Please be advised that transactions through the bank must correspond to the activity of the company declared at the bank when opening the account. To confirm them, the bank may require the provision of accompanying documents for all operations (contracts, invoices, acts, etc.).
After the termination of the visa, it is possible to close the account or lower its status.
DOCUMENTS FOR OPENING A PERSONAL ACCOUNT
To open a personal account, you need the following:
a valid visa;
confirmation of the address of residence in the Emirates;
a copy of the page of the passport with a note of entry into the country;
documentary evidence of income (employment contract, salary certificate);
Additionally, the bank may require the following:
resume describing professional experience;
a letter of recommendation from your bank;
bank statement for the last 6 months;
information about the source of funds /income;
a letter of no objection from the employer.
It should be noted that opening an account in the UAE without a resident visa or a residence permit is rather difficult, and there are many restrictions for non-residents. In most banks, it is only possible to open only a savings account, but not a current one. You must first provide documents and go through the identity verification procedure. After confirmation of the information, a credit card is issued. To receive a debit card, you need to make a deposit to the account corresponding to the maximum or minimum balance (depending on a bank’s requirements).
Opening a privileged account is available for all residents and non-residents of the Emirates. A mandatory requirement is a deposit of at least $100,000.
To obtain a resident visa, you can:
buy a house in the Emirates;
get a job in a local company;
open or register a company in the UAE.
COREDO experts will help you open a corporate or personal account in any banking institution in the shortest time and provide professional support. With our help, you will not only get the desired result but also save time and money.