Opening account in UAE gives several benefits:
1) High level of stability and reliability of the financial system of the United Arab Emirates
2) The ability to fully repatriate the capital
3) Complete confidentiality
4) Low interest rates and bank charges
5) The exchange rate of dirham is stable for the past 20 years: 1 US dollar = 3.65 AED
6) The United Arab Emirates is among the most important business hubs not only in the Arab world but in the global financial and economic system as well
Having an account with a UAE bank will allow you to easily manage your funds at a low cost. Both residents and non-residents of UAE can apply for personal and/or corporate bank accounts with local financial institutions and branches of foreign banks. To avoid any difficulties that might arise due to language barrier or shortage of time and resources, we are ready to provide you with the complete information on the banks, available services and packages to help you make the best choice. We will also assist you in arranging the required set of documents to be submitted in advance to facilitate the account opening.
The list of documents required to open a personal bank account:
1) the applicant’s passport (original)
2) A tourist visa stamped on entry to the UAE
3) Recommendation letter from the applicant’s banker in home country
4) Account statement for the last 6 months
Citizen of almost any country is eligible to open an account in UAE. It should be noted that the above list of documents is standard, but each bank has several other requirements and may need additional paperwork to proceed to compliance stage.
The documents required to open a corporate account:
1) The original passport of the company shareholder(s)
2) Tourist visa with entry stamp
3) Resume of the company shareholder(s) (we can assist you in preparing the necessary CV as per the bank standards)
4) Business plan of the company (we can prepare it for you)
5) Bank reference letter with the stamp of the bank (we will provide you with a template)
6) Shareholder(s)’s 6-month bank statement (original)
7) Statutory documents of the company: Trade License, Memorandum and Articles of Association, Certificate of Incorporation, Share Certificate.
It should be noted that the documents of in paragraphs 5 and 6 must be in English (or with the attached translation to English).
UAE banks always require the personal attendance of the company shareholder in the meeting to sign the necessary papers. If the company owner plans to authorize another person to manage the account, such person should also be present at the meeting with the bank officer. Power of Attorney is not accepted for the purpose of account opening.
The choice of bank, but most importantly, the time frame and ease of account-opening depends on the size of the initial capital deposit and other requirements of the customer. For more information, please contact us for a free consultation.
Our company divides banks into several categories:
1) Banks for everyday transactions
2) Banks offering high returns with a focus on investment and government projects.
3) Top-class banks targeting conservative customers.
4) International banks working with corporations.
