The banking sector in Dubai falls under the regulation of Federal Law no. 10 of 1980 and Federal Law no. 6 of 1985. The Central Bank of the UAE is the supervisory body of financial institutions in Dubai. All commercial banks in Dubai are required to get a central bank licence that requires International Accounting Standards (IAS).
Continue reading if you are looking for an easy and handy guide to open a bank account in Dubai.
Let’s understand what should you consider while opening a Dubai bank account
These days, every business needs to open a bank account since most transactions are conducted online. The process of opening a bank account in Dubai is quite straightforward. However, you need to understand what are the things you need to consider while opening a bank account
- Whether the bank is a branch of a foreign financial institution or a local bank;
- The services associated with the selected bank account type (each account type has an additional service)
- The opening and management fees, as well as any additional sums owed in connection with other activities and transactions
- The ability to complete transactions in different currencies, particularly for businesses with overseas shareholders.
Even though opening an account is simple, due to Dubai’s diverse array of banks, choosing which one to do it with might be challenging.
Benefits of opening a bank account in Dubai
- UAE financial and banking system is reliable and stable
- The government offers low charges for the processing payments
- As a bank account owner, you will get complete confidentiality of your data
- Easy and reliable transfer of capital
- Easy access to international banks
- Options of all types of currency exchange
- And, more.
Resident Bank Account
The most common kind of bank account is this one. The businesses apply for a resident corporate bank account after receiving their trade licence. In some circumstances, the bank account may also be necessary as a part of the licencing procedure. However, most businesses open this bank account once the designated signatory obtains a UAE residency visa.
Non-Resident Bank Account
The authorised signatory has the choice to open a non-resident bank account if he does not reside in the UAE.
Opening a non-resident bank account is difficult because there are stringent KYC standards that must be met. Additionally, opening a non-resident bank account takes a lot of time.
Off-Shore Banking
The following benefits are available with offshore bank accounts:
- Extra safe and offering the finest level of privacy
- 100 % of capital and profits may be repatriated
- Quick to open
- Can be opened without a residence permit for the UAE
- Have no limits on transferring money or currencies
- Own an intuitive internet banking platform
- Not accepted by ATMs, credit or debit cards, or cheque books
What are the documents required to Open a Bank Account in Dubai
- The original passport of the applicant
- The entry mark to the country (Emirates)
- Resume of the founder of the company
- The extract of Six months of bank account
- Genuine letter of recommendation from the bank of the founder
- Company statutory documents
- Company summary
Bank Account Opening Procedures in Dubai
Here is the step by step procedures to open an account for corporate uses in Dubai
- Validating both personal and corporate documents
- Completing bank forms
- Directing the entire package to the bank for final authorization
- Checking the account opening course till the account distribution and banking package is established.
Final Words
ebs is one of the leading companies that offer highly professional assistance for account opening in Dubai.
A thorough application for a corporate bank account must include information about the organization’s operations, documentation of the business (such as contracts or invoices), the management team, and financial projections.
As part of their corporate banking and business account policies, local banks must implement and adhere to tight “know your customer” procedures, as mandated by the Dubai government.
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