Being one of the top three largest financial sector in the gulf region is already an impressive feat on its own. UAE have one of the highest standard and requirement when it comes to operating its bank as per set by the Central Bank of the UAE. Banks here are among the most secured bank in the world.
Unlike banks in European Unions, banks in UAE have a relatively lower bank’s tariff. Not to mention a rather simpler reporting system with a very customer centric culture. Practically all banks in Dubai offer services that are accessible via phone or internet banking, making them a very practical and cost-effective alternatives.
Opening Personal Bank account:
- UAE residents – Bank account can be open with practically any UAE Banks. All services are available to the account holder. Time taken to open one depends on each bank’s policy, it can range from a couple of days to a couple of weeks.
- Non-UAE residents – Possible to be open, but there will be limitation on the services available. E.g. only saving account.
Opening Company Bank account:
- UAE Company – Usual documentation would be required from the company side and the shareholder side. The process are straight forward and are usually carried out rather swiftly if the company have already been incorporated when meeting the banker. While there are also an offshore UAE company, bank account opening for this type of company is much more difficult that the onshore company.
- Non-UAE Company – This is possible however a lot document certification would be required. The cost to get such certificate would be one of the reason why this is not a popular choice. Certificate of corporate documentation of the non-UAE company would need to be endorsed and legalized by UAE Consulate in the Country where the non-UAE company was incorporated. If no UAE consulate available in such countries, the nearest country with the UAE consulate are acceptable.
Before we open the bank account for you, we will take into consideration of your banking needs and requirements. This might involves, but not limited to, initial deposit, bank tariffs, branch location, account type, and other banking services. We had built a good relationship with the bankers around Dubai and even international banks outside of UAE. We will advise you on your bank options.
Banks in UAE are considered as one of the jurisdiction with high level of reliability and stability. The bank offer full-fledged services not only to corporate client, they also able to provide services to private individuals as well. However it is worth mentioning that banking in UAE have its own unique characteristics. Non-UAE resident will have limitation imposed on the bank account. Such limitation would usually be non-issuance of Cheque book and no debit card. There also bank that require higher initial deposit and average minimum balance for non-UAE resident individual. However, different bank have different treatment. Lastly, not all Bank in UAE will accept non-UAE resident. It applies to both natural person and foreign companies.
UAE bank do require some common document and information on the planned account activities and source of funds. Non-compliance on the documents requested may result in the rejection of the bank account application. These regulations are implemented by the country’s Central Bank. Regardless, it is way less when compared to what other bank in bigger financial centre require.