The United Arab Emirates has been a center for overseas investors and jobseekers. And for a good reason. Managing and securing monetary assets in this booming economy is one of the top priorities. Whether you are planning to shift to the UAE for work, going to establish a company, or make an investment, a bank account would be important to navigating the relocation of part of your life. Many people want to know that how non-residents can open a bank account in UAE. Open a bank account in the UAE can be a tedious task, but no need to worry you can consult with the best business setup consultancy in Dubai, UAE.
Process To Open A Bank Account In The Uae For Non- Residents
In all businesses, trouble-free financial transactions are playing an important role in the development of business. Dubai bank account for non-residents provides very client-friendly and trouble-free services once you accomplished the appropriate needs by the banks. Open a bank account in Dubai is an easy task if you know very well the right paperwork and know Your Customer (KYC) requirements of the banks. During the process of open a bank account in Dubai, the bankers can ask some related questions or supporting documents. So, this is most important to give answers to all questions by the applicants.
The relevant banks will take copies of the necessary documents with the signatures of the applicant on the application forms. The account opening process will take around one to two weeks based on the concerned bank. Upon account approval, the bank will send you a formal email with your account details as well as online banking instructions. We at Start Any Business can guide you on KYC needs before start opening a bank account in Dubai and it makes easy documentation procedure for the applicants.
Document required for non-Residents to Open a Bank Account in the UAE
The necessary bank account requirements for non-residents in Dubai are given below:
- Copy of passport, comprising the page which shows the immigration stamp on the date of your entry into the United Arab Emirates
- A copy of your latest CV. This must reflect your professional profile
- Your bank statement for the last six months
- A copy of the recent utility bill
- Information on all shareholders in the company
- Your company’s Memorandum of Association as well as Article of Association
- Your trade license or the certificate of company incorporation
- Details on your corporate structure of the company
- Papers reflecting your ownership
- An explanation of the business activities your company in engaged in
- Details about the business experience of the company shareholders documents reflecting the company’s source of the company shareholders
Benefits of having Non-Resident Bank Account in UAE
If you haven’t considered moving to the United Arab Emirates yet, you have several options to consider. Most banks in Dubai permit only non-residents to open saving accounts. While as a non-resident, you will not get a checkbook, non-resident get debits cards that you can use to withdraw or deposit money at ATMs. A caveat for the UAE banks to non-resident accounts is that several institutions will demand a minimum balance or even a maximum amount you can carry in your account at a time. Certain banks will permit their non-resident account holders to select the currency for the money in their account, whether it is dirhams or any other major currency. For those who are not interested in exchanging dirhams for GBP, dollars, or any other currency, this option may be lucrative. Some other delightful benefits when open a bank account for non-residents are:
- You will receive a safer and trusted banking service
- Your account will be confidential
- Your account will require low maintenance cost
- You will be able to take advantage of online banking services
Which bank is good for opening a non-resident bank account in the UAE?
Opening an account with banks like “Emirates NBD”, “RAK Bank”, and “Abu Dhabi Islamic Bank” is normally simple.
Meanwhile, opening a bank account in the bank “Mashreq Bank” is quite difficult. You can also try to open a bank account in branches of international banks such as “Citi bank”, “Standard Chartered”, and “HSBC”. However, the international banks impose very strict needs to open a bank account for non-residents. And it would be very tough for a non-resident to open an account here. For this reason, a non-resident should try to open an account with one of the local banks.
What is the Term of opening an account in the UAE for a non-resident?
Opening a bank account in Dubai for non-residents takes one to two weeks. The term based on the following conditions:
- The presence of an applicant on the blacklist of the concerned bank (For example, in the international system “world check”).
- Online information about the applicant available in any search engine. A nice change is a profile available on “LinkedIn”, which will match perfectly with the CV submitted to the bank.
- Source of origin of the asset and verification assets.
- Applicants work in a company that is subject to sanctions.
- Quality of research of documents certifying the needs of opening an account in the UAE.
Also Read:- How to Get Financial Consultant License in Dubai