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Opening the bank accounts in UAE

 Parus Management Consultancies have decades of experience working with the banking sector of the United Arab Emirates.

 

Benefits of opening an account in UAE:

  • Reliability of UAE financial and banking system. The rate of national currency - AED (Dirham) has not changed for more than 20 years against the US dollar;

  • Free movement of capital, lack of currency regulation;

  • Data confidentiality. UAE has not yet joined the system of automatic information exchange;

  • Low rates for banking services;

  • Developed banking infrastructure.


Bank account in UAE for legal entities


Nowadays, banks in the United Arab Emirates practically do not open accounts for offshore non-resident companies, consequently, in order to obtain a corporate account in this jurisdiction, it is necessary to register a resident company in UAE. Good chances for opening account has a local company, however, with the right approach to the matter of filing the substance company, you can count on opening the account for the company from the free zone.
 

Documents required opening a corporate account in UAE:
 

  • Company Charter and Articles of Association;

  •  Certificate of legal entity incorporation / licensing (depending on company type);

  • Documents on organizational structure and ownership structure;

  •  Description of the planned activity of the company;

  •  Information about the entrepreneurial experience of the company owners;

  •  Confirmation of the company funds origin.


Attention: this is a tentative list; it contains the most common requirements! Conditions for opening an account differ in each particular bank.
 

Opening the personal accounts in UAE


UAE residents (even if they are not nationals of that country) can open personal accounts in this jurisdiction (for example, owing to a resident visa to which owners of a local company are entitled).

The following documents are required for opening personal account in UAE:

  • Passport with UAE visa;

  • Emirates ID;

  • Utility receipt (bill for water or electricity).


Attention: this is a tentative list; it contains the most common requirements! Conditions for opening an account differ in each particular bank.
 

The holder of a personal account in UAE will receive modern online banking, as well as the opportunity to obtain a debit card with the further receipt of Premium and Platinum class cards with a high cash limit.