How to Open Bank Account in Dubai and Protect Your Assets in the UAE
Under the conditions of the dynamic world financial market, entrepreneurs want to protect their assets. Today, business is seeking for jurisdictions where there are no restrictions on depositing and withdrawal of money, where the information about the ultimate beneficiaries is not available to the third parties, and where the financial and currency exchange regulation of the country is reduced to the required minimum.
It is not a secret that you can find such opportunities in the areas with special economic status and loyal tax climate. Today we will talk about the jurisdiction of the banking system of the United Arab Emirates, and the opportunities that it gives to business and private persons. We will show how to open a bank account in Dubai, disclose the main benefits of bank account opening in the UAE and the requirements of corporate and personal bank accounts in Dubai, the UAE.
Main advantages of bank account opening in Dubai, the UAE
There are several key factors that influence the choice of jurisdiction, and opening a bank account in the UAE one of the most preferable solutions for assets protection in Dubai. So, what are the preferences, making foreign investors to open a bank account in Dubai?
- Protection of the information on the bank account owner;
- Relatively low tariffs in local banks;
- No restrictions on depositing and withdrawal of the financial assets;
- Availability of the modern financial system and developed banking infrastructure;
- Great prospects of the development of the banking system and cooperation with the leading financial institutions;
- Excellent indicators of capitalization of the banks represented on the local market.
In terms of service and the level of clients servicing, the banking system of the United Arab Emirates meets the highest international standards and has already gained respect in the international financial market. The Dubai banking system is based on a stable economy and is ready to offer a full range of financial instruments for private business. Therefore, bank account opening in the UAE is a wise solution in terms of reliability, prices, quality and amount of services and what is most important, in terms of assets protection.
It should be noted that the leading international banking groups, which are interested in spreading their branch networks around the world, are represented in the UAE. According to the official statistics, in recent years foreign investors show an unprecedented interest in investment in local banks.
Bank account opening in the UAE (Dubai bank account, for example) involves certain procedures, and therefore it requires some previous preparations to be made. Let’s take a look at how to open a bank account in Dubai, the UAE.
Some features of bank account opening in Dubai, the UAE
Current legislation of this country provides the possibility to open personal accounts in Dubai for foreign citizens only in case of a personal presence. It is important to understand that the local bank will refuse to open a bank account in Dubai without a personal meeting with the bank representative. You can choose your business consultant, collect all the documents required to open a corporate or private bank account in Dubai, UAE, but if you did not meet their manager, the process would be stopped at this final stage.
The legislation of the United Arab Emirates provides the possibility of opening a bank account for foreign citizens. However, such accounts may have some restrictions, for example:
- A checkbook is not issued for the foreign account owner;
- A credit card is issued only under the condition of certain money on a deposit account.
In fact, these limitations are not an obstacle for the effective and full-fledged management of the financial assets. First of all, it should be noted that checkbooks are quite popular in the Emirates and the private persons and entrepreneurs actively use them. Both physical and legal entities hold a checkbook. The main condition of obtaining a checkbook is the availability of the permanent resident status in the UAE.
Debit bank card in the UAE is the standard bank tool, which is used for withdrawing cash via ATMs and in terminal payments. The debit card is issued by default when you open a bank account in Dubai, regardless of your tax residence and citizenship. Terms of using and restrictions may depend on the internal rules of the banking institution and the type of debit card.
Another benefit of bank account opening in the UAE is the availability of online banking. Every bank (both local and branches of international banks) provide a wide range of online services, so it’s quite convenient, especially in case you live abroad. When you open a bank account in Dubai, you immediately get access to your account and full remote control of your assets in the UAE. International experts have noted a high degree of protection in the banking software, so you can safely manage own bank account in Dubai from any point of the world without running a risk to become a victim of swindlers and network tricksters.
Requirements for a corporate and personal bank account in Dubai, the UAE
Speaking about the requirements and conditions of an opening bank account in Dubai, it should be noted that it largely depends on the domestic policy of the banking institution itself and the type of the opened account. However, it is possible to identify a standard set of the requirements, in particular documents required to open a bank account in Dubai:
- Valid foreign passport of the applicant (with the appropriate visa stamp);
- Statement of the account of another financial institution or a letter of recommendation on the applicant's name;
- CV of the applicant with information on education and professional activities;
- Invoice or receipt of paying utilities with the name of the applicant (to confirm the actual place of residence);
- Identity card (Emirates ID) – for persons with the status of a tax resident;
- Letter of consent for opening an account – for holders a visa, which is sponsored by an employer.
The following standard set of documents is required for opening a corporate bank account in Dubai, the UAE:
- Copy of the foreign passport of the shareholders (with the appropriate visa stamp);
- Copy of the identity card of shareholders (Emirates ID) – if it is applicable;
- Copy of the foreign passport of the head of the company;
- Incorporation documents of the legal entity;
- Statement of a corporate bank account of another financial institution or a letter of recommendation on the applicant's name;
- Statement of a company of the appropriate registration authority.
The banking system of the UAE and local financial institutions have already got the reputation of reliable organizations for their stable and predictable work. For already several years banks of Dubai and other Emirates of the UAE take the leading positions in the international bank rankings. The bankers themselves consider a simplified system of financial reporting and relatively low tariffs for maintaining bank accounts to be their main competitive advantages. The banking system of Dubai has implemented the most advanced technologies, which allow not only to establish an effective dialogue with the client but also to ensure maximum safety and protection of assets.
Opening a bank account in the UAE is a great opportunity to carry out all the financial transactions from the territory of the jurisdiction with the world’s best financial system and the most favorable tax and business climate.