After setting up a company in the UAE you can apply for a personal and corporate Bank Account opening as a UAE Resident. Such Bank Accounts are the most beneficial for foreign investors because they are non-reportable and provide many opportunities to bank account holders.
Non-reportable bank account
- Cheque book
- Any bank facilities
- Online banking
- Debit and credit cards
- Dedicated Account Manager
If you did not obtain UAE Residency and are willing to open a UAE Bank Account for yourself or your business, then there will be certain restrictions which you will face after opening a Non-resident Bank Account in UAE.
It should be mentioned that such a bank account will be:
-Reportable to the jurisdictions of the owners’ tax residency
-Takes more time to open
-Limited in bank facilities
-Limited in online banking
-Not allowed for issuing credit or debit cards
If you want to open an Offshore Bank Account in UAE here are the benefits and restrictions of such Bank Accounts:
- Extra secured and have the highest privacy level
- Allow 100% repatriation of capital and profits
- Fast to open
- Can be opened without UAE Residence Visa
- Have no currency or funds transfer restrictions
- Have user-friendly online banking system
- Not eligible for cheque books, credit or debit cards and ATMs
HOW WE CAN HELP YOU OPEN YOUR BANK ACCOUNT IN UAE
HOW WE CAN HELP YOU OPEN YOUR BANK ACCOUNT IN UAE
At Lux & Noble we are proud to leverage over many years’ experience in opening all types of personal and corporate Bank Accounts in UAE, strong connections with the TOP UAE Banks, and serve our Clients to meet all the requirements for a successful opening of a Bank Account in the UAE.
Our hyper-personalized approach to all Clients resulted in 100% Bank Account Opening Success Rate in 2018 and 98% Success Rate in 2017.
Follow-up of Bank Account opening
Regular updates on the status of your application
Introduction to your official Relationship Manager
Scheduling the meeting with Relationship Officer of a chosen bank
Full assistance during UAE Bank Account opening application and interview
Coordination with Relationship Officer before account opening application meeting
Assessment of individual/corporate background
Preparation of required documents with a company profile specially crafted for banks
Contacts
FOR A KIND EXPERT ADVICE
CALL +971 (0) 4 341 6151
The procedure for opening a Corporate Bank Account in the UAE varies from bank to bank. Below we provide the list of TOP-5 UAE Banks with which we work for many years in a row and highly recommend them to our clients.
In the provided list you can find the Bank Account Opening packages with minimum maintenance balance total from all currencies on account, with and without dedicated Relationship Manager (RM).
When opening a Bank Account in the UAE there is a bewildering array of complex steps and procedures you have to go through. Therefore, My Business Consulting DMCC offers its services to help you open a Corporate or Personal Bank Account which would save you a big chunk of your precious time.
There are 28 foreign and 22 local UAE banks.
They are First Abu Dhabi Bank, Emirates NBD and Abu Dhabi Commercial Bank (based on total assets of banks at the end of the 2017 year).
All banks in UAE, local and foreign, are safe and provide efficient services. However, local banks are more flexible with SME companies in terms of chances of getting the approval for Bank Account Opening in the UAE and credit facilities.
In 2017 UAE raised to the 4th place as the country with the biggest wealth inflows, which proves UAE as a safe financial jurisdiction for investors to keep their monetary assets in the UAE Bank Accounts. So yes, it is absolutely safe.
The UAE current Bank Account is the account, where the signatory is the UAE Resident, Call Account is the one, where the signatory is a Non-Resident.
UAE local banks don’t charge any fees for Bank Account Opening.
Yes, UAE banks provide multi-currency Bank Accounts in AED, USD, Euro, GBP, CHF etc. There is the possibility to apply to the multi-currency Bank Account in most UAE banks without additional service fees or maintain a minimum, or average balance for the Bank Account.
You can apply for current (Resident) Personal Bank Account at any UAE local or foreign bank. Choose the right bank which offers all the facilities you are looking for, and where you can qualify to their minimum maintaining balance requirement.
Yes, as the foreigner you can open a Personal Bank Account in UAE. Most of the banks in Dubai/UAE require min AED 100,000 (USD 27,249) as the monthly average balance to open a Non-Resident Personal Bank Account in Dubai/UAE.
3-7 business days and 5-10 business days respectively. The time frame can vary from case to case.
Emirates ID
Passport copy
Valid UAE Residence Visa
Utility Bill issued within last 3 months for your UAE residential premises, rented or owned
Salary Certificate from employer or contract with the employer (for employees). For investors, it should be the latest corporate document, showing ownership in the company
Any bank may require additional documents based on their special requirements and submitted case.
Passport Copy
Proof of address issued within the last 3 months
CV
Document proving the source of the applicant’s income (it can be the latest 3 months personal bank statement or corporate bank statement which applicant owns).
Make your application process hustle-free and hire a Professional Business Consultant when applying to the UAE Non-Resident Bank Account. Contact My Business Consulting DMCC for free expert advice.
Yes, you can have as many bank accounts as you like in different UAE banks. There are several reasons to have more than one Bank Account. You can check the benefits of having an alternative corporate bank account in one UAE banks for your company in our expert blog.
Please, check our expert blog to find out how to open a Corporate Bank Account in UAE.
