Non-residents can open new bank account in the UAE for both personal and business purposes. To create a corporate bank account, non-residents must establish a company in the UAE. Non-residents are permitted to make a personal statement in their name or the name of their company.
Types of Bank Account in UAE
There are two main types of bank accounts in the UAE: the “Current Account” and the “Savings Account.” The “Current Account” is unique in that a checkbook can accompany it. A checkbook is only provided for a dirham bank account.
The bank account “Current Account” is exclusively available to UAE citizens; non-residents may only open the “Savings Account.” Non-residents, on the other hand, are not permitted to get a checkbook. Such an account can be created in various currencies, including dirham, US dollar, euro, etc.
Process for opening a bank account for non-residents
The requirements for open bank account in Dubai vary for every bank. However, the existence of a significant director or shareholder is required. The lawyers may open accounts on behalf of their clients on occasion.
Obtain a Business License
Obtain a business license firstly. If a company does not get a business license, the bank will not recognize it.
Get Documents ready
The specific papers required will vary from bank to bank. Some banks additionally demand supporting documents such as contracts or invoices, a reference letter from a business partner, a business strategy, and information about anticipated company activities.
Check Visa Related Issues
Check to see if the company’s stockholders need a residence visa. Some banks need confirmation of this from at least one shareholder, but others do not. As a result, whether or not your shareholders have residency permits may have an impact on which banks you consider applying to. It’s advisable to find out which banks have these criteria early on so that your application doesn’t get delayed later on.
Choose a Bank
Once the paperwork is in order, the company must contact UAE banks. The individual requirements will determine the best option.
When selecting a bank in the UAE, keep in mind that most banks need you to obtain a resident visa. In addition, many banks may require you to give a local address in the UAE. Most banks in the UAE demand a minimum balance to be maintained continually.
Application Process
The official account opening procedure may now commence. It is preferable to visit the bank in person rather than communicate with them online. When starting a new business, you already have a lot on your plate; make sure that opening a corporate bank account isn’t one of them.
Documents Required For Opening Account
Identity Verification
The applicant must prove their identities, such as an original passport or another kind of identification.
Address Proof
To prove your residence, provide a utility bill or a confirmation of your address from a city council or municipality.
Statement of Account
Bank statements from the last few months will serve as verification of money. Banks want to know about the applicant’s previous earnings.
Resume
You must send a CV detailing your personal and professional history.
Problems With Banks Account Opening
The following issues are resolved by holding a bank account in the UAE:
- If you are from a country where international transfers are restricted,
- If you are unable to operate in a foreign currency from your nation,
- If your current country lacks a dependable financial system.
Keep in mind that by creating a non-resident bank account in the UAE, you will continue to be a tax resident of the nation where you spend most of your time. It indicates that you must still pay taxes on that income in your home country if you receive any money into your UAE bank account.
How Do Non-UAE Residents Can Withdraw Cash?
If you are a UAE native and do not have a bank account, you can open one at any of the country’s three biggest banks: United Arab Emirates Bank (UAE), Daegan Bank, and National Arab Banks. You must produce a genuine and original birth certificate, as well as a marriage certificate if you are married, to establish your identity.
That option, however, is only available to non-residents of the nation. As a result, if you are a UAE native, you may also apply at any of the country’s two largest banks, Emirates Credit and Inter Credit Traders. There are many more big bank branches in Dubai. However, you can get more information on their websites.
Conclusion
If you are not a resident of the UAE, you can typically create a personal/private non-resident trading account, but there are certain limits on the brokers you can use and the services they offer. Although most significant online banks in the UAE provide non-resident trading accounts, this exemption is typically not a huge problem because many other well-known banks in the region also offer comparable but far more limited trading accounts.
Also Read: What Do I Need To Open A Bank Account?