Bank Account Opening
THE BANK SECTOR
The UAE's banking sector offers a variety of options with numerous local and international institutions, allowing you to tailor your bank account to your preferences. Unfortunately, Russian banks and those from other CIS countries are not present in the UAE, and the few Russian banks in the country don't engage with individuals or businesses. The banks in the UAE can be broadly categorized into local financial institutions and international branches of foreign banks. While HSBC, CitiBank, and Bank of Baroda are well-known, local banks may be less familiar. Opening a bank account in the UAE can be a challenge due to the lesser-known local banks. Our objective is to guide clients through the state banking system, recommending the institution that best aligns with their business requirements.
In What Cases Can A Resident Visa Be Refused?
The refusal of a resident visa may be related not only to the decision of the Anti-Crime Service, but also due to the presence of diseases such as HIV, hepatitis B, C, D, tuberculosis, syphilis, and other types of sexually transmitted diseases. This way the UAE authorities limit the influx of potentially dangerous carriers of serious diseases into the country and oblige such individuals to leave the UAE. In some cases, this is mandatory.
Advantages Of Opening
A Bank Account In The UAE
1
Stability and reliability of the UAE financial and banking system
2
Free movement of capital in any direction
3
Confidentiality of data about the account holder in the UAE
4
Low rates of bank processing payments
5
The most powerful banking infrastructure in the Middle East
6
Stability and reliability of the UAE financial and banking system
Types Of The UAE Bank Accounts That You Can Open
- Personal Savings Account for the UAE residents
- Personal current account for the UAE residents
- Personal account on request for non-residents of the UAE
- Personal Escrow Account for non-residents of the UAE
- Business account for a company in the UAE Free Zone
- Business account for the UAE LLC Company
- An offshore company account in the UAE
- An onshore account in the UAE
The Resident Status Gives Permission To
In order for your resident status to be active, you must fulfil the following conditions:
- Officially reside in the UAE;
- Get a tax resident certificate from the UAE Ministry of Economy to avoid paying taxes in your country of permanent residence;
- Rent a house in the UAE;
- Connect mobile and internet services in the UAE;
- Open a bank account in the UAE;
- Get a driver's license in the UAE;
- Send children to schools in the UAE;
- Apply to government agencies in the UAE,, but you must come to the UAE every 6 months.
List Of Documents For Opening A Personal Account In The UAE
List Of Documents For Opening A Corporate Account In The UAE
List Of Documents For Opening A Personal Account In The UAE
- Applicant’s passport in its original form,
- Entry stamp or UAE visa,
- Bank-provided letter of recommendation,
- Document validating the applicant’s residential address, such as a utility bill.
List Of Documents For Opening A Corporate Account In The UAE
Original form of the applicant’s passport;
Entry mark indicating arrival in the country;
Founder’s company summary (assistance provided in registration according to banking institute requirements);
Company summary (prepared by our team);
Original letter of recommendation from the founder’s bank, following an established template (we provide an example);
Original statement from the founder’s account for the past 6 months;
Statutory documents of the company.Paragraphs 5 and 6 need to be translated into English by a translation agency in the country of residence and bear the seal of the translation agency.