Interesting facts:
Full versionBanking systems are often considered unreliable in many countries, especially for business transactions or large deposits. That is precisely why foreign banks are of strong interest among the businesspersons who work at the international level.
What country is better to choose for opening a banking account? The UAE is notable for a full range of advantages among a considerable number of other countries.
The UAE banking system is considered one of the most stable and regulated in the region; however, as in any jurisdiction, banking risks are not completely eliminated. The banking system in the United Arab Emirates is structured in such a way that banks are strictly licensed and regulated by the Central Bank of the UAE. By opening an account with a UAE bank, you can be assured that the risk of bank failure is minimized thanks to the regulation of the Central Bank of the UAE.
UAE banks invest in reliable projects that generate stable profits, and depositors receive a share of those profits.
Clarify the cost of opening company, corporate or personal bank account, obtaining a residence visa, or another question regarding business in Dubai, UAE:
In October 2014 the European Union member countries and a number of other states have signed the document nullifying bank secrecy. The UAE Government has refused to sign this document, noting that the safety of the UAE depositors’ data is their number one concern.
When opening a banking account in the UAE, you can be absolutely secure on your personal data safety and safety of information concerning banking accounts. The banks of the other countries cannot provide such guarantees.
It is one of the mandatory requirements, which are set by the UAE Central Bank towards all financial institutions. Being a bank customer in Dubai or in any other emirate, you become completely protected against force majeure circumstances and have no reasons to worry about your money safety.
Banking account maintenance in the UAE banks is much cheaper than in other European bank. At the same time, the level of service is much higher here and you will realize it at the first visit to the UAE bank.
There are very low fees for all banking transactions, and there are no charges at all if you have an active account with a required minimum balance. Besides, you can open accounts in any freely convertible currency. It is worthy of note that there is no currency exchange regulation and the UAE currency rate has been steady already for several decades.
Despite the fact that nowadays internet banking is offered by almost all banking institutions, only the Arab Emirates banks guarantee 100% protection from hacker attacks. This is quite a weighty argument when talking about money affairs.
By summing up all the abovementioned, it becomes obvious that the UAE banks are characterized by reliability, safety, stability, low fees and complete freedom from restrictions on capital placing / withdrawing.
The UAE banking sector operates in full accordance with international anti-money laundering and counter-terrorism financing (AML/CFT) standards. An extensive KYC (Know Your Customer) procedure — banks have to verify the origin of funds, analyze the type of business, and assess risk as a whole. Depending on the characteristics of a client additional documentation may be requested (financial statements, contracts with counterparties, confirmation by the economic substance of transactions). They have checks and balances in place that ensure any transaction is monitored, and any suspicious transactions automatically go up for mandatory internal audit and regulatory review, if needed.
This is a multi-step process, so it is necessary to act consistently and ensure the compliance with legal requirements. We are ready to assist you with everything: from selecting the right bank for your business model, through successful opening of account and implementation of all procedures. Helping to minimize the risk of refusal, properly prepare documentation and establish effective communication with the bank to ensure the most convenient and predictable outcome.
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