Interesting facts:
Full versionToday almost all physical and legal persons are requiring banking services. Accumulation and keeping, invoice payments and checkbooks, international money transfers, and many other types of financial services remain of great importance. Deposit accounts increase in popularity among the numerous banking operations and services. This raises the respective question: in which banks is it better to keep your own money?
International experts identify several key factors among the main advantages of the banking system of the United Arab Emirates, in particular:
Additionally, the modern banking system in the United Arab Emirates features relatively low tariffs for banking services, simplified financial reporting procedures, a customer-friendly bank policy, and a high level of service. A money deposit in one of the banks of the UAE is the ability to manage the assets effectively, including the possibility to control and manage them remotely.
The national banking sector is represented by the local and foreign banking institutions, and according to the ratio of the number of banking institutions to the total amount of deposits, the United Arab Emirates occupy the leading positions worldwide. Today, more than 20 local, and more than 30 foreign banks, the total branch network of which includes more than 800 offices, including offices abroad, operate on the territory of the United Arab Emirates.
Clarify the cost of opening company, corporate or personal bank account, obtaining a residence visa, or another question regarding business in Dubai, UAE:
This banking service is available to both individuals and legal entities. Account opening procedures for residents are simplified compared to non-residents, but still include mandatory KYC verification, proof of source of funds, and, in some cases, a minimum balance. Residents have access to almost all banking institutions without restrictions. The terms of opening a deposit account depends on the internal policy of the financial institution and may take several days.
Opening accounts for non-residents is possible, but is significantly limited and depends on the bank's policy, economic presence, and proof of source of funds. For example, a checkbook is not issued for the account holder when opening an account for UAE non-resident.
Legal entities planning to open a bank deposit must provide incorporation documents, licenses, proof of economic substance, beneficial owner structure (UBO), a business plan, and proof of source of funds. Opening a bank account is possible with a company registered in the UAE (mainland or free zone), subject to passing bank compliance. Despite the tightening of bank compliance requirements and KYC/AML procedures in recent years, opening a bank account for companies in the UAE remains possible provided the documents are properly prepared, the business structure is transparent, and the source of funds is confirmed.
Foreign companies can open a bank account in the Emirates, subject to the legalization of their incorporation documents through notarization, the Ministry of Foreign Affairs of the country of origin, and the Ministry of Foreign Affairs of the UAE (MOFA UAE), and, if necessary, consular legalization. Be ready that the bank may request an account statement from another financial institution and information on the company's balance sheet over the last year.
Local banks offer various types of accounts:
At the same time, the opening of the combined accounts for the accumulation of funds and the implementation of the current banking operations is also possible.
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