Article image: Deposit accounts in the United Arab Emirates

Interesting facts:

Virtually 60% of the Emirates’ GDP derive from foreign capital investments income. Full version

Today almost all physical and legal persons are requiring banking services. Accumulation and keeping, invoice payments and cheque books, international money transfers, and many other types of financial services remain to be of the great importance. Deposit accounts increase in popularity among the numerous banking operations and services. This raises the respective question: in what banks it is better to keep your own money.

Banking system of the United Arab Emirates: advantages and benefits

International experts identify a number of key factors among the main advantages of the banking system of the United Arab Emirates, in particular:

  • High grade of reliability;
  • Introduction of the most advanced technologies to the banking system;
  • Strength of the state system in the economic and political terms.

Besides, the modern banking system of the United Arab Emirates has the relatively low tariffs for the banking service, simplified procedures of the financial reporting, loyal policy of banks and a high level of service. 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 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:

How to open a deposit account in the UAE

This banking service is available to both natural persons and legal entities. The procedures of opening a deposit account are simplified to the maximum extend for the persons who possess a resident status in the country. Almost all the banking institutions without restrictions are available to these persons. The terms of opening a deposit account depends on the internal policy of the financial institution and may take several days.

Banking services are also available to foreign citizens, who don’t possess a resident status in UAE, but there are some restrictions. For example, a checkbook is not issued for the account holder when opening an account for UAE non-resident. There are no other significant restrictions in all the other respects, and a full range of banking services is available for the foreigners.

Legal entities, which plan to open a bank account, must submit the relevant documentation to the banking institution. In the case if you don’t own the company in the UAE, the account can be opened by registering an offshore company inside the country. The procedure of registration of the bank accounts for the UAE offshore companies is characterized by swiftness and simplicity.

Foreign companies may open a bank account on the territory of the United Arab Emirates under condition of legalization of the incorporation documents in the Ministry of Foreign Affairs of the UAE and the respective Consulate. 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.

The current banking system provides the option of opening of two types of bank accounts, in particular:

  • Current account;
  • Savings account.

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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