Interesting facts:All legal relations between local and federal authorities are stipulated in the constitution of the UAE Full version
Currently, banking services are used by practically all companies and individuals. To save and optimize disposal of money, pay bills, issue cheques, transfer money to relatives living abroad and other banking operations have become an integral part of modern life. There is always a question connected with proper and effective management of money: which bank has the best deposit conditions?
The banks operating in the UAE have some advantages against banks of most of European countries. The reason for this is high reliability, progressive banking system, economic and political stability of the Arab country. Other advantages of the Emirates financial institutions include high level of service, simplified reporting policy, low service fees, loyalty to customers. Upon opening a deposit in the UAE, you will be able to manage your assets via internet banking or over the phone.
The Emirates banking system is represented by local and foreign financial institutions. Taking into account that the country's population is only 3.3 million people, the UAE is proud of its high ratio of number of banks and the amount of deposits which is one of the highest in the world.
Currently, around 20 national banks with over 700 branches and 30 foreign banks with more than 100 branches operate in the UAE.
Clarify the cost of opening company, corporate or personal bank account, obtaining a residence visa, or another question regarding business in Dubai, UAE:
Both individuals and legal person may open a deposit account in the UAE. The easiest way for opening personal accounts is enjoyed by residents of the Emirates. They may make a deposit almost in any financial institution, without practically any restrictions. The time of opening bank account depends on the policy of the bank: usually it takes from couple of days to several weeks.
If you are not a resident of the UAE, but you would like to open a deposit account in a bank in Dubai, the only restrictions applying to you would be impossibility of obtaining cheque book and credit. All other services will be available to you in full extend. Furthermore, the owners of savings accounts are paid interest accrued on their deposits. However, it should be noted that not all financial institutions deliver services to non-residents of the Emirates.
In order to open corporate account in the UAE the company shall be registered in the country. For making a deposit, the owner / owners shall provide the bank with their identification documents and incorporation documents of the company. If you have not incorporated a company in the UAE, we recommend to establish an offshore one. Opening of deposit in the UAE for owners of offshore companies is performed within short period of time.
Under the condition of legalization of incorporation documents in the consulate, and in the Ministry of Foreign Affairs of the Emirates, it is also possible to open an account for the company, which is registered outside the UAE. The Bank may also demand copies of bank statements from other banks, balance sheet of the company for previous years. In any case, approval on opening bank account is done by the bank on a case-by-case basis.
Businessmen say: "Paying taxes is an obligation while paying little taxes is an art."
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