Open Bank Account in Dubai Easily
If you are on this page, you may be someone who is looking to open bank account in Dubai and keep your profits where your privacy is well respected. UAE is well known for its strong banking industry. It has a commendable level of privacy provided to the customers.
There are many reasons why many businesses prefer to open bank account in Dubai and the UAE. Among these are:
0% corporate taxes depending on the business setup
Transparent public policies
High level of privacy for their customers
Reliable and well secured
The effective banking system in UAE is very beneficial to companies to establish, operate, and grow their businesses in the country.
The Central Bank of the United Arab Emirates is the main financial governing institution in the country. This regulatory authority is responsible for the security, efficiency, and flexibility of the financial system. It also protects the consumers through effective management that supports the growth of the economy.
Opening a Bank Account
There are international as well as local banks in UAE. Each bank offers a set of guidelines and benefits to its depositors in order to encourage business owners and entrepreneurs to open bank account in Dubai and the UAE.
You can apply to open a bank account in Dubai and the UAE for a personal or corporate bank account once you have registered your company and obtain a residency in UAE. There are certain documents required for opening a bank account.
For corporate, some of the requirements are company documents (trade license, memorandum of establishment, utility bills, etc.) The bank may also require your personal bank statements, or corporate bank statements if the shareholders have other existing companies. The bank may also require a comprehensive CV mentioning your business and professional experience for the past 7 years. In most cases, a business development plan is also required in order to open bank account in Dubai and the UAE.
In order to open bank account in Dubai for non-residents normally takes more time. Moreover, the facilities may be limited and bank account would be reportable to the jurisdictions of your tax residency. Most of the banks in the UAE allow non-residents to open savings accounts only.