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Bank account opening in the UAE

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Bank Account Opening in UAE

Among the good reasons in favor of the decision to open an account in the Emirates, there are such as:

  • Data privacy
  • Lack of currency control
  • Entering the markets in UAE and, as a result, successful cooperation with local partners.
  • Security and reliable online banking
  • High level of service
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The United Arab Emirates is considered the most highly developed and economically stable jurisdictions. The following advantages create the most attractive business environment - flexible taxation system, more than 30 free economic zones, about 20 of which are located in the largest city of the UAE (Dubai) and other undeniable advantages.

Alongside with a company formation lots of entrepreneurs and investors choose the United Arab Emirates as one of the most attractive environment for account opening.

In our article we focus on such issues as account registration in the United Arab Emirates and different options for creating a business in this jurisdiction.

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UAE BUSINESS ENVIRONMENT

The Arab Emirates is among TOP-15 countries in terms of ease of doing business (11th place), and is also one of the richest countries in the world.

Below you can find the crucial business benefits of this country:

  • Excellent business environment and modern infrastructure among the Arab countries;
  • One of the most highly developed economies (2nd place in the Arab world);
  • The country isn’t mentioned in any of the EU and OECD blacklists;
  • Free Economic Zones (more than 30);
  • Highly qualified specialists;
  • Financial centers in Dubai and Abu Dhabi (highly developed banking sector);
  • No currency control;
  • Practically complete exemption from income tax, as well as no restrictions on the repatriation of income;
  • Double taxation treaties (ca. 65 countries);
  • Minimum term for company formation.

Also, the most promising business areas for those who want to establish a company in the United Arab Emirates are the following: extraction of natural resources (gas, oil, metals), chemical industry, construction, pharmaceuticals, services, IT-technology.

BANK ACCOUNT TYPES IN THE UAE

In order to register a company in the UAE you should obey the following requirements – account opening in one of the UAE banks.

In this jurisdiction, in addition to opening personal accounts for residents and non-residents, you will have access to the following types of business bank accounts for:

  • Free Zone LLC;
  • Trading LLC/Professional services LLC/LLP;
  • Offshore company;
  • Onshore/Mainland company.

The most beneficial option to open a bank account is to incorporate a company in free economic zones – for example, Umm Al Quwain Free Zone, Jebel Ali Free Zone (JAFZA), Sharjah Airport Free Zone (SAIF) and others.

BANK ACCOUNT OPENINNG BENEFITS IN THE UAE

If you intend to open your own business in the UAE, we would like to draw to your attention the key features of bank account opening in the UAE:

  • Reliable asset protection and high level of data confidentiality;
  • Stable banking and financial system;
  • No restrictions on deposit and withdrawal of funds from accounts;
  • Loyal tariffs for transactions;
  • Stable Fully Convertible Currency (AED);
  • Wide choice of UAE financial institutions.

In addition, if you want to open a corporate bank account in the, we recommend you to pay attention to the following advantages and peculiarities:

  • Possibility of current accounts opening for individuals or legal entities;
  • Mobile and Internet banking, providing 24/7 access to customer accounts;
  • No restrictions on the number of transactions;
  • Professional technical support;
  • A personal manager for VIP-clients;
  • Mandatory minimum balance on the account.
BANK ACCOUNT OPENNING PROCESS

Those who are interested in bank account opening should prepare and submit the following documents to us:

  • Detailed description of your business experience and skills;
  • Set of company documents, bank statements on shareholders, a business plan, data on partners, suppliers, customers, etc. (if any).
  • Certificate of Incumbency;
  • Utility bill.
NOTA BENE

Please take into consideration that bank account opening in the UAE is possible only on condition of client’s personal visit to the bank.

If you want to open a bank account in the UAE, please note that most financial institutions there have English of Farsi speaking staff.

In addition, most UAE banks do not provide their services to U.S. clients, EU sanctioned jurisdictions, and countries from the ‘high risk zone’, for example, Iran, Russia, Nigeria, and North Korea. Sometimes, Ukraine is included.

THE BEST BANKS IN THE UAE

If you want to open a corporate bank account in the United Arab Emirates, we offer you this list of the most prestigious and reliable banking institutions there:

  • Abu Dhabi Islamic Bank;
  • Emirates NBD;
  • Mashreq Bank;
  • Noor Bank.
HOW TO OPEN A BUSINESS ACCOUNT IN THE UAE

If you are interested in bank account opening in the UAE, IQD Consulting will offer you the following services: professional advice and facilitation in the process of business formation in the United Arab Emirates, bank account opening facilitation for UAE free economic zone companies, preparation and execution of all necessary documents.

Time frames for bank account opening – from 3 weeks.

The information outlined in the article is actual at the time of its publication. Please refer to our specialists for checking possible solutions for your business.

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