The popularity of the UAE continues to increase by multiple folds, thanks to the country’s economic stability and lenient banking environment. While the UAE is small (areawise) compared to many other financial centers, it certainly punches above its weight in terms of privacy, financial services, and of course banking. As the epicenter of stability in an otherwise turbulent Middle East region, several Emirates offer the type of stable banking options that you’re looking for.
It can be tedious for an expat to navigate through the process of opening a bank account in Dubai. Moreover, opening a bank account might require a personal visit in certain cases. It must be noted that the UAE is no longer on the EU’s list of non-cooperative jurisdictions. Likewise, the country also doesn’t appear on any FATF (Financial Action Task Force) lists. So, it’s not considered as a high-risk jurisdiction nor is it defined as a country under increased monitoring by FATF standards. Therefore, just get in touch with the legal advisors at Shuraa and open an account in a reliable bank handpicked by our consultants.
How to open a bank account as a non-resident in Dubai?
You need to have a professional bank account to manage all the monetary transactions of your company. All the steps involved in opening a bank account in Dubai for non-residents are mentioned below:
Choose a suitable bank
Since the bank is going to be in Dubai, choose a well-capitalized and sound banking system. There are certain tax regulations for opening a bank account, therefore thorough research is needed. There are various factors to consider while looking for the right bank, some of which include minimum balance accounts, good customer care service, higher interest rates, convenience, internet banking, and more. After having a final list of potential banks, you must look for your personal needs. Suppose you want to keep your savings high, then you must look for banks that offer low maintenance charges alongside minimal setup costs.
Submit the required documents
As you must have submitted certain documents for identity proof in your home country’s bank, you’ll need to submit a list of documents here too. Keep the mandatory documents handy and submit them to your bank while opening a Dubai bank account for non-residents. However, depending on the bank you choose, you might be asked to submit additional details for authentication purposes.
Choose the desired currency
Banks in Dubai offer you the option to choose between multiple currencies. One should choose a currency sensibly as some have higher pegged rates than others. Try choosing a currency that has a very minimal cost for conversion. You don’t need to worry about any of this when you collaborate with the local business consultants who do all the heavy lifting for you so you can focus on other business activities.
Understand how to operate your account
While transferring funds to offshore accounts, most customers do it through international wire transfer and that has additional fees depending from bank to bank. Domestic cheques and cash deposits are usually not accepted by the banks in Dubai. You are also advised to closely tie the offshore account with your domestic one as it ensures privacy and convenience.
Benefits of opening a bank account in Dubai
All businesses – irrespective of their industry need to open a corporate bank account in the
UAE. Listed below are some of the many benefits of opening a bank account in Dubai:
Safe and robust banking systems
Stable banking systems should legally operate within their borders for being financially healthy and responsible. These banks don’t spend depositors’ money carelessly and must follow certain capitalization and liquidity rates, or else their banking license would be canceled and they would stop operating. The banking system in Dubai is sophisticated, totally compliant, and fully efficient as many offshore jurisdictions depend on such offshore financial services. Furthermore, they also offer full confidentiality on your personal information along with a safe and secure phone and online banking system.
World-class banking services
One of the main reasons why people prefer opening a bank account in Dubai is because of the robust banking services that you get in the UAE. In today’s world, service isn’t just about being treated like a customer. It’s about what you’re being offered. Banks in Dubai are well-regulated and know that customer satisfaction is crucial for their long-term growth. Unlike banks in other countries, the banks in Dubai don’t have any hidden charges which ultimately results in better service and higher customer satisfaction rates.
Lowered costs and fees
Opening a Dubai bank account for non-residents adds flexible banking amenities like different currencies, improved interest rates, and backup accounts. The banks in Dubai have cut down foreign exchange fees, and this saves you unpredictable currency swings. Furthermore, the banks offer multiple foreign currency accounts without any extra cost by default, and it’s easier to hold it in Dubai as compared to your home country. Moreover, some of these banks let you handle up to ten different currencies with the same bank account to offer supreme flexibility to non-resident customers.
Better rate of interest
Unless the interest rate that your local bank is offering meets the inflation rate, your money is losing its buying power. Therefore, when given an option to choose between higher interest rates and lower ones, anybody would go for the former. Dubai banks are offering higher interest rates as compared to your local banks or other international banks. All you need to ensure is that the preferred bank is reliable and matches your business requirements.
Requirements for opening a bank account in the UAE
Opening a bank account in Dubai for non-residents is straightforward and only requires minimal documentation in most cases. The following are the list of documents typically needed:
- Address proof, citizenship document, occupation, date of birth related paperwork
- Passport copy
- Residence proof such as utility bills, driving licenses, etc., issued by the Dubai government
- Proof of fund sources directed to the bank
- Additional documents like KYC form, business reviews, CV of shareholders if it’s a business account
Note that all the documents mentioned above must be notarized to be considered authentic and legitimate.
Connect with Shuraa
Shuraa Business Setup is here to help you open a Dubai bank account for non-residents. You need a bank account to manage the finances of your dream venture in the UAE. The business experts at Shuraa help you with your banking requirements by offering end-to-end assistance. Therefore, you can take a comfortable back seat and leave the rest on us. We analyze your business requirements, match them with the various banks in Emirates, and suggest the one that’s ideal for your company. All you need to do is get in touch with us.