Opening a bank account UAE

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BANK ACCOUNT IN THE UAE

In the modern era, it is always wise to have offshore bank accounts in banks somewhere outside the home country in which they are subject to tax. It’s a way to handle funds efficiently and keep saving on taxes. We offer comprehensive solutions for opening and handling bank accounts in the UAE.

Pravo works in tandem with the corporate SME divisions of several banks in the United Arab Emirates to deliver a wide range of assistance to companies located in the Free Zone. Our relationship with the banks allows clients to smoothly open and operate bank accounts. We also engage in negotiating and arranging business / personal loans for clients.

The PRAVO team works in close cooperation with bank employees to guarantee the opening of bank accounts with a minimum of fuss and paperwork. We support in opening a bank account with leading banks in UAE such as Banque Misr, Emirates NBD, Mashreq Bank, RAK Bank, National Bank of Fujairah, Emirates Islamic Bank, ADIB & Ajman Bank.

As a rule, the next documents or information is needed to open a bank account in the UAE

  • Photocopy of passport
  • Proof of residence worldwide
  • Proof of doing business in any place in the world (if the beneficiary has an operating business)
  • 3 suppliers and 3 buyers in case of trading business
  • Brief description of the owner (resume)

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WHAT SHOULD YOU KNOW ABOUT OPENING A BANK ACCOUNT FOR BUSINESS IN THE UAE?

LOCAL BANKS IN THE EAE

Request to open a bank account remotely online at the majority of the leading local banks in the UAE.

Required Documents (copy of passport, residency visa, Emirati personal ID card of all shareholders, copy of UAE company documents, short information about current business in any country, expected annual turnover, completed account opening form)

  • Fast approval on a “know your customer” status with all documents
  • ZERO or low average monthly minimum balance and choice of local or international currencies
  • Submit a business account application directly through the bank’s website.
  • No brokerage agencies, contact bank officials directly

INTERNATIONAL BANK ACCOUNTS

As an option, many of our foreign customers have chosen to open an offshore multi-currency bank account through remote banking with CIM Banque, Switzerland and AFRASIA Bank, Mauritius.

SWISS BANKS

Swiss banks provide international clients with a broad range of bespoke banking services to enable them to efficiently manage their global operations. The banks guarantee hassle-free access to online banking services and a comparatively effortless procedure for opening a bank account. The most advanced e-banking and corporate banking tools from Swiss banks are customized to enable corporations to trade internationally seamlessly.

BANKS IN MAURITIUS

Mauritius is the favored choice for offshore banking for many investors from Asia and the Middle East area. The reliable banking system in Mauritius has attractive solutions for the daily banking needs of business owners.

Offshore company bank account in UAE

In the UAE, most banks open offshore bank accounts. An offshore company account will not be eligible for a credit card or checkbook, but they can still use online banking to send funds. Shareholders of the offshore company may establish a personal bank account at the same bank.

Documents needed to open a bank account of an offshore company
  • Certificate of incorporation
  • Memorandum of Association
  • Certificate of Stock
  • Copy of passport of the shareholder
  • Business profile of the shareholder
  • Proof of doing business in the country of residence

Freezone company bank account in the UAE

Freezone company accounts are eligible for checkbooks, debit cards, credit cards and all other bank credit services. They can also use online banking services. Banks provide loans for the purchase of vehicles or assets for the company.

Documents required to open a Freezone company bank account
  • Certificate of Incorporation
  • Memorandum of association
  • Trade license
  • Lease agreement
  • Copy of shareholder passport
  • Business profile

Documents required to open a personal bank account in the UAE

  • Passport copy
  • Certificate from the bank
  • Utility bill

FAQ - Opening bank account UAE

PRAVO is a registered agent in all key freezones and offshore jurisdictions in UAE. We incorporate a company for clients in 2 days and help to start an offshore bank account. We establish an account with minimum trouble and documents in the least amount of time. We also guarantee that the client gets a multi-currency account with online banking support.

A UAE resident visa will allow you to open a personal or business bank account. At most banks, you will only need to show your passport, visa and a letter from your employer stating your salary. There are several different types of banks to choose from, but keep in mind that many require a high minimum deposit.

The UAE only allows expats without a residency visa to open a savings account. As a rule, such an account does not come with a checkbook. Instead, most banks issue an ATM card so that users can withdraw money while waiting for their residency visa.

Most banks in Dubai only allow non-residents or tourists to open savings accounts. This means that the restrictions imposed mean that current accounts or other services are only open to residents.

There are several ways to open a bank account: visit a bank with the relevant documents, apply by phone or online, or open an account online instantly. Opening an account online is the easiest way to get started with a bank account.

Get all the benefits of HSBC banking without having to transfer your salary into an account or maintain a minimum account balance.

Yes, some banks in UAE open a salary account for customers with a salary of AED 3000 per month.

Most banks in Dubai offer free online banking, so be sure to sign up for it when you apply. Online banking is an easy and secure way to manage your finances.

However, banks in the UAE have started offering accounts without the requirement of maintaining a minimum balance. Such accounts are called zero balance accounts.

In general, the process takes anywhere from one or two days to several weeks, depending on the type of account. Different accounts require different documents. Expats can open a bank account in the UAE within a few working days.

Tourists are only allowed to open a savings bank account, not a current account. A copy of your passport with a stamp of entry into the UAE must be provided. Your bank statement for the previous six months.

Almost every bank requires a valid government-issued photo ID when opening a checking account. … Other forms of government-issued identification are a valid passport or U.S. military ID card. Check with your bank to see if they are acceptable.

To open a savings account in the UAE, you can visit the nearest branch of the bank of your choice or apply through online banking. With a savings account, you can withdraw, deposit, and transfer funds at any time.

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