NON-RESIDENT BANK ACCOUNT UAE

NON-RESIDENT BANK

ACCOUNT UAE

For many years, foreign entrepreneurs and workers have found the United Arab Emirates a desirable destination. And there’s a good explanation for that. Keeping one’s financial affairs in order is crucial in this thriving market. However, you must create a bank account in Dubai for this to be possible.

The United Arab Emirates (UAE) allows non-residents to open bank accounts, though residents must meet specific requirements to apply for an account. But you’ll need to go there in person to open a bank account in Dubai. Additionally, as a non-resident, you may be restricted from accessing local benefits and selecting banks. While this may seem like a cause for alarm, the vast majority of Dubai’s large organizations make it possible for ex-pats to open UAE bank accounts.

What are the Benefits of Opening a Bank Account in the UAE?

Opening a bank account in Dubai will allow you to handle your accounts with ease, personal or business, local or international. Dubai’s lack of a personal income tax is a significant draw for non-residents looking to set up financial operations there.

Most non-UAE citizens interested in opening a bank account in the country are from Western countries. This is because they are required to pay substantial taxes in their own countries, including income tax. But in the United Arab Emirates, your earnings are entirely your own. To maximize their savings, non-residents should funnel their money into UAE bank accounts.

How to Open a Bank account for Non-Residents in UAE

In Dubai, non-residents can open a bank account in either the personal or corporate/business category, depending on their needs.

  1. Non-UAE residents must provide the following documents to open a personal bank account in the UAE
  2. Copy of passport showing entry stamp for the UAE and the date you entered the country
  3. The most recent version of your resume/CV (CV). This should be reflective of your professional standing
  4. Statements from the last six months of your bank account
  5. A copy of the most recent utility bill

You must give not just the paperwork mentioned above but also detailed information about your income and where it is coming from. Moreover, several UAE banks require that non-residents with personal accounts keep a minimum monthly balance.

Obtaining a business bank account in the UAE as a non-resident necessitates presenting the requisite documentation.

  • All information regarding the company's shareholders
  • Articles of Association (AoA) and Memorandum of Association (MoA) of your company
  • The trade or business license or the certificate of incorporation of the business
  • A description of the corporate structure of your company
  • Documents proving your ownership
  • Describe your company's business activities
  • Information regarding the shareholders' business experience
  • Documents indicating the source of funds and investments of the company

The UAE Ministry of Foreign Affairs may need to verify some of the abovementioned documents. In the United Arab Emirates (UAE), the Know Your Customer (KYC) policy plays a crucial role. That means anyone who opens a bank account in the UAE is subject to it.

Opening a bank account in Dubai is possible with four different types of banks:

  • Commercial banks
  • Investment banks
  • Industrial banks
  • Islamic banks

Particularly for those who are not residents, Dubai is veritable banking heaven. The government has made it relatively easy to set up a bank account in Dubai. People who are not natives might run into a slight snag if they try to open a bank account on their own. They’re restricted to opening a savings account instead of a current account. Opening a savings account in Dubai requires the account holder to be physically present in the city.

Ideally, you should open a salary account at the same bank as the one your employer uses. With this information, the pay can be credited the same day it is sent. If you switch banks, it may take more than one business day for your transfer to see up in your new account.

ExpressPRO Can Assist with Non-Resident Bank Accounts

ExpressPRO makes it easy to open a bank account in Dubai or the United Arab Emirates for non-residents, whether the account is for personal or professional use. Maintain simple control over your everyday banking needs. ExpressPRO covers you from beginning to end regarding company formation in Dubai and beyond. It provides various value-added services, such as banking support, VAT and tax advice, public relations support, and more.

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