Opening a Bank Account in UAE
As a destination of choice for businesses from across the world, the United Arab Emirates enjoys an enviable position in the region for attracting high amounts of investment. One of the reasons that the country enjoys this position is the tax-free regime it offers. Apart from the emirate-specific taxes, which are only applicable to oil companies and foreign banks, the country has no other taxes for individuals. Compared with most other countries, where the interest earned on the amount deposited in savings accounts is partially or fully taxable, there is no tax as such in deposits made in the UAE. It is in fact, possible for non-residents to do all their banking activities in the UAE, but the processes and structures differ from those that are applicable to UAE residents. There are more requirements from a compliance perspective, more documentation required, and the full set of services may not be available to non-residents.
Documents Required for Opening a Bank Account in the UAE
The documents required for opening a bank account in the UAE are:
• Your passport copy
• Other relevant documentation
• Physical presence
If you are planning on opening an account for your business, then you would have to also provide a business license to the bank. The time it would take for the bank to open your account after validating your details varies from bank to bank, but in most cases, the process takes up to 1 month. A very significant point for you to remember is the mandatory physical presence at the bank at the time of opening the account. If one is not present physically at the bank for opening the account, it is a violation of regulations and is very likely to lead to legal hassles.
Can’t Visit in Person? Go for an Offshore Bank Account
If you are running a business in the UAE, you’d definitely like to take advantage of the benefits that come with a bank account here. If, for some reason, you need to get a corporate bank account for your company in the UAE without physically coming here, we have good news for you! You may opt for an offshore bank account instead. An offshore bank account is one that is present in a country different from your location of business. It provides you the same level of accessibility and benefits, plus more! BizVibeZ is the approved introducer for ABC Banking Corporation, Mauritius. It provides the following facilities:
• Minimum account opening deposit of just 5,000 USD (or equivalent)
• Multi-currency accounts
• No statement or ledger fee
• Free internet banking (both viewing and transaction)