Opening an account in the UAE

Opening an offshore in the UAE as well as creating an account in a jurisdiction is relevant for businesspeople, as the jurisdiction is considered developed and economically stable. The country offers comfortable conditions for doing business including the possibility of tax optimization and availability of FEZ.

The UAE has a progressive banking system. The structure of interest charges, service fees and requirements for the smallest account balance in the country are comparable to those in the EU and US banks.

Bank choice

One of the banks where you can open an account is Emirates NBD. This financial institution is one of the largest in the jurisdiction. Residents and non-residents can open an account. The work is done with corporate clients, including offshore companies. To create a personal account you will need a foreign passport, ID, copies of the resident visa and the account opening form. A financial institution may request additional information about the origins of money. If you need to open a corporate account, you will need to provide company details and incorporation documents.

Another bank where you can open a corporate or personal account is the United Arab Bank. Passport, resident visa, shareholders details will be required. Information on ultimate beneficial owners, company documents, and information on the scope of business are also required. This bank is interested in customers with an account turnover of $1 million or more per year and large account balances.

Mashreq Bank is one of the most popular banks in the UAE. More than half of the country's population uses the services of this bank. It is possible for foreigners to create an account. There are favorable conditions for residents and non-residents. The institution works with individuals and legal entities.

The advantages of creating an account

The Arab Emirates is one of the jurisdictions where starting a business is very simple, considering that it is one of the richest countries in the world. The country has a well-developed infrastructure, a high level of security and an economy that is highly developed. The country has concluded an agreement on avoidance of double taxation with some states.

There are some factors why it is worth buying an account in the UAE:

• Financial institutions are reliable;
• Confidentiality is preserved;
• The cost of services is relatively low;
• The exchange rate of the national currency is stable;
• It is possible to use online banking;
• Wide choice of banks.

It is possible for an individual or organization to open an account in the UAE. For residents, the procedure of account creation is simplified. Many entrepreneurs register accounts in the country, as the tariffs for transactions are low and there are no restrictions on deposit and withdrawal of funds from the account. There are no restrictions on the number of transfers.

Features of account opening

Different types of accounts can be opened with local banks - for a company that is located in the FEZ, a limited liability organization or partnership, an offshore or onshore company, as well as an individual.

The first stage is the preparation of documentation. The number of documents is based on who submits the documents, the natural or legal person and by which account it is required to be opened.

According to the legislation, in order to create an account with a UAE financial institution, the personal visit is required. No remote account creation is allowed. Personal presence is needed to identify the person and obtain the original signature.

A response must be expected after the bank visit. To increase the chance of account’s approval, please contact our experts at IT-OFFSHORE. A resident or non-resident can create an account.

What documents must be provided to open a personal account:

• Account holder's passport;
• Visa;
• Recommendations from the bank;
• Confirmation of residence permit.

To do business in the UAE, a corporate account for an organization is required. You can open offshore and onshore accounts with financial institutions, but not all banks serve offshore institutions. Most banks increase the requirements for the minumum account balance.

To create an account for a company, you need to provide documents of the account holder, the company's Articles of Association, statements of accounts of the founder for the last six months, and letters of recommendation from the bank.