The UAE is relatively known for its financial centers due to its privacy, financial services, and of course, banking. The country has taken its necessary steps to provide a transparent government with international standards jurisdiction. Their banking system is leading the game because of its secrecy, stability, and diversification, attracting non-residents to open a bank account.
Although UAE’s banks are regulated under the UAE Central bank, Each Emirate keeps its unique selling advantage. There are three emirates, for example, that attract non-residents and expats for their bank account opening, including Dubai, Ras al-Khaimah (RAK), and Abu Dhabi. Dubai is the most popular one with its Robust, State of the Art Free trade zones (FTZs). Non-resident entrepreneurs and investors mostly choose Dubai to do business, so bank account opening flocks in their region.
For non-residents, Dubai is relatively less conservative in terms of banking perspective. It can be accessed quickly, carry out transactions effortlessly, open up opportunities to international business, and no loss encounters while converting currency into AED.
There are two types of bank accounts which a tourist or non-resident of Dubai can open: a) a Personal savings bank account, b) a corporate or business bank account.
If a non-resident is only visiting Dubai, he/she is only allowed to open a savings bank account and not a current account provided he/she has the following documents:
1. Copy of your passport with the UAE entry page
2. An original copy of a reference letter from your bank where you have a personal/corporate account from your country of origin or any other country
3. An updated curriculum vitae (CV)
4. An original copy of your bank statements’ last six months from your home country or elsewhere.
Non-residents who are doing business in Dubai are allowed to open a corporate or business bank account by providing the following documents:
1. Company Trade License
2. Certificate of Registration
3. Share Certificate
4. Company Memorandum & Articles of Association
5. Board Resolution empowering a Company Officer to open the account
6. Passport copies for shareholders and authorized signatories
The types of documents may vary from one bank to another, but all are accessible online. All banks are also open for a call to any inquiries, and they are available in the universal English language. As a major financial sector, opening a bank account in Dubai is made easier for non-residents to provide an effortless and effective process. If proper documents are met, non-residents can attain a debit or an ATM card wherein they can withdraw from any ATM.