Bank Account Opening Assistance in Dubai
Bank Account Opening Assistance in Dubai

Bank Account Opening Assistance in Dubai

How To Open Bank account within the UAE

Bank Account Opening Assistance in Dubai. Opening a checking account may be a vital aspect after acquiring the license for any company. Let us assist you to open an account or assist you with offshore banking in Dubai. Our connections with various banks allow us to assist both Freezone and mainland companies to open a checking account within the UAE.

Banks  Account opening has various requirements in terms of documents, minimum balance requirements, and specialization in certain sectors among others. The approach can Bank Account Opening Assistance in Dubai vary depending on the case. Based on the requirements and preferences of our clients, we will provide them with an inventory of suitable and reliable banks.

In addition to the essential documents to open accounts, in certain cases supporting documents also could be required like invoices, reference letters, etc. In case the corporate may be a branch, documents about the parent company are going to be required alongside bank statements.

Most of the banks in UAE insist on Bank Account Opening Assistance in Dubai maintaining a minimum balance. Taking into consideration the character of your business, we propose the banks which might fit your needs.

In case the need is to open an Islamic account we propose Emirates Islamic, RAK Islamic account. If the need is for conducting investment or foreign trade then we propose Al Masraf. If you’re trying to find a standard sort of an account then there are various options like ENBD, Mashreq Bank, First Abu Dhabi Bank, commercial bank of Fujairah, Union National bank, and ADCB, etc.

 THE MAIN ADVANTAGES OF OPENING Bank account within the UAE

1) Stability and reliability of the UAE financial and banking industry 

2) Free movement of capital in any direction

3) Confidentiality of knowledge on the account holder within the UAE

4) Low rates of bank processing payments

5) the foremost powerful banking infrastructure within the Middle East with built-in processes

6) Stability of the national currency rate: 1 US dollar = 3.65 DPM (the rate is stable for more than 20 years)

RESIDENT  Bank Account Opening Assistance

After fixing a corporation within the UAE you’ll apply for a private and company checking account opening as a UAE Resident. Such Bank Accounts are the foremost beneficial for foreign investors because they’re non-reportable and supply many opportunities for checking account holders.Bank Account Opening Assistance in Dubai

  • Non-reportable bank account

  • Cheque book

  • Any bank facilities

  • Online banking

  • Debit and credit cards

  • Dedicated Account Manager

NON-RESIDENT Bank Account Opening Assistance

If you probably did not obtain UAE Residency and are willing to open a UAE checking account for yourself or your business, then there’ll be sure restrictions which you’ll face after opening a Non-resident checking account in UAE. Bank Account Opening Assistance in Dubai

 

  • It should be mentioned that such a bank account will be:

  • Reportable to the jurisdictions of the owners’ tax residency

  • Takes more time to open

  • Limited in bank facilities

  • Limited in online banking

  • Not allowed for issuing credit or debit cards

OFFSHORE Bank Account Opening Assistance

If you would like to open an Offshore checking account in UAE here are the advantages and restrictions of such Bank Accounts:

  • Extra secured and have the highest privacy level

  • Allow 100% repatriation of capital and profits

  • Fast to open

  • Can be opened without UAE Residence Visa

  • Have no currency or funds transfer restrictions

  • Have user-friendly online banking system

  • Not eligible for checkbooks, credit or debit cards and ATMs

Documents required to open offshore company bank account Opening Assistance:-

  • Incorporation Certificate

  • Memorandum of Association

  • Share Certificate

  • Passport copy of Shareholder

  • Business Profile of Shareholder

  • 6 months personal bank account statement

  • Proof of business in the home country

Documents required to open Freezone Company account:-

Bank Account Opening Assistance in Dubai

  • Incorporation Certificate
  • Memorandum of Association
  • Trade License
  • Tenancy Contract
  • Passport Copy of Shareholder
  • Business Profile

Documents required to open Personal Bank Account:

Bank Account Opening Assistance in Dubai

  • Passport Copy
  • 6 Months Personal Bank statement
  • Bank reference letter
  • Utility Bill

Bank Account Opening Assistance in DubaiCOST OF ANNUAL MAINTENANCE OF THE ACCOUNT 

within the UAE and therefore the NECESSARY BALANCE Bank Account Opening Assistance in Dubai

For corporate accounts, the minimum balance requirement for a checking account is 20,000 dirhams (5,970 dollars) for Noor Bank and 25,000 dirhams (6,850 dollars) for ADIB bank. For personal accounts, the wants are very different, so contact us for a free consultation:

Banks within the UAE in their majority don’t charge a maintenance fee. Instead, you buy the utilization of the web banking service, which is 500 dirhams a year (137 dollars) from Noor Bank and 240 dirhams per month (66 dollars) from ADIB. Bank Account Opening Assistance in Dubai

 

WHAT ARE ACCOUNTS WE HELP TO OPEN within the UAE

Bank Account Opening Assistance in Dubai

– Personal Savings Bank Account  Assistance for UAE Residents

– Personal current  Bank account Assistance for UAE residents

– Personal account opening on demand for non-residents of UAE

– Personal escrow account opening for non-residents of the UAE

– Corporate account for a corporation within the frieze of the UAE

– Corporate account for LLC UAE

– Account for the offshore in the Emirates

– Account for Onshore in the Emirates

 

WHY CHOOSE Bank Account Opening Assistance in Dubai

Bank Account Opening Assistance in Dubai

These days, the vast majority of offshore jurisdictions Accounts opening are facing serious problems due to the implementation of the Common Reporting Standard (CRS), under which all your Bank Account financial data is reported to the country of your Account tax residency (in a CRS participating jurisdictions). Today, even Swiss and Singapore banks can’t ensure 100% secrecy of their Bank Account customers’ data.

 In this spotlight, UAE banks are the simplest option because the UAE Resident checking account information is non-reportable. Aside from that UAE banks opening Assistance have a robust economic performance and autonomy from international financial organizations what makes UAE a highly desired destination for foreign businessmen and investors to park their monetary assets.

Full exemption from Account taxation of interest

Economic Account Stability 1 USD = 3.6725 AED since 1997

No currency exchange regulations

Best Modern Online Banking

Innovative Banking Facilities with Apple Pay, Samsung Pay

Multi currency Bank Accounts

Dedicated Relationship Manager

UAE ranked World’s 2nd safest country

Access to Global Investment Opportunities

Bank Account Opening Assistance in Dubai

The timeframe to open an account is predicated on various factors like the nature of the business, the domicile of operation (Free Zone/ Offshore or Mainland), and nationality of the signatory. For instance, within the mainland, General Trading activity requires compliance approval before you’ll open an account. This is why it takes more time to open the bank account.

A combination of these different factors can affect the time frame. For a traditional trading company within the mainland with all necessary documents in situ, it normally takes 10 working days to open an account.

DOCUMENTS REQUIRED FOR BANK OPENING

Bank Account Opening Assistance in Dubai

  • Valid Trade License
  • Certificate of Incorporation / Registration
  • Share Certificate(s)
  • Company Memorandum & Articles of Association
  • Board Resolution authorizing a corporation Officer to open the account (if applicable)
  • Passport copies for shareholders and authorized signatories (if applicable)

There are additional banking documents which will be required and this may depend upon the bank, corporate Emirates NBD Bank account opening representative mention that banking compliance will request additional supporting information such as:

  • Copies of contracts and agreements
  • Invoices from supplier or receipts issued to customers
  • Reference letters and so forth.

Banking representatives got to convince the regulators that they, in fact, Know Your Client (KYC) well, alongside having the ability to know the character of the business

1 How many banks are there within the UAE?

There are 28 foreign Bank and 22 local  banks in the UAE

2 TOP-3 biggest UAE local banks.

They are First Abu Dhabi Bank, Emirates NBD and Abu Dhabi full-service bank (based on total assets of banks at the top of the 2017 year).

3 Is it true that local UAE banks are better for Other Bank?

All banks in the UAE, local and foreign, are safe and supply efficient services. However, local banks are more flexible with SME companies in terms of chances of getting the approval for checking account Opening within the UAE and credit facilities.

4 Is it safe to possess a checking account within the UAE banks?

In 2017 UAE raised to the 4th place because of the country with the most important wealth inflows, which proves UAE as a secure financial jurisdiction for investors to stay their monetary assets within the UAE Bank Accounts. So yes, it’s absolutely safe.

5 What is the meaning of the Current checking account and Call Account in UAE?

The UAE current checking account is that the account, where the signatory is that the UAE Resident, Call Account is that the one, where the signatory may be a Non-Resident

6 How much will it cost to open a checking account in UAE local bank?

UAE local banks don’t charge any fees for checking account Opening.

7 Do UAE banks provide multicurrency accounts?

Yes, UAE bank Accounts provide multicurrency Bank Accounts in AED, USD, Euro, GBP, CHF, etc. there’s the likelihood to use the multicurrency checking account in most UAE Account banks without additional service fees or maintain a minimum, or average balance for the checking account.

8 Can I apply for the checking account Opening at any UAE bank?

You can apply for current (Resident) Personal checking account at any UAE local or foreign bank. Choose the proper bank which offers all the facilities you’re trying to find, and where you’ll qualify to their minimum maintaining balance requirement.

9 Can foreigners open the private checking account in UAE?

Yes, because the foreigner you’ll open a private checking account in UAE. Most of the banks in Dubai/UAE require min AED 100,000 (USD 27,249) because the monthly average balance to open a Non-Resident Personal checking account in Dubai/UAE.

10 How long will it fancy open Resident Personal Account and Non-Resident Personal Account at UAE banks?

3-7 business days and 5-10 business days respectively. The time-frame can vary from case to case.

11 What are the specified documents to open the UAE Resident Personal Account?

Emirates ID

Passport copy

Valid UAE Residence Visa

Utility Bill issued within the last 3 months for your UAE residential premises, rented or owned

Salary Certificate from employer or contract for Bank Accountant with the employer (for employees). For investors, it should be the newest corporate document, showing ownership within the company

Any bank may require additional documents supported their special requirements and submitted case.

12 What are the specified documents for opening a Non-Resident Personal Account in UAE?

Passport Copy

Proof of address for Bank Account Opening issued within the last 3 months

CV

Document proving the source of the applicant’s income (it is often the newest 3 months personal statement or corporate statement which the applicant owns).

Make your application process hustle-free and hire knowledgeable Business Consultant when applying to the UAE Non-Resident checking account. Contact My Business Consulting for free of charge expert advice.

13 Can I have two bank accountsOpens with different UAE banks?

Yes, you’ll have as many bank accounts as you wish in several UAE banks. There are several reasons to possess quite one checking account. you’ll check the advantages of getting an alternate corporate checking account in one UAE banks for your company in our expert blog.

14 Is the presence of the signatory required to use to checking account Opening in UAE?

Yes, the presence of the signatory is mandatory to use to checking account opening in UAE. The banker should verify the first passport and meet the signatory personally. This rule is valid for all UAE Bank Accounts: Resident, Non-Resident, and Offshore Bank Accounts within the UAE.

15 What is the initial deposit to open the company checking account in UAE?

There is no min amount of cash required to open a checking account or the initial deposit so as to open the checking account, like in other countries. However, UAE banks require to take care of a monthly average balance for the checking account. During applying for checking account opening within the UAE, the precise package is going to be chosen upon your needs.

16 What is the CRS with regard to reporting the checking account details?

Please, check our expert blog to understand more about CRS within the UAE banking industry and what Bank Accounts are considered to be report able and non-re portable.

17 How long will it fancy to open the company checking account in UAE?

It will take min 3 weeks to open the company checking account in UAE, but within the case when signatory is UAE resident. It applies different timings in each specific case.

Contact us for Bank Account Opening Assistance in Dubai.

 We at BCM Corporate services LLC, extend our quality services to our client with well experienced & qualified Business consultant with rich expertise in Bank Account Opening Assistance in Dubai.so that client’s requirements of Business setup in Dubai. can be completed on time with satisfactory Results outcome. Please feel free to reach us for your Business setup and Bank Account Opening Assistance in Dubai. requirements on our email id: info@branches.ae or call us on +971502585921

 

 

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