The UAE has long been a hub for foreign investors and jobseekers alike. And for a good reason. Managing and protecting one’s monetary assets in this booming economy is one of the top priorities for residents. However, this is only possible if you open a bank account in Dubai.
While residents have to meet certain criteria in order to apply for an account, it is possible for others to have non-resident bank account in the UAE. However, for opening a bank account in Dubai, one needs to be physically present in the city during the process. Furthermore, as a non-resident, your options might be limited when is comes to the benefits you get or choosing local banks. Nevertheless, most of the large entities in Dubai do offer options for non-residents to open a bank account in the UAE there is no serious concern.
The following article will explore how can non-residents open a bank account in Dubai and the UAE.
Benefits of opening a bank account in the UAE?
- If you open a bank account in Dubai, you can manage your private finances, do your company’s local as well as international transactions.
- One of the main factors luring non-residents to open a bank account in Dubai is zero taxation. A majority of the foreigners who want to maintain an account in the UAE are from the West. The reason for this is that they pay large sums of taxes, including income tax, back home. In the UAE, however, what you earn is wholly yours. Therefore, the non-resident would save more by directing their income to their UAE bank accounts.
How to open bank account in UAE for non-residents
Foreigners can open a bank account in Dubai in either of the two categories – personal and corporate or business.
To open a personal bank account in the UAE as a non-resident, the following documents are mandatory:
- Copy of passport, including the page which shows the immigration stamp on the date of your entry into the UAE.
- A copy of your latest curriculum vitae (CV). This should reflect your professional profile.
- The original copy of a reference letter from the bank where you hold a personal or corporate account in your country of origin or elsewhere.
- Your bank statement from the last six months
- A copy of your most recent utility bill
Besides the above-mentioned documents, you also have to provide a comprehensive information about your incoming funds, including its sources. Furthermore, many locals bank in the UAE require non-residents with personal accounts to maintain an average monthly balance.
Document required to open a corporate bank account in the UAE as a non-resident.
- Information on all shareholders in the company
- Your company’s Articles of Association (AoA) as well as the Memorandum of Association (MoA)
- Your trade/business license or the certificate of company incorporation
- Details on your company’s corporate structure
- Papers reflecting your ownership.
- An explanation on the business activities your company in engaged in
- Details regarding the business experience of the company shareholders
- Documents reflecting the company’s source of funds and investments.
Some of the documents mentioned above might further be required to the verified by the Ministry of Foreign Affairs in the UAE.
The Know Your Customer (KYC) policy in the UAE is central. Thus, it is applicable to all those who open a bank account in the UAE.
Consult with Shuraa for non-resident bank account requirements
Whether it is a personal one or for business purposes, opening a non-resident bank account in Dubai or UAE is very simple and hassle-free with Shuraa Business Setup. Manage your day-to-day banking transactions easily. Shuraa has been providing complete solutions for company formation in Dubai and beyond. Its value-added services include banking assistance, VAT & tax consultation, PRO services, and more.