Dubai Bank Account
- Dubai bank account
- Dubai bank account for individuals
- Dubai bank account for companies
- Frequently asked questions
Why open a bank account in Dubai?
Dubai bank account is a great option, but it is worth doing some research. Dubai is one of the most important financial centres in the Middle East and offers many advantages for opening a bank account. Here are some reasons why you should open a bank account in Dubai:
- Economic stability: the UAE is renowned for its economic stability and financial system. Dubai offers significant investment and business opportunities, attracting investors and businesses.
- International business relations: Dubai has a wide network of international contacts. The city is home to a number of multinational companies, banks and investment funds. With your bank account, you can easily access and manage your business contacts around the world.
- Tax advantages: Dubai is known for its favourable tax policies. There is no personal income tax or corporate tax in the UAE. If you become a resident in the UAE, your bank account details will not be transferred under any international treaty. Owners and employees of local companies can obtain a visa, which then entitles them to open an account in the country. This can be particularly beneficial for entrepreneurs, investors and foreign residents.
- Banking services and infrastructure: Banking services in Dubai are of a high standard. The country has a number of international banks offering a variety of services such as personal and corporate bank accounts, credit cards, loans and investment facilities. The banking infrastructure is advanced and secure.
- Flexible banking: In Dubai, banks provide online and mobile banking. This allows you to easily access your bank account and manage your finances anytime, anywhere.
It is important to note, however, that to open a bank account in Dubai you must meet certain conditions. You must be present in person at the bank when opening a bank account. In addition, some banks require a minimum balance to be kept in the account. For those who have a minimum account balance, very low cost next to can bank. It is worth opening a bank account in Dubai if the conditions are right.
Opening a bank account in Dubai is not a simple process. But professional helpgel the obstacles that arise can be addressed.
There are 2 types of banks:
- the well-known big banks
- digital banks, which are of interest to the big banks
In the former, opening an account is more difficult, while in the latter, if not easier, it is significantly faster.
Occasionally, we hear from customers that xy provider said it was a smooth affair, 1-2 days or weeks for 100% to open the account. Unfortunately this is not the case and we have had countless such customers return to us for help, win-win dealopening a bank account for foreigners without proper preparation is doomed to failure. We therefore always check the circumstances before taking the first steps.)
Dubai bank account for individuals
Benefits of opening a private bank account:
- As a Dubai resident, your financial data is not included in the CRS bank data exchange, so your financial information remains local.
- Keep your funds in a very stable banking environment
- Online banking
- Spend anywhere with your debit card
- You can hold your account in the main currencies
- Strict banking confidentiality
- Stable economic and political environment
Dubai Bank Account Terms and Conditions for Individuals:
- Emirates ID (your local ID card) (we can help with this)
- Visa (we will assist you in obtaining it)
- address (we can help)
- Curriculum vitae (CV)
- proof of income (we can help with this too)
- minimum balance only AED 5.000
A Dubai bank account for individuals can be divided into 2 important categories:
- if you receive a salary, directors' fees or dividends exclusively from a Dubai company, your account will be opened more quickly without a compliance check, under relaxed conditions.
- if you wish to receive other types of items into your bank account, a compliance check will follow. You will need a bank statement for the last 6 months, a bank reference letter in addition to the conditions mentioned above.
Dubai Bank Account For Companies
Dubai bank account benefits for businesses:
- In the United Arab Emirates, the most ideal opening a bank account for local companies. In most cases, opening a foreign account is watched with a wary eye by banks. They look at it as an offshore company and ask why we want to open an account in that country and where we do business.
- The United Arab Emirates is not party to the Apostille Convention, so if you open an account abroad, you should expect to be required to submit certified documents to the bank regularly, even annually, when you open the account and for years afterwards. This means that after the certification by the office and then by the Ministry of Foreign Affairs, the company's annual operating licence must also be certified at the diplomatic mission or consular post of the place of use.
- for a company in the United Arab Emirates If you have a Dubai visathat the company account data does not leave the country. If we open a bank account in Switzerland for our Dubai company and we are Hungarian residents, the Swiss bank must send the main details of the account to the Hungarian tax authorities every year.
- The currency of the United Arab Emirates is the dirham (AED), which is pegged to the dollar, making it a very stable currency.
- Strict banking confidentiality
- World-class banking services
- Extremely a stable economic and political environment
Frequently asked questions
What is an offshore bank account?
An offshore bank account is a bank account opened outside your home country. This type of account is often used to protect your assets and to take advantage of tax benefits in international transactions.
What are the advantages of offshore bank accounts?
Offshore bank accounts often offer tax advantages, access to international markets, asset protection and allow international transactions, as well as access to investment products and wealth management.
Why open an offshore bank account in the UAE?
Dubai is an international financial centre of growing importance in the world economy. The stability of banks in Dubai is outstanding worldwide. Dubai offers tax flexibility and access to international markets. In Dubai you can enjoy the best international connections in a low tax environment with capital markets.
How long does it take to open a bank account in Dubai?
As a private individual, we guarantee a payment invoice within 48 hours. For a non-salaried invoice, it is also subject to a compliance check and customer due diligence, the timeframe for which depends on the customer.
For a business account, the opening of an account with a large bank can take between 2 weeks and 2 months. It depends on the time of customer due diligence. For a corporate bank account, the bank will review the business plan, which includes the business activities, partners, target market and expected turnover. In addition to the corporate due diligence, the financial institution also checks personal competence before opening a bank account. However, we can do this in a matter of days for the digital subsidiaries of leading banks.
How can I open an account as a non-Dubai resident?
Only a few banks offer the possibility to open a non-resident account, usually linked to an investment and requiring a high account balance. But you can become a resident in the UAE, we have all the information and experience you need to do so.
How can I become a resident and open a bank account without setting up a company?
You can apply for a visa as a business owner, employee, freelancer (self-employed) or even as a property owner. We can help you find the best solution.
Who qualifies as a resident for the purposes of the Bank in the United Arab Emirates?
Anyone in the country with a visa and Emirates Id. We can help you with these.
Do I need to be present in person when opening a bank account?
Yes. You need to sign the necessary documentation and identify yourself at the bank branch. Subsequent reconciliations can be done electronically.
Can I get a credit card for my account?
Yes, you can choose between VISA and MasterCard cards.
Am I committing tax fraud by opening a bank account abroad?
No! An invoice cannot be legally irregular. Whether the source of the money in the bank account is legal is another matter. We can help you to ensure that the money you earn is paid to you legally, tax-free, at the lowest possible tax rate. The Emirates has double tax treaties with a number of countries, and there are a number of ways to optimise your tax position legally.
Can you launder money in Dubai?
No! Money laundering is an illegal activity all over the world. Money laundering is the practice of disguising money derived from criminal activity or untaxed funds as legal activity and taxable income. The law punishes it severely. Of course, we do not engage in such activities. If you want to reduce the tax burden on your income within the legal limits, we are happy to help.
Who is the largest bank in the UAE?
Emirates NBD is the largest bank, created in 2007 through the merger of Emirates Bank and the National Bank of Dubai. About the main banks in the Emirates in this article you can read.