Loading

Opening of bank accounts

If you decided to set up your business in the UAE, you should first open the bank account. The key factors in choosing the bank for this purpose are as follows: it shall be reliable, efficient, keep confidentiality and at most used the advanced technologies.


One can say with certainty that the banks in the UAE are able to fully meet all these requirements. More than 50 local banks and the representatives of the largest European and American banks currently operate in the banking sector. Their reliability is beyond any doubts due to the high requirements imposed by the government on all financial institutions and their authorized capital.


The bank accounts may be opened for both persons and entities. Some banks provide for opening accounts for non-residents.


Each bank imposes own special requirements on account holders, but the precondition imposed by all banks is personal presence in the country of the undersigned (agent). Many banks often require that the statement of the beneficiary’s account for the last 3-6 months is enclosed to the documents submitted for opening of account.


Opening of accounts for non-residents entails great difficulties because the banks pay much attention to identification of any supposed account holder when reviewing its documents. Any bank may refuse to open account for the residents of certain countries within risk group and even if account is opened, it will be functionally restricted, for example, prohibition on opening a check book or qualifying for a loan. Thus, special attention should be given to the documents executed for opening of accounts.


If account is opened by the resident, the only thing to do is to provide any properly executed documents required by the bank. Such account may be used upon expiry of 5-7 days.


Al Mubadarah Business Consulting and Development JLT provides the full range of services related to opening bank accounts in the UAE for persons and entities, as well as residents and non-residents. The skilled specialists of the company will guide through variety of the banks and help you choosing the only appropriate for your goals and objectives, as well as executing any required documents.

Site developed by
Spyriusgroup.com