- September 24, 2021
- Posted by: admin
- Category: Banks
Whether you wondering to shift to the UAE for the purpose of business, setting up a company, or making the investment, a bank account would be vital for navigating the relocation of part of your life. There are several factors that determine whether you are committed to banking. If you are looking for a Bank account opening for African nationality in UAE, then now it is possible. You just need to get in touch with the Taskmaster professionals who will provide you proper and appropriate guidance and assistance throughout the process of opening a bank account in UAE. They are able to make it simple and smooth without any kind of hassle.
Thanks to its status as a tax-free nation, the UAE has become almost synonymous with money, tax systems, and bank accounts. Expatriates from all over the world drove to the desert nation to perform for a UAE based company or establish a venture of their own, and it’s no surprise that: without an income tax, people working in the country are capable to save a lot compared to they will in most of their home nations.
While understanding some of the tax systems that exist in the country can be complex, bank account opening in the UAE is not. For many banks, all you require to do is present your visa, passport, and your salary letter from your head. There are many different kinds of banks to select from, but remember that several need higher minimum deposits. The holder of an account can face hefty fines if they fall below that balance, hence this is best to shift to the UAE with a fair amount of profits to get you began.
The Process for Bank Account opening for African Nationality in UAE
If you wish to open a bank account in UAE as a citizen of Africa, then you need to be in the nation first. The law of the UAE stipulates that the holder of an account should present themselves physically at the bank for the confirmation of their status and do sign on the documents. The only method to open a bank account and not be present physically is to do banking with a huge international institution that conducts in the UAE, like Citibank and HSBC, and visit your local branch. Dubai is also permitting financial officers to be appointed on your behalf, but it is not received in every bank.
In all businesses, trouble-free financial transactions are playing a crucial role in the growth of the business. The bank accounts in the UAE provide the companies and business people very client-friendly and trouble-free services when you fulfill all the requirements appropriated by the banks. Corporate bank account in the UAE procedure is an easy task if you understand the correct paperwork and KYC demands of the bank.
Throughout the period of a corporate account, the bankers can ask further questions or necessary documents for bank account opening in the UAE. Hence, you will need to answer all inquiries. We at Taskmaster can provide your guidance on the KYC requirements, before beginning the procedure of bank account opening in UAE and it makes the documentation procedure easy for you.
Requirements for Bank Account Opening for African nationality in UAE
The UAE permits expatriates without residence visas to open a savings account only. Requirements can differ from bank to bank, but in common these are documents that you will have to prepare that are –
- Passport with the UAE entry stamp
- Filled application form
- Residence visa proof, Emirate ID
- Salary certificate
- Recommendation letter
- NOC letter from your sponsor