- October 4, 2021
- Posted by: admin
- Category: Banks
With a main financial sector and its population largely included overseas, the UAE is a magnet for expatriates. If you are a citizen of China and come to the UAE for business then you need to open a bank account for your financial transactions. Bank account opening for China nationality in UAE is available now. You just need to complete some essential criteria to open an account. But if you have no idea about such needs then don’t worry you just require to consult with the Taskmaster professional who will surely help you during the procedure.
A company – whether offshore or onshore – would need a bank account to conduct any type of business. Opening a company bank account in UAE is a relatively simple process for the mainland companies in the UAE. Although, client identification needs can differ based on the activity and the size of your business.
The financial institute would request details of the legal existence of the unit. Companies that are owned by corporate units would require to give a complete set of company documents to manage the structure and identify the ultimate beneficial ownership. In many situations, these documents would require to be valid and notarized in their country of origin and again in the United Arab Emirates.
Global initiatives against tax evasion, terrorist financing, and money laundering over the past decade have forced the central bank to impose increased client diligence processes on financial institutes that open a bank account for China nationals. As a result, banks have had to use a hazard-based approach for opening a bank account. The financial institute should further understand the client’s primary business spots, the estimated amount of currency, and overall deposits. The level of earnings and its major suppliers and clients.
The Process of Bank Account Opening for China Nationality in UAE
Once you are in the United Arab Emirates, now this is possible to open a bank account in UAE as a citizen of China. The bank account opening process is very easy and simple as a non-resident. There are some documents needed and the procedure is simple. The very crucial document is your residential visa, which can take more than one week to get. However, you can open a savings account until you get your residential visa.
The big difference is that the account can take a long time to get sanctioned as they have to go through Know Your Customer requirements which can take some time. Otherwise, you will exist the branch with a current account. You can take the help of our professional at Taskmaster who will make your process easy and complete it in a short possible time on your behalf.
Requirements for Bank Account Opening for China Nationality in UAE
The United Arab Emirates give permission non-residents without residence visa to open a savings account only. This is unusual to get a cheque book with this account. Instead, many banks would grant an ATM card hence utilizers can withdraw their money while waiting for their residence visa. The documents you will have to prepare completely for bank account opening in UAE are given below –
- Valid passport with the UAE entry stamp both copy and original
- Application form
- Proof of your Emirate ID, or Residential visa
- Name of employer and salary information document
- Letter of recommendation from the last bank
- NOC letter from your employer or sponsor
As a citizen of China, you can be subject to a maximum or minimum balance. Also, be aware of this as the value is often high and the fines are harsh if the balance dips below. We at Taskmaster will help you throughout the entire process at an affordable cost.
Also read, Best bank in UAE for business account 2021