- November 10, 2021
- Posted by: admin
- Category: Banks
The UAE is a significant worldwide center for business and finance and more. Necessarily, most leading banks are represented in the UAE that is why people from every corner of the world have come to the UAE for bank account opening. The government now allows for bank account opening for Ethiopia nationality in UAE. So, if you are a resident of Ethiopia and keen to open a bank account in the UAE then this is a big opportunity for you. To avail of this facility in a good manner, then you can communicate with the Taskmaster professionals who will certainly help you and guide you on every step they will take during the entire process and make it hassle-free.
The Central bank of the UAE is the preliminary regulatory body and they maintain financial balances and checks in the sector. There are overall 23 local and 26 overseas banks in the United Arab Emirates, with the top 5 ranked banks accounting for 60% of the assets of the region. The UAE has gradually turned itself into a business center that gives a secure climate for business people. The government has imposed and happened in certain things one the banks that have given impetus to the business like trouble-free financial transactions, etc. The procedure of opening a bank account in the UAE for business or personal use is extremely obstacle-free.
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Companies that are registered outside the country can also able to open bank accounts in the UAE. Although, this kind of bank account opening is very complex than the rest. This is vital to keep in mind that since the procedure is daunting, the acceptance rate is very low for this kind of bank account. This is crucial to know that the banks are usually not inclined to open these kinds of bank accounts as they come in the great hazard category, meaning they take utmost care in the procedure of verification. That is why there is no actual deadline for the application processing.
The Process for Bank Account Opening for Ethiopia Nationality in UAE
The procedure of bank account opening for Ethiopian nationality in UAE can be a bit tricky because this needs additional verifications. Although, the task isn’t impossible because the banks manage a smooth procedure for the same. This is crucial to remember that the UAE adheres to the FATCA and CRS, which means if you open a bank account in the UAE then your details would be shared automatically with the respective authorities in your country of origin for the purpose of taxation.
Most of the people inquiring about bank account opening as a non-resident, they are truly just asking about Dubai as Dubai is home to most of the free zone, which makes Dubai that very lucrative and sought-after location for the non-residents and business people from other nations for operating their businesses.
The limits and restrictions would vary greatly based on the bank you select to open your account with. For example, Ethiopian nationals as non-residents are not permitted to open a current account. A few banks impose limitations of not proving cheque books while others have limits on the maximum and minimum balance rules.
It usually takes up to two weeks for bank account opening as banks have to do multiple verifications. Also, this is vital to note that whatever income you get in this account, you would require to disclose it in your original country and make tax payments on it.
Documents Required for Bank Account Opening for Ethiopia Nationality in UAE
The basic documents that would be needed from you if you want to open a bank account in the UAE as an Ethiopia nationality are :
- Original passport copies
- Completely filled application form
- Address proof such as utility bill
- Applicant’s CV which contains the professional experience and personal background
- Bank statement from your personal bank account from the last six months
- Recommendation letter from your last bank
- NOC letter from your partner
Read More – New Company Bank Account Opening