- August 2, 2021
- Posted by: Nikhil Sharma
- Categories: Banks, Blog
The UAE is known for its renowned banking and financial industry and the high level of secrecy banks provide their customers. Its financial or banking system is synonymous with stability. The UAE banks are known to thank for their reliability, top-ranking protection, and wonderful services across the globe. Most people want to open their bank account here and want to know how to open a bank account in UAE for them here we brought a complete guide that will help them to understand the proper process and some vital factors which are important in this procedure. They can also consult with our professionals at Taskmaster that will surely guide you.
The United Arab Emirates has a strong banking sector that is controlled by a central bank founded in 1980. There are about 50 foreign and local banks in the UAE. Rating agency Moody categorizes the banking system of the UAE as sustainable because of the Liquidity buffers and flexible capital levels. The UAE banks are mainly deposit-funded. In addition, their strong capital levels offer a huge, loss-absorbing barrier.
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Bank account in UAE offers investors and companies very customer-friendly and obstacle-free services once you meet the reasonable requirements of the banks. Bank account opening in UAE can be a smooth and easy process if you have knowledge of the right documentation and the bank’s requirements of KYC (Know Your Customer). During the procedure of opening a bank account in the UAE, the banker may ask certain questions related to the documents and some personal details. Hence, it is crucial for the applicant to respond to all this information.
It is vital to mention that the procedure of bank account opening for corporate use in the UAE differs from bank to bank. This procedure required some time to complete all the mandatory steps which take a long time and can be a tedious task. Hence, to save valuable time, you need to get in touch with the bank account opening specialists at Taskmaster. Their professionals have gone through this procedure many times in the UAE. They will provide you with complete guidance throughout the entire procedure of bank account opening in the United Arab Emirates.
Types of Accounts to Open Bank Account in UAE
When you open a bank account in UAE, then you require to choose between savings accounts and current accounts.
Savings Accounts: Savings accounts usually offer a high-interest rate as compared to current accounts, and can cause penalties or fines for withdrawals. A savings account can serve a fixed or variable interest rate. A savings account can delight with multi-currency like Dollars, pounds, euros, and Dirhams.
Current Accounts: You can utilize your current account for financial transactions on daily basis. Current accounts comprise issuing a credit card, checkbook, and debit card. You can utilize this account to transfer payments, and these accounts can also provide the facilities of multi-currencies such as USD, Euro, GBP, AED, and more.
Documents Required to Open Bank Account in UAE
The basic documents that you need to prepare during the process of opening a bank account in the UAE are:
- Copy of trade license
- Copy of Memorandum of Association and Article of Association
- Copy of share certificate
- Copy of passport with the UAE entry stamp page
- Copy of Emirates ID of stakeholders
- Copy of visa page of stakeholders
- Copy of the last six months’ bank statement of the stakeholder
- Copy of utility bill of the stakeholder
- Copy of corporate legal documents and bank statement
Advantages to Open Bank Account in UAE
The advantages you would get when you open a bank account in UAE are given below:
- You would get safe and reliable banking services
- Your bank account would be private or confidential
- Your bank account UAE would need low maintenance cost
- You would be able to take benefits of online banking services
- You would be able to withdraw and deposit money smoothly and easily.
Eligibility Criteria to Open Bank Account in UAE
- The applicant should be present in the UAE
- The applicant has a UAE visa
- The applicant’s profile is a must
- Applicant’s original bank reference letter from the corporate or personal bank account from the nation.
- Invoices are used as evidence of certain transactions that are specified on the statement.
- Legal documents for the formation of the company in the UAE
- Keeping a small investment makes the procedure easy.
Above we state a complete procedure to open a bank account in UAE that will surely help you. if you are interested but still unsure to open a bank account then you get in touch with the Taskmaster’s professionals who will hold your hands and provide you, with proper assistants, according to your requirements.