The UAE, as a growing and developing country, has a very stable banking sector. Due to high liquidity indicators, UAE banks have a reliable status. Opening bank accounts in UAE will help you in establishing contacts with partners from the Middle East, as well as increase opportunities when working with European banks and financial institutions. The entire banking sector in the UAE is regulated by the country's Central Bank and has been established and has been operating since 1980. Banks in the UAE are distinguished by moderate requirements on the part of the documentation provided to the bank, as well as the prompt timing of verification and decision-making on opening an account. All banks in the UAE can be divided into four groups: commercial, investment, Islamic and industrial. Each of the categories has its own characteristics. UAE financial institutions have adopted several international standards, such as: International Financial Reporting Standard, International Accounting Standard, which gives more confidence in working with banks.
Opening bank accounts in UAE will provide access to new markets for trade and services. If you decide to open a company directly in the UAE, a bank account with Emirates NBD (ENBD), Mashreq Bank, Noor Bank or another bank in the UAE will be an important step for you in getting started. As noted above, there are a number of features in working with banks in the UAE, namely, a mandatory visit to the country of an authorized person of the company (director, partner) for personal identification. This requirement is established by the Central Bank of the UAE.
Opening bank accounts in UAE for business
A bank account is essential for all business representatives, from small companies to large corporations. Since the UAE is actively developing offshore and onshore zones in the country, banks are beginning to adapt to changes and opening an account directly to a foreign company becomes more and more difficult, but at the same time, opening a company is very simple and quick. Having an address in the UAE increases the chances of speeding up the procedure at the bank. Based on all of the above, our specialists will assist you and help you in solving the following issues in the UAE:
- Clarification of information in banks about the possibility of opening a company account for a non-resident;
- Collecting the necessary documents based on the requirements of the bank;
- Help you with registration of an onshore company, due to the greater likelihood of refusal to open an account due to the lack of an address in the UAE;
- We will analyze the submitted documents in order to identify violations and shortcomings;
- We will submit documents to the bank for verification and confirmation of readiness to open an account;
- Specify the cost of opening an account by e-mail to the company, since everything depends on the chosen bank, on the bank's requirements for the mandatory balance on the account and the country of origin of the company;
- We will help you with the legalization of documents for the UAE, if the account will be open for a non-resident company.
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Opening bank accounts in the UAE for offshore and onshore companies
Statistics of recent years show that the UAE banking system has begun to pay more attention to offshore companies and impose additional requirements on them, since although offshore companies are a tool in the work of a businessman, it has a status that exempts it from paying taxes and secrecy in information about valid beneficiaries and directors. Free trade zones (FTZs) are developing on the territory of the UAE, which allows businessmen from many countries of the world to register companies and open accounts on favorable terms. At the same time, the status of such a company is not considered offshore, but is an onshore, that is, with exemptions in tax and reporting obligations. Today, the risks of rejection in relation to offshore companies are very high and are not worth the risk. To confidently promote your business, it will be more convenient and profitable for you to create an onshore company in the UAE and through it to carry out your activities, our task is to help you in these areas and provide a comfortable provision of services.