Dubai has long been a magnet for both overseas investors and employment seekers. There’s a reason for that. One of the primary responsibilities for residents in this rising economy is managing and protecting their monetary holdings. But only if you create a bank account in Dubai will you be able to do so.
For non-residents, it couldn’t be more simple than this. However, being a non-resident you might not be able to enjoy all the benefits of banking and have restricted options.
Moving forward with this article, we will talk about how non-residents can open a bank account in Dubai.
Why should one open a bank account in Dubai?
- Opening a bank account in Dubai would help you manage your personal finances and help in your company’s both local and international transactions.
- Zero taxation is one of the key attractions for non-residents to create a bank account in Dubai. The bulk of expats who desire to keep an account in the UAE come from Western countries. This is because they pay a lot of taxes in their native country, including income tax. What you earn in the UAE, on the other hand, is entirely yours. As a result, non-residents would save more money if they directed their earnings to their UAE bank accounts.
Then there’s the question of how to go about doing it?
The foreigners or the non-residents have to follow very simple procedures to open a bank account in the UAE or Dubai. There are two categories under which the accounts can be opened:
- Personal account
- Corporate account
The following documents are required to create a personal bank account in Dubai as a non-resident:
- Copy of your passport, including the page with your admission date into the UAE and the immigration stamp.
- A current copy of your curriculum vitae (CV). This should be in line with your professional background.
- Original copy of a reference letter from a bank in your country of origin or elsewhere where you have a personal or corporate account.
- Last six months’ bank statement.
- A recent copy of your power bill.
Aside from the documentation stated above, you must also submit detailed information about your incoming finances, including their origins. In addition, several UAE banks require non-residents with personal accounts to keep a monthly average balance.
The following documents are required to create a corporate bank account in Dubai as a non-resident:
- All of the company’s stockholders’ information must be provided.
- The Memorandum of Association (MoA) and the Articles of Association (AoA) of your company (MoA).
- The certificate of incorporation or your trade/business license.
- Information about your company’s legal structure.
- Documents proving your ownership.
- An explanation of the commercial operations in which your firm is involved.
- Details about the company’s shareholders’ business experience.
- Documents pertaining to the company’s funding and investments.
Some of the documents stated above may also need to be confirmed by the UAE’s Ministry of Foreign Affairs.
In the United Arab Emirates, the Know Your Customer (KYC) strategy is crucial. As a result, it applies to anybody who opens a bank account in the UAE.
What does one get from opening a bank account in Dubai?
You will be eligible for the following benefits once your non-resident account is opened:
- Banking over the internet
- Visa debit card
If you apply for an account as a resident with a UAE residence visa, you will be entitled to apply for a bank loan after some time.
To be qualified for the loan, you will need to demonstrate proof of income and frequent incoming payments to the bank.
Problems solved by opening a bank account in Dubai
- If you’re from a country where international transfers are restricted.
- If you are unable to conduct business in a foreign currency from your home nation.
- If your country lacks a stable banking system on the ground.
- If you wish to earn money and save for the future with interest.
This brings us to the end of this article and we hope that you are now clear about how to go about things when it comes to opening a bank account in Dubai as a non-resident. Just follow the simple steps and enjoy the world-class facilities provided by the banks of Dubai.
So, what are you waiting for? Go and Open a bank account in Dubai and begin worldwide banking that is easier and more customer-friendly!
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