Whether you plan to move to the UAE for work, start a business, or invest, having a bank account is essential for navigating every part of your life while moving. Many factors influence where you bank.
If you are currently abroad, what factors should you consider when choosing the right bank for you? Based on the number of shops, the benefits you can get from savings, income requirements, extensive documentation required, and other general criteria and schemes, here are the details needed to start the process of finding the right home to manage your finances.
How a Foreigner Can Open Bank Account in Dubai, UAE?
Since immigrants make up most of the Emirati population, there are opportunities for foreigners to open their bank accounts. The particular short answer to this question is yes, but there is one crucial difference that determines where you can bank and what types of accounts you can open.
It is your status of residence in the UAE. It is because most banks require you to present your passport (along with a photocopy of your passport) and a no objection letter from your employer or the person sponsoring your visa. The second requirement assumes that you must be a resident to open an international bank account in UAE. However, as you will see, some financial products are restricted to residents.
What are the Requirements To Open Bank Account in Dubai?
Along with your passport and the objection letter just mentioned, various banks require additional documents for ex-pat accounts. It may include your visa if you are new to the UAE and your Emirates ID (or a copy of your application if you are still waiting).
You will also need documents that include your employer or sponsor, your salary, and proof of residential UAE address in the form of a utility bill or rental agreement. Banks can also request letters of recommendation from other banks. You can get this quickly from the bank you use in your home or country of residence. Each bank also requires you to meet a minimum amount every month.
The amount depends on the institution and product offered.
- Company Incorporation Documents
- Bank forms with signature
- Passport copy of the person
- Passport copy of the company owner
- Necessary documents for non-resident's account
Which are Different Type of Bank Account?
- Industrial
Bank
Industrial banks provide loan services to businesses and individuals. It is mainly for business development purposes.
- Commercial
This bank is established locally and is a foreign branch of banks. They provide money for commercial activity, loans, etc.
- Merchant or Investment Banks
These banks help in buying and selling stocks.
- Islamic
Banks that follow the sharia laws and practices
- Prepare A Document That Mentions your Business Activity
Your resume is one of the most critical proofs that you have the right industry knowledge for the job of your choice. An updated LinkedIn account, which banks can use to review and verify your professional history, is beneficial for proving your credentials. Always make sure you connect your work experience and the nature of your business.
- Choose a Bank
UAE has many local and international banks. You can choose any bank of your choice. Choose a bank that meets your needs and requirements. Most UAE banks need a minimum balance on all company accounts. Fortunately, however, banks in the UAE offer several account options to meet different types of businesses' needs.
Choose the bank that best serves your small business. Some banks specialize in certain types of companies or industries. Their customized experience and personalized offers will better suit your needs, especially when it comes to lines of credit or business credit cards.
- Verify Your Business
Most of the banks require sufficient proof that your business is legal and legal to operate in the UAE. To build trust in your business, you may also want to provide supporting documents such as utility bills for address verification, proof of office or premises, copy of contracts, invoices, agreements, etc.
- Build Relationship With a Banker
Compliance is mandatory for banks and shouldn't stop there. Building a good relationship with your bank, especially with your dedicated banker will make your life more comfortable in the long run. You can start by making your finances completely transparent. Notify your bank in advance of large payments or actual transactions. It will speed up the process and allow your banker to provide you with appropriate advice if necessary.
Conclusion
The banks in the UAE have made it very convenient for their customers to have an account and open an account. Instant online account opening is a useful tool with many advantages. However, make sure you understand the terms that add to your account.
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