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HOW TO OPEN AN ACCOUNT WITH A BANK IN THE UAE

BANKS OF THE UAE

You can open an account in the UAE bank in a large number of different banks. The banking sector in the United Arab Emirates today consists of a large number of local and international banking institutions, so you can open an account with a bank based on your preferences. Unfortunately, among them, Russian banks in the UAE are not represented, just like there are no other banks of the CIS countries. If Russian banks in the UAE are present, they do not work with individuals and legal entities. All banks in the Emirates can be conditionally divided into local financial institutions and international branches of foreign banks. And if HSBC, Citi Bank, Bank of Baroda say something to a common man in the street, then local banks are not very familiar with our clients, so opening an account in the oaa is not always a simple task. Our goal is to introduce the client to the banking system of the state and recommend a banking institution that most meets the requirements of the client's business.

THE MAIN ADVANTAGES OF OPENING A BANK ACCOUNT IN THE UAE

1) Stability and reliability of the UAE financial and banking system

2) Free movement of capital in any direction

3) Confidentiality of data on the account holder in the UAE

4) Low rates of bank processing payments

5) The most powerful banking infrastructure in the Middle East with built-in processes

6) Stability of the national currency rate: 1 US dollar = 3.65 dpm (the rate is stable for more than 20 years)

TYPES OF ACCOUNTS IN UAE BANKS THAT CAN BE OPENED

- Personal Savings Account for UAE Residents

- Personal current account for UAE residents

- Personal account on demand for non-residents of UAE

- Personal escrow account for non-residents of the UAE s

- Corporate account for a company in the frieze of the UAE

- Corporate account for LLC UAE

- Account for the offshore in the Emirates

- Account for Onshore in the Emirates

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LIST OF DOCUMENTS FOR OPENING A PERSONAL ACCOUNT IN THE UAE

A citizen of almost any country can open an account with an oa bank. Nevertheless, each bank of the UAE puts forward its requirements to the list of documents for opening a personal account. Despite the fact that the policies of banks are different, we still list the general requirements that banks most often make, so that you have an idea of how to open an account in oae. Among the required documents, the following are the main ones:

1) The original passport of the applicant,

2) Entry to the UAE or visa

3) A letter of recommendation from your bank

4) Utility bill or other document confirming the address of the applicant's residence

LIST OF DOCUMENTS FOR OPENING A CORPORATE ACCOUNT IN THE UAE

Opening an account in the UAE for the legal entity has its own peculiarities because each financial institution of the country has its own requirements for the list of documents. Despite the fact that the policies of banks are different, we still list the requirements that financial institutions most often make. Among them are the following:

1) The original passport of the applicant,

2) The entry mark to the country (Emirates),

3) Resume of the founder of the company (we help with registration for the requirements of the banking institution),

4) Company summary (we prepare),

5) Original letter-recommendation from the bank of the founder, which must be an established sample (we prepare an example from our side),

6) Original extract from the account of the founder for the last 6 months,

7) Company statutory documents.

Items 5 + 6: must be translated into English by the translation office in the country of residence and have a seal of the translation bureau.

THE ACCOUNT IN THE MOST POPULAR BANK OF THE UAE - EMIRATES NBD BANK

Emirates NBD is the market leader in the UAE's banking services market in the UAE. It is not only the largest and most successful bank in the UAE, but also a carefully thought out business model with very good internet banking - one of the most popular services of modern account management. Today the bank serves both individual and legal entities. To open an account with the UAE bank for the firm, the minimum balance must be 50,000 dirhams or 13,698 dollars.

BANKS IN EMIRATES, WITH WHICH WE WORK MOST TOTAL

If you want to open a settlement account in the UAE, we often work with Noor Bank and ADIB. These financial institutions are loyal to opening accounts for completely new legal entities in the UAE and do not require high balances on the balance sheet.

Noor Bank offers a Russian-speaking bank manager and provides clients with a debit card, a checkbook (only for firms in frieze or local companies, a checkbook is not issued for offshore companies) and a device for accessing Internet banking. There is also a fax-banking service where instructions for transferring funds are sent to the bank via fax.

ADIB also offers all of the above services. The only exception is fax-banking. Instead, the bank offers an e-mail banking service when you can send instructions on transferring funds not by fax, but by e-mail to a special secure electronic address of the financial institution.

HOW MUCH TIME DOES OPEN ACCOUNT IN THE BANK OF THE UAE

In principle, it is impossible to open a bank account in the UAE for several days. You will need 2-3 weeks to fully open a bank account in the UAE of this. If you promise less - these are the usual marketing tricks, be careful!

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COST OF ANNUAL MAINTENANCE OF THE ACCOUNT IN THE UAE AND THE NECESSARY BALANCE

For corporate accounts, the minimum balance requirement for a bank account is 20,000 dirhams (5,970 dollars) for Noor Bank and 25,000 dirhams (6,850 dollars) for ADIB bank. For personal accounts, the requirements are very different, so contact us for a free consultation:

Banks in the UAE in their majority do not charge a maintenance fee. Instead, you pay for the use of the Internet banking service, which is 500 dirhams a year (137 dollars) from Noor Bank and 240 dirhams per month (66 dollars) from ADIB.

WHICH BANK OF THE UNITED ARAB EMIRATES FOR THE CONFIRMATION OF TRANSACTIONS

As a rule, the bank does not require documents to confirm transactions. If there are still queries, then the bank will only be provided with an invoice and a transaction agreement.

ON TRANSACTIONS WITH WHICH COUNTRIES THE BANKS OF THE OAE BEW LIES

Financial institutions are not tolerant of transactions from / to countries where there are armed conflicts. These bank transfers are completely blocked. Also, the banks of the Emirates still do not work with enterprises from Iran and individuals with Iranian citizenship. In addition, additional reporting is required when working with companies from the United States.

WHAT ARE ACCOUNTS WE HELP TO OPEN IN THE UAE

- Personal Savings Account for UAE Residents

- Personal current account for UAE residents

- Personal account on demand for non-residents of UAE

- Personal escrow account for non-residents of the UAE

- Corporate account for a company in the frieze of the UAE

- Corporate account for LLC UAE

- Account for the offshore in the Emirates

- Account for Onshore in the Emirates

An integral part of doing business in the United Arab Emirates is the presence of a bank account from the organization (corporate account). Our team of specialists will advise you on the issues of opening and give the required recommendations.

Below we present the local banking institutions with which we work.
More details about the work of financial institutions can be found here >>> BANKS IN DUBAI: WHAT YOU NEED TO KNOW WHEN OPENING A CORPORATE ACCOUNT 
Full list of banks that work in the UAE >>> Comparative table of all banks in the UAE

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LOCAL BANKS

Send us a request if you need more details and we will provide you with more information on the banks in Dubai and UAE you are interested in.

  • NBAD bank
  • NOOR bank
  • ADCB bank
  • Commercial bank
  • Emirates NDB bank
  • ADIB bank
  • RAKBANK bank
  • FGB bank
  • Sharjah Islamic bank
  • Union National bank
  • Dubai Islamic bank
  • mashreq bank
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