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Bank Account Opening in the UAE

We at Gryffin Capitalist, we have in-depth knowledge of banking process in the United Arab Emirates and we maintain a very good relationship with banks which has enabled us to cater to hundreds of our clients. If you are looking for a Bank Opening solution we would be very happy to assist you.

 

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UAE's business-friendly environment and rapidly growing economy attract investors to start a business in the UAE or expand their business operations to the region.
Setting up a business in UAE requires a local bank account.  This blog will discuss opening a bank account in the UAE.

Benefits Of Opening A Bank Account In The UAE
Here is a summary of the benefits you will enjoy when you open a bank account in the UAE:

  • Banks in Dubai offer complete confidentiality of your personal information.
  • Easy and reliable transfer of capital in and out of the UAE.
  • Safe and secure online and phone banking system.
  • Easy access to international banks and their services.
  • Almost all types of currency exchange options are available.
  • Access to the facility of personal, business, and car loans.
  • Credit cards with available purchase options.
  • Reasonable interest rates.
  • Multiple currency accounts.
  • Joint account option.
  • ATM services.

Steps To Open a Bank Account In The UAE
Below mentioned is the process of opening a bank account in the UAE:

  • Choose a Bank: There are several local and international banks in the UAE, each with its services and fees. Therefore, it is essential to do research and compare different banks to determine which offers your business the best services and benefits.
  • Gather Required Documents: Certain documents are required to open a  bank account in the UAE, such as a residency Visa, Valid passport, Emirates ID card, and address proof. The specific documents required may vary depending on the bank and your type of business.
  • Visit the Bank: The next step is to visit the bank in person. Some banks may allow you online bank account opening with zero balance in uae, but visiting the bank in person is recommended for a smoother process.
  • Submit Application and Required Documents: You must fill out an account opening application at the bank and submit the necessary documents. Some banks may ask for additional information, such as financial statements, business plans, or proof of income.
  • Wait for Approval: After submitting the application and required documents, the bank will review it and do a background check. This process may take few weeks.
  • Fund the Account: After getting the approval, the next step is to transfer funds from your existing bank account or deposit cash there.
  • Activate Online Banking: After funding your account, you can activate online banking to manage your account online. It includes checking account balances, transferring funds, and paying bills.

​​​​Types Of Bank Accounts In The UAE
Banks in the UAE, like in other countries, provide a variety of personal accounts for residents and non-residents:
Current accounts: These are ideal for everyday transactions and transfers. However, they come with chequebooks, which you'll need to write post-dated rent checks to your landlord. Typically, banks in the UAE offer two types of current accounts, one with and the other without salary transfers. 

If you're employed, opening a bank account in UAE with your company's bankers makes sense. It ensures that you receive your salary as soon as it is transferred. Transfers to another bank may take a day or two longer.
Savings accounts: Ask about a savings account if you want your money to work for you. These accounts typically pay higher interest rates than current accounts, but they may have limited access to funds and may impose withdrawal penalties. 
Investment accounts: UAE-based banks also provide investment services. You can open an investment account by signing an investment agreement with the bank. Such agreements cover the management of your funds with a minimum guaranteed return of 3 to 7% or more per year. However, minimum investment balances differ from bank to bank.
Offshore accounts: Offshore banks worldwide have offices in the UAE, particularly in Dubai, as an ex-pat haven. He/She, with a valid residence visa, can open an offshore bank account in the UAE. Offshore banking is generally regarded as stable, reliable, and secure. In addition, many offshore accounts have distinct financial and legal advantages.

In the UAE, offshore bank account encompasses a range of services, including asset protection, private bank accounts, wealth management, portfolio management, tax consultation, inheritance planning, and company formation. 

Opening a bank account in the UAE may seem confusing, but choosing the right bank and providing the necessary documents is essential. Contact an expert business setup consultant like Gryffin Capitalist to make your process of opening a bank account in the UAE and operating your business.
 

 

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Why choose Gryffin Capitalist?

At Gryffin Capitalist, we’re committed to helping you achieve your business goals. We offer customized solutions tailored to your business needs, ensuring a seamless and hassle-free experience. With our extensive knowledge and expertise in the UAE market, we can help you navigate the complex regulatory landscape and provide insights into the local business environment. In addition, the cost of setting up a company in the Rak-free zone is affordable, and we promise to provide exceptional customer service.
 
Gryffin Capitalist provides the best business setup consultants in RAK. So don’t miss out on this incredible possibility to establish your business in one of the fastest-growing economic zones in the world. Contact us today to learn more about RAK free zone packages and take the first step toward success.

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Frequently Asked Questions (FAQs)

Any person as an individual or a company can now open a bank account in UAE, it’s just need to fulfill certain requirements such as; they should have a valid passport, the person should be above the age of 18. And for business, it must provide its license and documents of registration.

When they say anyone can open a bank account, they literally mean it because UAE allows even a non-resident to open a bank account. But in this case, the requirements may differ for a resident and a non-resident.

Some banks allow online account opening, but you may still need to visit a branch to provide your identity documents and sign some paperwork.

The duration of opening a bank account may differ from bank to bank.

The fees for opening a bank account may differ from bank to bank. It completely depends on the type of bank and the kind of account you choose.