Whether you are planning to establish your business in Dubai or planning to settle there, a bank account is one of the necessary things you must have in your list. In contemporary times Bank account is not just a mode to collect funds but much more than that. With the advent of technology almost all the transactions in today’s world are digital and can be completed with just a click, this is possible only if you have a bank account in Dubai.
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Before you actually plan to open a bank account in Dubai, you must identify your residential status:
- Resident who is employed/working in a company
- Resident having own business
- Non-Resident
After successfully identifying your status based on these parameters, find the relevant documents which are required for opening a bank account in Dubai.
Resident who is employed/working in a company
Many times the company you are working in helps their employees with the bank account in which they will credit the salary of employees. Following documents are required to open a savings bank account in Dubai:
- Salary certificate (issued by the company)
- Original passport and its photocopy
- Passport sized photographs
- Proof of residence in UAE
Resident having own business
Maintaining a minimum account balance in your current business account is a pre-condition which almost all banks in Dubai have. Therefore before finalising the bank one must identify those banks which require minimum funds to be maintained in the bank account. In case of opening a current bank account in Dubai, there are some additional conditions which need to be complied with such as:
- Balance sheet & financial statements needs to be submitted with the bank.
- Business registration/company incorporation documents (photocopy)
- Original passport and its photocopy
- Passport sized photographs
- Proof of residence in UAE
Non-Resident
Opening a bank account in Dubai is as easy for a non-resident as it is for a resident. This is clearly visible in its process of opening a bank account in Dubai by a non-resident. Most of the banks in Dubai allow non-residents to open only a Savings Account and not a Current Account. As a non-resident, you will be subject to certain condition of maintaining minimum balance. Before opening a bank account the bank will run a background check depending on the residential status.
The basic requirements for opening a Savings account are:
- Original passport with its photocopy for verification
- Original photocopy of Visa to authenticate your stay in Dubai.
Services you can expect, when you open an account
- Savings or current account in UAE dirhams
- Interest rate (some offer an interest rate from 0.25% pa on balances)
- International ATM/debit card
- 24-hour ATM access to your account
- Access to branch and ATM network and bill payment facilities
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Therefore opening a bank account in Dubai is a much more simplified process because there is less compliance attached with it.
Opening bank account in Dubai is a bit complicated process especially if you are a company from outside Dubai therefore; it is advisable to get help of a consultant to make the process simple and more convenient.
Chartered Accountant by profession, CA Sanket Agarwal has an experience of above11 years in Cross Border compliance , Import Export , International Taxation & is a passionate content creator.