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Dubai is one of few those cities in the world with high diversification in population. People from all around the world are residing in Dubai. Most of these people are entrepreneurs and investors that are in Dubai to take advantage of the tax free business economy of the emirate. Apart from that, large numbers of salaried persons and others who want to enjoy the beauty, security and high lifestyle of Dubai have also settled in the city. Currently, foreign residents form the majority of Dubai’s population and they have outnumbered local Emirati citizens in the city (around 85% population of Dubai is composed of foreign residents).
For both Either businessmen and salaried persons, repatriation of their profits to their country of origin is important. The government of Dubai is also quite friendly in this aspect and they allow complete repatriation opportunities to foreign residents. For this purpose, these foreign residents need to open a bank account. Along with providing repatriation benefit, a bank account serves several other purposes for foreign residents.
Benefits of opening Dubai Bank Account
Opening a bank account in Dubai is also quite beneficial. There are several advantages for foreign residents if they open a bank account in Dubai. Few of these benefits are following:
- There is a number of local and international banks operating in Dubai. It means you can choose among the best banks of world to open your account in Dubai
- The whole procedure completes in a minimum amount of time and the bank accounts are easy to operate
- There is no tax applied on such accounts
- There is no problem in international access of these accounts and the funds are also easy to transfer anywhere in the world
- You can also expect highest level of secrecy and safety for either kind of bank account you open in Dubai
- Companies are also allowed to open bank accounts in various currencies like AED, Euro, USD, etc
- You can apply for a car loan after opening a bank account in Dubai. The loan can cover up to 80% price of the car
- You will get bill payment facilities for DEWA, phone, traffic fines, etc
- Now, there is no tax from withdrawals of ATMs of other banks.
Types of Bank Accounts:
- Business account can be opened by any kind of business entity like LLC (limited liability company), a corporation, sole trader or a partnership
- Corporate bank account is slightly different from a business account as only a corporation with an independent legal entity can open a corporate business account after authorization from a corporation’s board of directors
- Salary account is allowed for an employee for receiving their salary. NOC (no objection certificate) from an employer is necessary to open this bank account
- Personal bank accounts are allowed for both residents and non-residents. But non-residents can only apply for saving bank account
- In all the offshore jurisdictions, there is a clear difference between local and offshore bank accounts. Dubai provides offshore opportunities in JAFZA. Therefore, offshore bank accounts are allowed for offshore companies in Dubai.
Following are the documents that are required before opening a bank account in Dubai.
- Original passport and copy of your passport
- Residential visa and copy of your visa page
- Salary certificate (in case you want to open a salary account)
- Emirates ID card
It is evident that opening a bank account by any resident of Dubai is not only necessary but also profitable and one should not delay in opening a bank account of his/her requirement. There are different types of bank accounts for requirements of different persons while various banks have their own conditions for opening and maintaining a bank account. You can contact Riz & Mona Consultancy if you have questions regarding bank account opening in Dubai. We have expertise in opening personal, corporate and other types of bank accounts in Dubai. You can contact us via our WhatsApp # 971 54 5821012.