Top 3 things you should know before opening Dubai Bank account
There are all types of bank accounts you can open in Dubai that are available in any part of the world. Dubai has seen immense growth in two decades and has a strong economy with wide range of business sector. One of the major parts of Dubai economy and its growth in business sector has help of Dubai’s strong banking system. Having a bank account in Dubai shows your reliability and it comes with lot of advantages. Bank account opening in Dubai seems easy but a lot of paper work involved in it. You need to consider carefully the bank and the type of the bank account you are willing to open. Almost every major international bank has branches all over the United Arab Emirates. Here are some important details you need to remember when deciding to open a bank account.
If you are non-resident and are willing to open a bank account in Dubai, you most certainly have the option to do so. However there are some restrictions when it comes to Non-resident bank account like you would be given the check book and you can only open a saving account. You will only be provided with the ATM debit card for cash withdrawal.
Bank Account Requirements
Dubai Bank account opening requirement widely depends upon type of bank account you have in mind. In general type of bank account can be divided in following two types:
- Individual/Personal
- Corporate
Each type of account has different opening requirements and also has perks and privileges. In general, you would have to be legally present in the United Arab Emirates to open a bank account and to sign different bank account opening forms. Sometimes bank ask to see original passport and also they need a copy. You sometimes asked for copy of the passport page with UAE entry stamp on it.
For individual/Personal Bank Account you are asked to provide below mentioned documents:
- Utility bill to show your current address
- Sometimes bank asks for reference letter
- In case of employment, NOC from the employer/group or company
For corporate bank account opening you may asked for below mention documents, remember below mentioned requirements are generic and all requirements may not apply to the category of the company’s/business bank account you are willing to open.
- Memorandum of association/articles (MOA)
- Incorporation certificate
- Shareholder and directors details
- Company’s NOC/good standing letter
- Existing company contracts
- Letters of reference
Banks require information form individual or corporate based of Know your customer (KYC) policy. Based on this policy sometimes bank may ask you to provide the information on the type of activities and the source of capital/funds.
Services offered by Banks
Since Dubai is an international city and has branches of all major banks (commercial and investment) from around the globe so it requires due diligence when choosing a bank for bank account in Dubai. Decision of choosing the bank has huge impact on some decisions that you will make. Almost all the services provided by banks to its customers both individual and corporate are same, however sometimes charges of offered service may differ. To open a bank account one must keep in look into the facilities offered by bank therefore you may get benefits in future. If you are a company and intend to make international trade you may want to choose the bank which offers flexible exchange rates and international funds transfer option. Following are the basic service offered by banks working in Dubai.
- Online banking
- Types of bank account (International, offshore)
- ATM services
- Credit and debit card facility
- Cheque book
- Flexible transfer of funds
- Customer service
- Facility of loan/credit