Bank accounts in the UAE

UAE banks are considered among the most reliable in the world and provide honorable conditions for clients. The list of advantages offered by the local banking system is quite broad.

Advantages of account opening in UAE banks

If you are considering opening an account in UAE foreign banks, the following advantages become available to you:

• ease of opening and maintaining accounts;
• stable economy and lack of inflation;
• a banking system that is integrated into the international financial system;
• a wide range of high-quality banking services;
• flexible terms and conditions in terms of fundamental balances, interest rates, banking service packages, etc.;
• possibility to manage the account from anywhere in the world;
• security of corporate, banking, and tax data on clients.

The available benefits you can get after account opening in UAE banks vary depending on the business case conditions and the selected bank's policy.

Procedure for opening an account in UAE bank

The critical requirement of UAE banks for persons who want to open accounts is to confirm the legality of funds to be placed in the future account. Particular attention should also be paid to ensuring the trustworthiness of the client. This can be done, for example, by providing a letter of recommendation from a current client of the bank, which, in the bank's opinion, has a reliable reputation. The list of documents and client requirements vary depending on the bank in which you intend to open an account. But in any case, to open a bank account in a bank in the UAE, a non-resident individual must have a resident visa, and legal entities need proof of the presence of a physical office in the UAE.

Corporate accounts in foreign UAE banks are more accessible than personal accounts. Individuals can open current and savings accounts. Accounts can be opened in both local and foreign currencies. To open an account in a UAE bank, you need to justify this decision, for example, indicating the intention to work with business partners in the UAE. It should be noted that the procedure of due diligence when opening an account in a foreign bank in UAE for residents is somewhat simplified, as the Migration Service of the UAE carries out a preliminary applicant check. For non-residents, local banks do not always provide a complete list of services. In addition, for non-residents, in addition to having a resident visa, there may be requirements for the minimum threshold on the account, availability of real estate, annual turnover in the prescribed amount, etc. Possible requirements also include developing and providing an investment and insurance plan.

Corporate clients must provide information regarding the source of funds, a summary of the future signatory's account, proof of the signatory's place of residence, and the company's registered office. Subscribers and shareholders must also provide evidence of their identity. In addition, legal entities must submit copies of duly certified incorporation documents.

It should be noted that passing the inspection and successfully opening an account in UAE banks imposes additional obligations on the applicant. The account holder must adhere to the established rules of the bank, and his operations on the account must be consistent with the purposes stated at the outset. Also, account holders must notify the bank when their information changes, among other things, a change in the structure of the legal entity, the composition of shareholders, and beneficiaries.

It is possible to open a UAE bank account in 2-3 weeks, provided the documents are drawn up correctly, and the information during the verification proved true. Prifinance lawyers will be happy to advise on "How to open a bank account in UAE?" and to accompany this process from the beginning to the receipt of a decision from the most suitable bank.

How Prifinance lawyers can help

If you are planning to open a foreign UAE account, the lawyers of Prifinance will be happy to advise you in detail on all the nuances of the procedure, which will be specific to your case, namely:

• find suitable options for opening bank accounts;
• gather necessary information and documents;
• negotiate with local authorities and bank officials;
• provide advice and support in dealing with issues arising from further bank account work.

Provide input for details on how to open a UAE foreign account.