All You Need To Know About Opening a Bank Account in Dubai

Talking about the benefits provided by banks, UAE banks offer more benefits as compared to other international banks. These benefits include superior quality service,  fair requirements, e-banking services and more.

If you are planning to open a bank account in Dubai, you need to know that you can open a personal bank account as well as an account for your company for conducting international business. This write-up is about opening a non-resident bank account. So, here is the detailed information:

What documents do you need to open a personal account?

The main documents that you need to have for opening an account are:

• Your passport and some copies of passport pictures.
• Your Curriculum Vitae, which will show your business and professional experience.
• Recent utility bill.
• Your bank reference letter issued by your company or personal bank in the country of your origin.
• Your bank statements for the latest six months from your country of origin or any other international bank.
• Details about the source of income.
• Also, there will be a minimum monthly balance you would need to maintain. And the requirements vary from one bank to another.

Opening a corporate business account in UAE

In case you are planning to extend your business overseas, you can apply for a corporate bank account. Here, you will have two options:

• You can open a UAE offshore company and can create an account for it.
• Or you can open a UAE onshore company and can open a corporate account.

Though both companies are foreign owned, there are some differences in the accounts. Generally, a UAE offshore company account is less costly. It is difficult to open on minimum requirements. Because the account is non-resident, it will come under the strict official regulations. On the contrary, an onshore company account is costly. However, it allows you to get personal UAE residency visa and provides a number of benefits including minimum account balance, minimum regulations and  more choice of banks.

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