Bank Account in Dubai-UAE
The economic and fiscal stability of UAE owes a great deal to its highly developed and well-regulated banking industry. UAE banking industry is widely acknowledged for its uncompromising compliance with the highest standards of customer service and modern standards of banking requirements. The well-entrenched and ever-improving financial stability of Dubai make this cosmopolitan city a disarmingly attractive destination for foreign businessmen and investors to park their monetary assets in the banks based in the city here. Many international financial institutions have opened up their branches in Dubai because of this reason.
The procedure for opening a corporate bank account in Dubai varies from bank to bank. There is a bewildering array of complex steps and procedures you have to go through in order to open a bank account in Dubai. Therefore, KWS-ME offers its services to help you open a corporate bank account which would save you a big chunk of your precious time. It is our way of saying welcome to our valued clients.
We have given a preview of bank account opening procedures below.
Business Support
Personal presence is a prerequisite for opening a bank account in Dubai. Personal presence is mandatory otherwise, the opening of account will be deemed illegal according to the rules for compulsory banking practices laid down by the UAE Government.
This is done for getting the original signature and confirming the identity of an account opener.
A foreign company is allowed to open a bank account in Dubai, be it a BVI offshore company or an onshore company or an MNC from anywhere in the world as long as it is able to furnish all the required documents formally notarized and attested by the UAE Embassy.
Using a cheque, among businesses in particular, is a very favorite and secure method for carrying out financial transactions. However, banks issue cheque books to account holders who are the residents of UAE.
Banks based in Dubai do not issue cheque books to offshore companies.
Account holders can either get a debit card or credit card or both. Use of cards makes financial transactions and withdrawal of cash convenient. However, certain terms and conditions are attached with the kind of debit card or credit card that an account holder may receive which can vary from bank to bank.
Online banking has grown by leaps and bounds in the recent years. In Dubai, online banking infrastructure has experienced a robust and exponential rise. It is definitely a USP of Dubai’s banking industry. Offshore companies don’t have the luxury of using cheque books or debit cards, they prefer handling and management of their account via 24/7 online access.
This is a very cost-effective and readily available tool for managing bank accounts and making large international transactions in a blink of an eye. It is pertinent to mention here that Dubai’s online banking system is very secure and fraud-proof. Plus, online banking system allows the customer to control their accounts from any remote location in the world.
Here is a list of documents which must be produced in order to get a bank account opened in Dubai.
The necessary documents should include:
In case any change or amendment in the original documents of the company, same will be notarized and attested by that respective free zone.
Important Note: Banks require documents to be duly attested and notarized by the UAE Embassy or UAE Consulate from the country of origin and MOFA in UAE. KWS-ME can also assist with regards to attestation and notarization of documents.
Important Note: Banks require documents to be duly attested and notarized by the UAE Embassy or UAE Consulate from the country of origin and MOFA in UAE. KWS-ME can also assist with regards to attestation and notarization of documents.
Important Note: The bank may or may not ask for additional information or supporting documents before opening of account which is in line with the international banking practice of knowing your customer. Below is a list of banks based in Dubai:
