The banking system of the UAE is characterized by high level of stability and reliability. The local banks offer all the necessary banking services for both companies and private individuals. At the same time, the UAE, like any other country, has its particulars.
First of all, these particulars concern the limitations for opening a bank account, which are imposed on the non-residents of the UAE. It applies to both natural persons and foreign companies.
It is worth mentioning that not all banks offer the possibility of account opening for individuals who are non-residents of the UAE. And those who do regularly enforce higher minimum balance requirements in comparison with accounts for the residents.
There are also some particular restrictions concerning opening bank accounts, which are imposed on the foreign non-resident companies. Moreover, not all the UAE banks offer their services to such companies. Besides, the UAE banks usually require all the foreign company’s registration documents to be legalized before opening a bank account for such company.
The UAE banks: particulars and requirements for account opening
It should be noted, that the UAE banks require the common documents and information on the planned account activities and source of funds. Reluctance to fulfil the requests of the bank and non-provision of the requested information may result the rejection on the account opening. All the questions asked by banks are linked with the general obligatory regulations that banks have to follow. These regulations are implemented by the country’s Central Bank. Besides, it is worth noting that the extend of such questions is usually less in comparison to the volume of documentation and information requested for account opening in Europe.
The UAE banks are quite efficient and favourable in terms of the financial and bank transaction services. And what is important - the communication, bank documents, online banking and all other services are available in English.
As to the particulars of a financial sector, both the regular banking and Islamic banking are available. These options are offered by almost all country’s financial institutions.
Another particular aspect of the UAE banks is a multilevel personnel structure. For example, a manager, who opens your bank account, after its opening, hands it over to another manager, who helps you with further account operations.
In general, the banking sector of the United Arab Emirates is highly business-oriented. Thus, businesses are provided with all the essential services. The UAE banks are suitable and very reliable for depositing the private funds.
Contact us if you need to open a bank account in the UAE and do not know how to make the right choice. Our company's consultants will help you to make the right selection and to open a bank account.