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NON RESIDENT ACCOUNT
Open Non-Resident Bank Account In The UAE
The UAE has long been a hub for foreign investors and jobseekers alike. And for a good reason. Managing and protecting one’s monetary assets in this booming economy is one of the top priorities for residents. However, this is only possible if you open a bank account in Dubai.
While residents have to meet certain criteria in order to apply for an account, it is possible for others to have non-resident bank account in the UAE. However, for opening a bank account in Dubai, one needs to be physically present in the city during the process. Furthermore, as a non-resident, your options might be limited when it comes to the benefits you get or choosing local banks. Nevertheless, most of the large entities in Dubai do offer options for non-residents to open a bank account in the UAE there is no serious concern.
The following article will explore how can non-residents open a bank account in Dubai and the UAE.
Benefits of opening a bank account in the UAE?
- If you open a bank account in Dubai, you can manage your private finances, do your company’s local as well as international transactions.
- One of the main factors luring non-residents to open a bank account in Dubai is zero taxation. A majority of the foreigners who want to maintain an account in the UAE are from the West. The reason for this is that they pay large sums of taxes, including income tax, back home. In the UAE, however, what you earn is wholly yours. Therefore, the non-resident would save more by directing their income to their UAE bank accounts.
How to open bank account in UAE for non-residents
Foreigners can open a bank account in Dubai in either of the two categories – personal and corporate or business.
To open a personal bank account in the UAE as a non-resident, the following documents are mandatory:
Personal account:
- Copy of passport, including the page which shows the immigration stamp on the date of your entry into the UAE.
- A copy of your latest curriculum vitae (CV). This should reflect your professional profile.
- The original copy of a reference letter from the bank where you hold a personal or corporate account in your country of origin or elsewhere.
- Your bank statement from the last six months
- A copy of your most recent utility bill
Besides the above-mentioned documents, you also have to provide a comprehensive information about your incoming funds, including its sources. Furthermore, many locals bank in the UAE require non-residents with personal accounts to maintain an average monthly balance.
Document required to open a corporate bank account in the UAE as a non-resident.
- Corporate account:
- Information on all shareholders in the company
- Your company’s Articles of Association (AOA) as well as the Memorandum of Association (MOA)
- Your trade/business license or the certificate of company incorporation
- Details on your company’s corporate structure
- Papers reflecting your ownership.
- An explanation on the business activities your company in engaged in
- Details regarding the business experience of the company shareholders
- Documents reflecting the company’s source of funds and investments.
Some of the documents mentioned above might further be required to the verified by the Ministry of Foreign Affairs in the UAE.
The Know Your Customer (KYC) policy in the UAE is central. Thus, it is applicable to all those who open a bank account in the UAE.
Consult with AURA for non-resident bank account requirements
Whether it is a personal one or for business purposes, opening a non-resident bank account in Dubai or UAE is very simple and hassle-free with Aura Business Setup. Manage your day-to-day banking transactions easily. Aura has been providing complete solutions for company formation in Dubai and beyond. Its value-added services include banking assistance, VAT & tax consultation, PRO services, and more.
Question & Answers
1.Q: How to open a bank account in Dubai for non-residents?
A: To open a bank account in Dubai for non-residents, you typically need to follow these steps:
- Choose the Bank: Select a bank in Dubai that offers services to non-residents. Popular options include Emirates NBD, HSBC, and Mashreq Bank.
- Prepare Documents: Gather necessary documents such as a valid passport, proof of address in your home country, a reference letter from your home bank, and possibly a copy of your visa.
- Submit Application: Visit the bank in person or apply online if the bank offers that option. Submit the completed application form and required documents.
- Initial Deposit: Some banks may require an initial deposit to open the account.
2.Q: What are the requirements for a non-resident bank account in Dubai?
A: Requirements for a non-resident bank account in Dubai typically include:
- A valid passport
- Proof of address in your home country
- A bank reference letter
- A completed application form
- An initial deposit (varies by bank)
3.Q: Can I open a non-resident bank account in Dubai?
A: Yes, you can open a non-resident bank account in Dubai. Many banks in Dubai offer accounts specifically designed for non-residents, although the process may involve more stringent documentation requirements compared to resident accounts.
4.Q: Which banks offer non-resident bank accounts in Dubai?
A: Banks that offer non-resident bank accounts in Dubai include:
- Emirates NBD
- HSBC
- Mashreq Bank
- RAKBANK
- Standard Chartered
5.Q: What is the process for opening a non-resident bank account in the UAE?
A: The process for opening a non-resident bank account in the UAE generally includes:
- Choosing a Bank: Identify a bank that provides non-resident banking services.
- Document Preparation: Collect the required documents (passport, proof of address, bank reference letter).
- Application Submission: Submit the application form and documents either online or in person.
- Account Approval: Wait for the bank to review and approve your application.
6.Q: Are there any specific requirements for a Dubai non-resident bank account?
A: Yes, specific requirements for a Dubai non-resident bank account may vary by bank but typically include:
- A valid passport
- Proof of address in the applicant’s home country
- A reference letter from the applicant’s home bank
- Minimum deposit amounts
7.Q: How to open a bank account in Dubai for non-residents?
A: To open a bank account in Dubai for non-residents, you need to:
- Select a Bank: Choose a bank that offers non-resident accounts.
- Prepare Documentation: Ensure you have all necessary documents such as a passport, proof of address, and a bank reference letter.
- Apply: Fill out the application form and submit it along with the required documents.
- Deposit Funds: Some banks require an initial deposit to activate the account.
8.Q: What are the benefits of Dubai bank accounts for non-residents?
A: Benefits of Dubai bank accounts for non-residents include:
- Access to a stable banking system
- Ability to hold multiple currencies
- Online banking services
- Debit and credit card facilities
- International banking options
9.Q: Can non-residents open bank accounts in the UAE?
A: Yes, non-residents can open bank accounts in the UAE. However, the process may involve additional documentation and verification steps compared to resident accounts.
10.Q: How do I open a non-resident bank account in Dubai?
A: To open a non-resident bank account in Dubai, follow these steps:
- Choose the right bank.
- Prepare necessary documents such as a passport, proof of address, and bank reference letter.
- Submit the application form along with the required documents either online or in person.
- Wait for approval and provide any additional information if requested by the bank.
11.Q: What is the process to open a bank account in Dubai for non-residents?
A: The process to open a bank account in Dubai for non-residents involves:
- Selecting a bank that offers non-resident accounts.
- Gathering necessary documents like your passport, proof of address, and a reference letter from your home bank.
- Submitting an application form with the required documents.
- Providing an initial deposit if required by the bank.
12.Q: How can I open a bank account in the UAE for non-residents?
A: To open a bank account in the UAE for non-residents, you should:
- Choose a bank that caters to non-residents.
- Collect required documents such as your passport, proof of address, and bank reference letter.
- Complete and submit the application form with the documents.
- Make an initial deposit if the bank requires it.
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