Owing to strict anti-money laundering regulations, opening a bank account in the United Arab Emirates not as easy as it sounds. The reason is that banks in the United Arab Emirates have to meet an exceptionally high level of compliance to meet international banking standards. Dubai is now at par with the likes of major financial centres like New York, London, Singapore, Tokyo, and Hong Kong; and banking laws are strictly enforced in the United Arab Emirates.
It is therefore important that you have the right banking experts in your corner, who can help you with the process of opening offshore bank account in Dubai, United Arab Emirates.
How to Open a Personal Bank Account in Dubai
The applicant is required to be present in person for the bank account opening process. He/She must furnish a detailed CV, which will be used by the bank to create a customer profile. A personal bank account statement from the applicant’s country of origin / country of residence must also be produced, and this must contain the banking transactions carried out by the applicant in the last six months. Furthermore, a reference letter from the bank must be shown at the time of opening a bank account in the UAE.
A copy of the applicant’s passport, which includes the page that shows when he/she legally entered the United Arab Emirates (this is marked by an Entry Stamp) must also be attached along with the application.
The minimum balance mandated by the bank must be maintained at all times in the Dubai offshore bank account. Failure to comply will lead to a penalty.
How to Open a Corporate Bank Account in Dubai, UAE
The recent Bank Statements of all the Shareholders, which outline the banking activity carried out by them in the last six months, must also be produced. These banks must be located in their respective country of origin / country of residence. If the applicant or any of the shareholders in the company have another company that is located outside the United Arab Emirates, all the relevant company formation documents and a Bank Statement of the company’s corporate bank account must be submitted.
Some banks in the United Arab Emirates require additional information about the company’s business contracts. The applicant must be present in person for the bank account opening process. Because it could take anything from an hour to the whole day, it is recommended that you enlist the professional assistance of a business setup consultant in Dubai. He/She will see to it that all the paperwork is in order and that the process of corporate bank account opening in Dubai is a smooth affair – as it rightly should be.