THE BANK SECTOR
The UAE's banking sector offers a variety of options with numerous local and international institutions, allowing you to tailor your bank account to your preferences. Unfortunately, Russian banks and those from other CIS countries are not present in the UAE, and the few Russian banks in the country don't engage with individuals or businesses. The banks in the UAE can be broadly categorized into local financial institutions and international branches of foreign banks. While HSBC, CitiBank, and Bank of Baroda are well-known, local banks may be less familiar. Opening a bank account in the UAE can be a challenge due to the lesser-known local banks. Our objective is to guide clients through the state banking system, recommending the institution that best aligns with their business requirements.
Types Of The UAE Bank Accounts That You Can Open
To maintain an active resident status, you must fulfill the following conditions:
- Officially reside in the UAE.
- Obtain a tax resident certificate from the UAE Ministry of Economy to exempt yourself from paying taxes in your country of permanent residence.
- Rent a house in the UAE.
- Establish mobile and internet services in the UAE.
- Open a bank account in the UAE.
- Obtain a driver’s license in the UAE.
- Enroll children in schools in the UAE.
- Apply to government agencies in the UAE, ensuring that you visit the country at least once every 6 months.
List Of Documents For Opening A Personal Account In The UAE
- Applicant’s passport in its original form,
- Entry stamp or UAE visa,
- Bank-provided letter of recommendation,
- Document validating the applicant’s residential address, such as a utility bill.
List Of Documents For Opening A Corporate Account In The UAE
- Original form of the applicant’s passport;
- Entry mark indicating arrival in the country;
- Founder’s company summary (assistance provided in registration according to banking institute requirements);
- Company summary (prepared by our team);
- Original letter of recommendation from the founder’s bank, following an established template (we provide an example);
- Original statement from the founder’s account for the past 6 months; Statutory documents of the company. Paragraphs 5 and 6 need to be translated into English by a translation agency in the country of residence and bear the seal of the translation agency.