The popularity of the UAE continues to rise exponentially, thanks to the country’s economic stability and lenient working environment. Indian investors and entrepreneurs willing to launch their company in the country must also open a bank account in the UAE.
The UAE Central Bank is the region’s primary finance regulatory council. Moreover, there are more than 23 local and around 26 international banks in the Emirates. Therefore, it’s better to consult with the legal advisors at the UAE Expansion branch before proceeding with the steps to open a bank account in Dubai.
What are the Steps to Open a Bank Account in Dubai?
You need to have a corporate bank account to manage all the financial transactions of your company. Moreover, all the steps to open a company bank account in Dubai are discussed below:
1. Choose the Ideal Bank
Since the bank is going to be in the UAE, choose a well-capitalized and robust banking system. There are specific tax regulations for opening a bank account. Therefore, in-depth research is needed. There are numerous factors to consider while looking for the right bank. Furthermore, some of these include minimum balance accounts, good customer care service, higher interest rates, convenience, internet banking, and more.
After having a final list of the suitable banks, you must look for your personal needs. For instance, if you want to keep your savings high, then you must look for banks that provide low maintenance charges along with minimal establishment costs.
2. Submit the Required Documents
You’ll need to submit all the mandatory documents for verification. It’s similar to the documents submitted for identity proof in your home country’s bank. In addition, keep the mandatory documents handy and submit them to your bank for account opening in the UAE.
However, note that you might be asked to submit additional information for authentication purposes depending on the bank you choose.
3. Select the Desired Currency
Banks in Dubai offer you the option to choose from a plethora of currencies. One should choose a currency smartly as some have higher pegged rates than others. Moreover, try choosing a currency that has a low conversion cost.
You don’t need to worry about the procedure to open a bank account online in the UAE when you collaborate with the business representatives at the UAE Expansion branch. We do all the heavy lifting for you so you can focus on other business activities.
4. Learn How to Operate Your Bank Account
While transferring funds to company accounts, most consumers do it via international wire transfer. However, this has additional fees varying from bank to bank. Moreover, domestic cheques and cash deposits are also accepted by the banks in Dubai. You are also advised to closely tie the company account with your domestic one as it ensures security and convenience.
Benefits of Opening a Bank Account in Dubai
All businesses – irrespective of their sector need to open a company bank account in Dubai. Listed below are some of the benefits of having a reliable bank account in the Emirates:
1. Secure and Robust Banking Facilities
Stable banking systems should legally operate within their business regions for being financially healthy and responsible. These banks don’t spend depositors’ money carelessly and follow the standard capitalization and liquidity rates. The UAE’s government can cancel a banking license in case of a deviation.
The banking system in Dubai is sophisticated, fully compliant, and totally efficient as many jurisdictions depend on such robust financial services. Furthermore, they also offer full confidentiality on your personal details along with a safe and secure phone and digital banking mechanism.
2. World-class Banking Amenities
One of the primary reasons why Indian investors prefer opening a bank account in the UAE is because of the world-class banking services that you get in the country. Moreover, in today’s world, service isn’t just about being treated like a consumer.
It’s about what’s on offer and how it compares against other offerings. Banks in Dubai are well-regulated and understand that consumer satisfaction is vital for their long-term growth. Unlike banks in other countries, the banks in Dubai don’t have any hidden charges. Therefore, this results in better service and higher customer satisfaction rates.
3. Lowered Costs and Fees
When you open a bank account in the UAE, it adds flexible banking amenities like different currencies, maximized interest rates, and backup accounts. The banks in Dubai have cut down foreign exchange expenses, and this protects you from unpredictable currency swings.
Moreover, the banks offer several foreign currency accounts without any additional cost by default. In addition, it’s easier to hold the same in Dubai as compared to your home country. Some of these banks let you manage up to ten different currencies with the same bank account to offer top-notch flexibility to the investors.
4. Better Rate of Interest
Unless the interest rate that your local bank is proposing meets the inflation rate, your money is losing its purchasing power. Hence, when given an option to select between higher interest rates and lower ones, anybody would go for the former.
However, always evaluate other amenities apart from the interest rate too. All you need to ensure in Dubai is that the preferred bank is reliable and matches your operational and transactional requirements.
Requirements for Opening a Bank Account in the UAE
Opening a bank account in Dubai is straightforward and requires reasonable documentation in most cases. Here’s a document checklist for your reference:
- 1. Passport with the UAE entry stamp (original and copy);
- 2. Passport photo;
- 3. Completed application form;
- 4. Proof that your residency visa, or Emirate ID card, is being processed;
- 5. Document stating your employer’s name and salary details;
Note that all the documents stated above must be notarized to be considered authentic and legitimate.
Top 6 Banks in UAE for Expats
- 1. Emirates National Bank of Dubai (ENBD.
- 2. Abu Dhabi Commercial Bank (ADCB)
- 3. Dubai Islamic Bank.
- 4. Standard Chartered.
- 5. Abu Dhabi Islamic Bank (ADIB)
- 6. Mashreq Neo.
Open Your Bank Account in the UAE
You need a corporate bank account to manage the monetary transactions of your dream venture in the UAE. The business consultants at the UAE Expansion branch help you with your banking requirements by providing end-to-end assistance.
Therefore, you can take a comfortable back seat and leave the rest on us. We assess your business needs, match them with the various banks in the UAE, and suggest the ones that are the best for your firm. All you need to do is get in touch with us.