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N R Doshi & Partners provides hassle-free Bank Account Opening Assistance in UAE to investors looking to set up a business in Dubai, UAE.
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Bank Account Opening Assistance in UAE Bank Account Opening Assistance in UAE UAE has emerged as a business hub of the world, and it has a well-structured banking system commensurate with the needs of all types of businesses and individuals. All businesses in Dubai need to have a local bank account to be ableto make and receive payments in Dirhams (AED), the local currency in the UAE. N R Doshi & Partners provides hassle-free bank account opening assistance in UAE.
Bank Account Opening assistance in Dubai Bank Account Opening assistance in Dubai Bank Account Opening in UAE Bank Account Opening in UAE Involving a good amount of paperwork, the account opening procedures in UAE are rigorous. The documents required differ with respect to the type of accounts and banks. It takes around 2-3 weeks to open a bank account in the UAE. The majority of banks do not charge a maintenance fee. But payment needs to be done for the use of internet banking services. Personal presence is also deemed mandatory in most cases.
Bank Account Opening assistance in Dubai Bank Account Opening assistance in Dubai The major benefits of opening a Bank Account in UAE The major benefits of opening a Bank Account in UAE The UAE financial and banking system is stable and reliable. Low charges for processing payments. The account holder’s information remains confidential. Capital can be freely moved in any direction. The national currency rate is stable i.e.: 1 US dollar = 3.67 AED.
Types of Bank Accounts that can be opened Types of Bank Accounts that can be opened Resident Bank Account, Non Resident Bank Account, Non- -Resident Bank Account, Off Resident Bank Account, Off- -Shore Bank Account Shore Bank Account Resident Bank Account Resident Bank Account It has the following features It has the following features This one is the most popular type of bank account. Once Cheque book facility The account holder can availbank facilities the businesses obtain their trade license, they apply for a resident corporate bank account. The bank account Online banking facility might also be required as a part of the licensing process Debit and credit cards in some cases. However, mostly, companies open this Dedicated Account Manager bank account after the authorized signatory gets a residence visain the UAE.
Types of Bank Accounts that can be opened Types of Bank Accounts that can be opened Resident Bank Account, Non Resident Bank Account, Non- -Resident Bank Account, Off Resident Bank Account, Off- -Shore Bank Account Shore Bank Account Non Non- -Resident Bank Account Resident Bank Account In case the authorized signatory does not have a UAE residency, he has the option to go for a non- resident bank account. A non-resident bank account is restrictive in nature, and one needs to fulfill extensive KYC requirements to open an account. Further, it takes a long period to open a non-resident bank account. Debit card and credit card facilities are not available • Limited bank facilities are available Online banking only • •
Types of Bank Accounts that can be opened Types of Bank Accounts that can be opened Resident Bank Account, Non Resident Bank Account, Non- -Resident Bank Account, Off Resident Bank Account, Off- -Shore Bank Account Shore Bank Account Off Off- -Shore Bank Account Shore Bank Account Extra secured and have the highest privacy level • Allows100% repatriation of capital and profits • Fast to open • Can be opened without UAE Residence Visa • Have no currency or funds transfer restrictions • Have user-friendly online banking system • Not eligible for cheque books, credit or debit • cards, and ATMs
List of required documents List of required documents For Personal and Corporate Bank Accounts For Personal and Corporate Bank Accounts Personal Account Personal Account Permission of entry to UAE or the Visa Original passport of the applicant A utility bill or any other document as address proof of applicant’s residence A letter of recommendation from the bank
List of required documents List of required documents For Personal and Corporate Bank Accounts For Personal and Corporate Bank Accounts Six months of bank account extract of the founder The original passport of the applicant The entry mark to the country (Emirates) Company statutory documents Corporate Account Corporate Account Original letter of recommen dation from the bank of the founder Resume of the founder of the company Company summary
Some recommended UAE Banks Some recommended UAE Banks Emirates NDB • Mashreq Bank • RAK BANK • ABCD • NOOR Bank • Union National Bank • Sharjah Islamic Bank • FGB • Emirates Islamic Bank • First Abu Dhabi Bank (FAB) •
Frequently Asked Questions Frequently Asked Questions Bank Account Opening in UAE Bank Account Opening in UAE Do the banks in UAE provide multi Do the banks in UAE provide multi- -currency accounts? Yes, they do, in currencies like USD, Euro, AED, CHF, etc. currency accounts? Can foreigners open a Personal Bank Account in UAE? Can foreigners open a Personal Bank Account in UAE? Yes, being a foreigner, you can open a Non-Resident Personal Bank Account. How many banks does UAE have? How many banks does UAE have? UAE has 28 foreign and 22 local banks. Is the presence of the authorized signatory mandatory? Is the presence of the authorized signatory mandatory? Yes, the presence of the authorized signatory is mandatory, and the bank would require him to be present personally while opening a bank account.
Bank Account Opening Assistance in UAE Bank Account Opening Assistance in UAE N R Doshi & Partners N R Doshi & Partners Being one of the leading accounting firms and business setup consultants in Dubai, we’ve been driving growth for our clients for more than 34 years in UAE. With our headquarters in Dubai, we have a team of over 100 professionals. We offer numerous services in the fields of accounting and assurance, VAT consulting, accounting, advisory, company formation, and outsourcing services. We have worked with many banks across the years, and we aim to serve our clients to meet all their requirements. We follow a personalized approach and advise our clients in the right direction. We can help you in preparation of required documents for bank account opening, arranging a meeting with bank officials, assisting in account opening formalities, and seeing that the entire process is completed in a timebound manner.
