Institution of Non-Resident Bank Account
Non-residents can open bank accounts in the UAE for both business and personal reasons. Non-Residents would need to set up a company in the UAE in order to open a corporate bank account. Non-residents may open a personal account in their own name or in the name of their business. If you want to open a bank account as a physical individual, you must travel to the United Arab Emirates. Dhanguard helps to free you up so you can concentrate on your business rather than the day-to-day operations and leave these types of work on us.
United Arab Emirates offers bank account for non-resident for business purpose as well as to individuals. In order to open a corporate bank account for Non-Resident, business setup in UAE will be required. Personal account by non-resident can be opened under a personal name of an individual or company’s name. If you want to open a bank account as a physical person, you are required to visit UAE in order to make account application. Citizens of all around the world can apply with the exemption of some sanctioned and banned countries by UAE. There are also some high risk countries. Individuals of these countries are free to apply but still the approval procedure may be longer and more documents will be compulsory.
In order to open bank account as a non-resident, you are required to visit UAE bank with the following set of personal documents. They are as follows-
The applicant needs to submit their identity Proof such as Original passport or any proof regarding their identity.
A utility bill or a confirmation of your address by a city council or municipality to confirm your address proof.
Bank statements for the past 6 months that will work as the proof of funds. As banks requires to know about the past income of the applicant.
You need to submit you CV with your personal and professional background
The concerned bank will take copies of the above mentioned documents with the signatures of the applicant on the application forms. The Account opening process will take about 1-2 weeks depending on the concerned bank. Up on account approval, the concerned bank will send you a formal email with your account details as well as online banking instructions.
Once your non-resident account is opened, you will be eligible for the following benefits:
Following are the problems solved by having bank account in UAE-
Keep in mind, that the opening of a non-resident bank account in UAE, you will remain a tax resident of a country where you spend the major time of the year. It states that if you obtain any income to your UAE bank account, you still need to pay taxes back home on that income also.
It is moderately simple to open an account in banks such as “Emirates NBD”, “RAK Bank”, and “Abu Dhabi Islamic Bank”.
In the meantime, it is quite hard to open an account in the bank “Mashreq Bank”. You can also try to open an account in branches of international banks like “Citibank”, “HSBC” and”Standard Chartered”. Although, the international banks demands much stricter requirements to open bank account for Non-Resident. And it will be very difficult to open an account here for a non-resident. For that reason, a non-resident should try to open an account in one of local banks.
Opening an account in the UAE for a non-resident takes around 1-2 weeks. The term depends on the following conditions:
The UAE allows emigrants without residence visas to open only a savings account in UAE.
Normally personal accounts of non residents take around 1-2 weeks depending on the concerned bank.
You require a 1-2 days visit to UAE with your personal documents such as passport, bank statement, utility bill as well as Resume.
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