Non Resident Account

What are the documents required to Open Bank Account in UAE for Non-Residents?

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-

Identity Proof

The applicant needs to submit their identity Proof such as Original passport or any proof regarding their identity.

Proof of Address

A utility bill or a confirmation of your address by a city council or municipality to confirm your address proof.

Bank Statement

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.

Resume

You need to submit you CV with your personal and professional background

What is the process to open Non-Resident Bank Account in UAE?

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.

What are the benefits of having Non-Resident Bank Account in UAE?

Once your non-resident account is opened, you will be eligible for the following benefits:

1. Online banking
2. Debit card
3. You are required to show source of your income and regular incoming transfers to the bank in order to become eligible for the loan.

What are the problems solved by having Bank Account for Non-Residents in UAE?

Following are the problems solved by having bank account in UAE-

1. If you come from a country with restrictions on international transfers
2. If you cannot operate in a foreign currency from your country
3. If your country does not have a local reliable banking system
4. If you want to receive income and make long term savings with interests.

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.

Which bank is good for opening a non-resident bank account in the UAE?

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.

What is the Term of opening an account in the UAE for a non-resident?

Opening an account in the UAE for a non-resident takes around 1-2 weeks. The term depends on the following conditions:

• Occurrence of an applicant in black lists of the concerned bank (e.g., in the international system “World-Check”).
• Information on an applicant online, available in any of the search engines. A good variation is the available profile in “LinkedIn”, which shall completely coincide with CV submitted to the bank.
• Source of origin of the assets and Verification of assets.
• Working of the applicant in a company that is under sanctions.
• Quality of research of documents certifying the requirement of opening an account in the UAE.