Opening a bank account in Dubai
Don’t have a residence visa in Dubai but you still want to make some international transactions? In that scenario, you need to open a bank account in Dubai for non-resident. This banking opportunity has some benefits and limitations. Therefore, before you open a bank account in Dubai as a foreigner, Prospr would like you to understand everything.
So, let’s get started and learn:
What is required to open a non-resident bank account in Dubai
- Passport
- Proof of income- six months bank statement of your home country bank
- Proof of residence- that you can provide in the form of utility bills
- Documents confirming source of income
- CV highlighting your personal and professional details.
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How to open a bank account as a non-resident in Dubai?
#1 Visit the bank personally as the online facility isn’t available for non-resident. You need to be present in a bank to open your account.
#2 You will provide copies of all the required documents.
#3 Bank officer will fill out your application form and require you to sign it.
#4 Once your application is approved, you will get notification in your email. In this email, you will get details of your Dubai bank account number alongside instructions you will follow to set up an online banking account.
#5 You will receive a debit card from the bank within 2-5 days.
What kind of banking services are available to non-residents?
As a non-resident, you can expect to receive following services
Saving account
You can only open a savings account in Dubai. There is no current account opportunity. Certain banks impose conditions on higher deposit and balance requirements for non-resident. Besides, you can’t order a credit card as a non-resident.
Debit card
Bank issues a debit card against your savings account. You can use this debit card internationally but there is a withdrawal limit of 15000 dirhams. Online banking is free and you can manage your card and account online.
This Debit card is issued in AED currency, no other currency card available. When you deposit or withdraw foreign currency, you need to pay 1% of the amount as bank charges.
Checkbook
Unfortunately, non-resident can’t get a checkbook with their savings accounts. And you need a checkbook to pay for utilities or rent an accommodation in the UAE. You must be a resident of UAE to order a checkbook, though.
Credit cards
You can’t get a credit card as a non-resident in the UAE. This banking product is only available to UAE residents who can get loans from Emirates bank easily.
Account maintenance
There are some banks that require non-resident to maintain a minimum balance of AED 100,000. However, others don’t put any kind of minimum balance requirements on you. However certain restrictions are imposed on non-resident bank accounts.
Benefits of non-resident bank account
Here are some benefits you can get by opening a bank account in Dubai as a non-resident.
- You can perform international transfer quickly
- It allows you to have foreign currency transaction
- Easy withdrawals
- Debit cards and online banking facility
- You can make the most of a safe and secure banking system.
A non-resident can make international money transfers to any country from their personal account except those countries which are under UAE sanctions.
A non-resident can receive his income in any of banks in the UAE but you must know that you are still a tax resident in your home country. Thereby, your income will be subject to tax liability.
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Disadvantages of a Dubai bank account for non residents
It’s a bit challenging to open a bank account as a non-resident in Dubai. You will have to provide a lot of documentation and also fulfill many regulatory requirements. Here are some limitation you need to encounter during UAE bank account opening process.
- You will have to wait as compliance process is lengthy and time consuming
- You can’t get a checkbox or a credit card.
- You can only open a savings account, no current account opportunity available for you.
- You will have limited bank choices as not every bank opens a non-resident UAE account.
Document required to open a corporate bank account in the UAE as a non-resident
If you have a plan to setup a business in Dubai, then you don’t need to open a personal account. In that case, you will have to open a corporate bank account that will allow you to conduct business transactions.
Here are some documents you need to provide for
- Corporate structure details of your company
- Proof of company ownership
- Certificate of company incorporation or trade license
- AoA –Article of Association
- MoA- Memorandum of Association
- Complete details of all company’s shareholders,
- Proof of source of funds and investment
It’s possible that you need to provide additional documents during the bank opening process. Some documents may need verifications by the Ministry of Foreign Affairs in the UAE.
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What kind of bank account can you open as a non-resident?
You can only open a savings account in a Dubai bank. No current account service is available. Current account is only available to resident accounts.
What nationalities can open a non-resident bank account in Dubai?
Citizens of all the countries can open a bank account in Dubai, except those states or countries that are banned or sanctioned by the UAE such as Iran, North Korea, and Israel. Russians can open bank accounts in Dubai but the Russian Federation is listed among high risk states.
Russian citizens can apply for a bank account in the UAE but they need to wait a little more than other nationalities. Besides, Russian citizens will have to provide some additional documents.
Can a non-resident open a bank account in Dubai?
Yes, a non-resident can open a bank account in Dubai. However, some bank pose restriction of minimum balance amount or require investment commitments. If you want to open a bank account and planning to avail all banking services and products, it’s a good idea to apply for residence permit, get an emirate ID and then open your bank account as a UAE resident.
How long does it take to open a non-resident bank account?
You can open a bank account within one day. However, this timeline may extend depending on the bank’s procedure and your profile. It’s possible that compliance takes more than a day or week. If you want to speed up the process, you need to showcase a solid profile and financial history.
Wrap up
Do you need help with company setup in Dubai, or opening a non resident bank account UAE? If yes, then contact us –hellp@prosprplus.ae. Our expert business consultants are always there to assist you. We can help you with accounting openings and other things like obtaining a residency visa in Dubai.