Opening a bank account in Dubai

Dubai, one of the most important financial centers in the Middle East, belongs to the United Arab Emirates and is located on the coast of the Persian Gulf. Considered a offshore jurisdiction Due to its numerous tax advantages, it offers a prominent place for commercial operations such as investments, the creation of offshore companies or the opening of bank accounts. But what should we do to opening a bank account in Dubai?

The first thing we should know is that, among the tax benefits most important cities in Dubai, there are no tax charges and confidentiality and bank secrecy are fully guaranteed.

For, opening a bank account in Dubai, you only need to be a resident of the country. For this, we need to obtain a residence visa that we can obtain, either by work visa or by investor visa, that is, by incorporating our company into the country.

Although, nevertheless, there are banks that offer flexibility when it comes to opening a bank account in Dubai. Some agree to open as long as minimum limits on the amounts to be deposited are met.

Businesses also have the power to opening bank accounts in Dubai. As a main measure, it is imperative that the owner of the business meet with the bank as the ultimate beneficiary of the account. This is the main problem that offshore companies face, since as they do not have a physical presence in the country, banks do not agree to the opening as they cannot find the identity of the last beneficiary of the account. In this regard, it should be noted that most banks have offices in Europe where meetings can take place, a fact that facilitates the process.

For, opening a bank account in Dubai You need to submit a number of documents. For an individual: passport, residence visa and UAE national ID. In the case of companies: license, articles of incorporation, statutes, powers to open, information about other bank accounts of the company, clients and sources of income. For foreign companies, the documents must be legalized before the Ministry of Foreign Affairs Abroad, the Embassy of the Emirates in the country of origin and finally by the Ministry of Foreign Affairs in the UAE.

For more information do not hesitate to contact us.

AM

Foster Swiss

International Private Banking Consultants
Specialists in International Taxation and Offshore Companies