The UAE economic and financial institutions in the country are valued around the world and are considered reliable. There are several advantages to opening a resident or non-resident personal bank account. Global access and secure payments with high-level technology support with reliable and secure transactions are the reasons to choose a personal bank account in UAE. Our team of business consultants here at MAD Middle East will help you through this complicated process in a hassle-free manner.
Types of Personal Bank Accounts in UAE
There are types of personal bank accounts in the UAE, which are as follows:
Bank Account for Residents
Bank Account for Non-Residents
Resident Bank Account
After starting a business in the UAE, you can apply to open personal and corporate bank accounts as a resident of the UAE. Such bank accounts are the most profitable for foreign investors because they are not taken into account and offer many options for bank account holders.
Dedicated Account Manager
Non-reportable bank account
Any bank facilities
Credit and Debit cards
Non-Resident Bank Account
If you are a non-UAE resident and wish to open a UAE bank account for yourself or your business, there are certain limitations you will face after opening a non-resident bank account. It is worth mentioning that such a bank account is:
Limited in online banking
Limited in bank facilities
Reportable to the jurisdictions of the owner’s tax residency
Takes more time to open
Not allowed for issuing credit or debit cards
Advantages of a Personal Bank Account in UAE
Cheque book which gives the flexibility of payments throughout UAE as the preferred mode of payment (this perk is only available for resident accounts in UAE)
Complete online banking facilities
MasterCard/VISA cards are available
Debits cards can also be upgraded to platinum and premium cards with higher withdrawal limits
Documents Required for Personal Bank Account
Personal Profile of the applicant-CV (Curriculum Vitae on your business and professional experience)
Original latest 6 months personal bank statement from applicant’s country of origin or anywhere across the globe (if applicant have only corporate account then-latest six-month bank and also provide legal documents from the company validating his ownership or share in the company)
Passport copy with UAE entry page
Latest utility bill
Original bank reference letter of an applicant from her/his personal or company bank account in the country of origin or anywhere across the globe (requirement varies from bank to bank)
Most banks in UAE require a minimum monthly average balance for opening a non-resident personal bank account in UAE.
Information on the source of incoming funds
MAD Middle East helps companies with legal entity formation in the UAE in all aspects. Full repatriation of funds, tax-free tax and asset management are some of the related functions that MAD Middle East performs apart from helping businesses set up bank accounts. Before deciding on the type of bank and bank account in the UAE, contact our experts for free advice. We will find the best solution that best fits your business needs and budget.