Non Resident Bank Account In UAE
A non resident bank account in UAE is available for both corporations and individuals. Business establishment in UAE is necessary in order to open a non resident bank account in Dubai. An individual can create a personal account in his or her own name.
If you wish to create a bank account as a physical person, you must go to the UAE to apply for one.
Citizens of all nations are eligible to apply, with the exception of those sanctioned or prohibited in the UAE, such as:
- North Korea
There are a few countries that are particularly dangerous. Nationals of certain countries are free to apply, although the approval procedure may take longer and involve additional papers.
Prerequisities For Opening An Account
The requirements to open a non resident account in UAE, one must go to any UAE bank of your choosing and present the following set of personal documents:
- Authentic passport
- A utility bill or a certification of your residence from a city council or municipality is also an acceptable form of proof of address.
- Personal bank statements from the last 3-6 months will suffice as proof of money.
- CV detailing your personal and professional history.
- Copies of such papers, as well as one’s signatures on the application forms, will be taken by the bank. Depending on the bank, account opening will take 1-2 weeks.
The bank will send you an official email with your account information and online banking instructions after your account has been approved.
Benefits Of Opening A Non Resident Bank Account In UAE
You will be entitled to the following benefits once your non-resident account is opened:
- Banking over the internet
- Visa debit card
If you apply for an account as a local resident with a UAE residency visa, you will be entitled to apply for a bank loan after a period of time.
To be qualified for the loan, you will need to demonstrate proof of income and frequent incoming payments to the bank.
Problems It Will Solve
- If you’re from a country where international transfers are restricted,
- If you are unable to conduct business in a foreign currency from your own nation,
- If your country lacks a stable financial system on the ground,
- If you wish to earn money and save for the future with interest,
Open a non resident bank account in UAE and begin worldwide banking that is easier and more customer-friendly.
One has to keep in mind that by opening a non resident bank account in UAE, you are still considered a tax resident of the nation where you spend the most of your time. It implies that if you receive money into your UAE bank account, you may have to pay taxes on it in your home country.