There is no shortage of reasons why the United Arab Emirates is amongst the best places to live in. Its people-centric approach and commitment to facilitating the life of its residents and nationals are influential factors that perpetually elevate its global status!
As one of the most dynamic financial powerhouses in the world, the UAE provides non-nationals with lucrative financial opportunities whether they own a business, have secured a job there or are simply looking to invest in any of its dynamic sectors.
And once you’ve settled in and are ready to open a bank account, here’s where you discover how seamless and rewarding the UAE’s efforts towards its people and residents are!
Why open a bank account in the UAE?
In the grand scheme of things, a bank account is an important step in charting one’s financial goals. Banks offer convenience and financial peace of mind, keeping their customers’ money safe, secure and accessible.
While non-residents can only open specific bank accounts in the UAE, residents can open any account they desire, enjoying several benefits that include:
No foreign exchange control
No income tax or withholding tax
Free account maintenance
An interest rate higher than the inflation rate
The highest security standards
Finding the right bank
Before putting your money in a bank, keep in mind that the UAE has three types of banks:
National conventional banks
International banks
National Islamic banks
Both national conventional and international banks provide the usual banking services; however, Islamic banks strictly adhere to the Sharia law, therefore only issuing interest-free loans for individuals and investing in businesses rather than offering them loans.
Banking for residents
Once you’ve received your residency visa and have figured out what type of banking services you need, it’s more than easy to open a personal or business account. While the requirements vary from bank to bank, there are standard required documents to open a bank account:
Your passport with your UAE residency visa (original and copy)
Your Emirates ID (original and copy)
Proof of residency in the UAE, which can be a rental agreement, utility bill or a letter of employment
A salary verification letter, an original trade licence if you are self-employed or your spouse’s labour card/work ID (original and copy) if you are on their sponsorship.
After submitting these documents and placing a certain amount of money in your balance, depending on the bank, you can have access to your bank account in only a couple of hours!
Overwhelmed? There’s no need to worry. Our consultants at Benial are here to cater to your needs. We’ll help you map out your financial goals and find the right bank that will fast-track your financial development. Reach out to us now!