Bank Account Opening
Being an international business hub, Dubai is a bustling city where a lot of financial activities take place. In order to facilitate these financial activities, many financial institutions operate in Dubai and UAE. The banking sector in the UAE has a unique relevance of being the largest in the middle-east. You can open a bank account in Dubai, UAE for your personal purposes as well as business purpose.
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Opening a bank account in Dubai
Opening a bank account in Dubai for non-residents is also not a difficult task. If you are not a resident of UAE, you can open a personal bank account in UAE with specific limitations on the choice of banks and the features they offer. However, this limitation is not a major concern as many prominent banks in UAE offer non-resident bank accounts. Most banks in the UAE permit non-residents to open savings bank accounts only. Protax consultants provide bank account opening services in UAE making it easier for people to open bank accounts in Dubai and other Emirates.
The commercial banking sector in the UAE can be generally classified into two types. And they are locally incorporated banks and branches of overseas/foreign banks.
22 locally incorporated banks or national banks operate in the UAE. The number of overseas or international banks that operate in the UAE is 27 based on the latest available statistics (as of 2019) published by the Central Bank of UAE. The Central Bank of UAE is in charge of all banking related regulations. All financial institutions and their operations come under the Central Bank of UAE; a KYC (Know Your Policy) has been set by the Central Bank to meet international standards. It is a general system that UAE banks will enquire you about your account transactions while opening your personal or corporate bank account in Dubai, UAE. Protax can guide you on KYC requirements to open a bank account in Dubai and it makes the documentation process easier for the applicants.
Be it a personal or corporate account, bank account opening in UAE requires certain basic requirements. No worries! Protax financial consultants help you get through the entire process involved with opening bank account in Dubai. We at Protax offer complete bank account opening services in UAE to our clients.