Opening an account in the UAE
The Arab Emirates is a thriving state that closely cooperates with all regions of the world. If you want to start a business in the most prestigious jurisdiction of the Middle East, then it makes sense to first open an account in the UAE for your company.
UAE Account Opening Process
The Lawrange company organizes all-round support of your need for registration of the necessary bank details. The procedure is as follows:
- Choosing the right bank.
- Compliance with all requirements.
- Preparation of documentation and its submission to the institution.
- Obtaining approval.
- Account registration.
Compliance will be key. The Emirates themselves do not differ in a large number of bank offers (the specificity of the region affects), however, the available options in terms of service level can easily compete with the old European banking houses.
After you manage to open a bank account in the UAE, you can proceed to the next step – a full-fledged business registration in the jurisdiction. However, if you already have a working company, and you want to get reliable bank details in a popular jurisdiction, then you can limit yourself only to its registration.
Preparation of documents for opening an account in the UAE
In order to open a bank account in the UAE, you will need to collect the following package of documents:
- applicant’s passport with a mark of crossing the border of the Emirates;
- a statement of an existing bank account (if any);
- CVs for founders and beneficiaries. In the Emirates, it is extremely important to provide information about the founders and all members of the company;
- activity description and business plan;
- corporate documents for the company (articles of association, articles of association).
Personal presence is required to submit documentation. All these certificates can be prepared with the help of the specialists of the Lawrange company.
Selecting a bank to open an account in the UAE
Several world famous banks operate in the United Arab Emirates:
- Abu Dhabi Islamic Bank;
- Emirates NBD;
- Emirates Islamic Bank;
- Mashreq Bank.
If you are planning to open an account in Dubai, then you should focus on banking organizations, which are located in this largest city in the country. In any other case (when deployed in other settlements), you can give preference to local institutions. If activities are planned in the capital, then it is worth definitely considering the option with Abu Dhabi Islamic Bank.
It is important to understand that the jurisdiction is Muslim – it has strong traditional requirements for credit relations and banking in general. It is for this reason that it is important to contact lawyers who know the specifics of the Arab region and understand how to comply with the established requirements.
Professional support from Lawrange
Lawrange helps businessmen and businesses open a Dubai bank account without any questions from local supervisors. Our strengths:
- prompt registration. Opening an account in the UAE, thanks to the support of our representatives, takes a maximum of a couple of weeks;
- knowledge of the specifics of local legislation. Supervisors and institutions will not have any questions about your documentation;
- free consultation. If necessary, you can contact us before cooperation to receive an answer to any question of concern;
- preparation of the entire package of documents. You do not need to issue any additional certificates.
The main advantage of our service is availability. We offer to open a bank account in the UAE for both small firms and individual entrepreneurs and large holdings.
Cost of opening an account in the UAE
The following factors affect the price of registration of a bank account:
- a specific price list of your chosen service organization;
- number of ready-made documents;
- compliance with all requirements of Arab jurisdiction;
- need to issue additional permissions;
- translation services.
The Lawrange company offers a comprehensive implementation of all these tasks at an affordable cost. Together with us, you can get valuable details that will be useful in financial transactions anywhere in the world (both in the Asian, and in the European or American region).
Conclusions
To open an account in a bank in Dubai or another city in the UAE, it is important to understand in advance the specifics of the Arab jurisdiction. There are more stringent requirements for beneficiaries and banking activities. Instead of independent attempts to draw up an account, it makes sense to turn to the professionals of Lawrange, who have been working in the United Arab Emirates for several years.
FAQ
Opening an account with an Arab bank – terms?
On average, registration takes no more than 2 weeks. However, it all depends on the stage of preparation of the documentation and compliance with the requirements of local legislation.
Want to know more about opening a UAE bank account?
Contact the specialists of Lawrange. We will advise you free of charge on any exciting issue.
Which is the safest bank in the UAE?
All institutions in the Emirates are distinguished by an extremely high degree of reliability. Banking organizations in Dab and Abu Dhabi, the two largest cities in the country, are especially worth highlighting.
