Opening Bank Accounts in Dubai
Eslam Elgendy has over a decade of experience working with UAE banks, giving us in-depth knowledge of their compliance procedures. Combined with our expertise in supporting clients during interactions with financial institutions, we ensure you secure the account you need—a reliable and secure tool for your company’s transactions.
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Help With Establishing Bank Accounts in The UAE
The UAE’s secure banking system, stable local currency, absence of currency controls, reliable lending institutions, and the convenience of account management from anywhere in the world make it one of the most attractive destinations for banking services.
By contacting Eslam Elgendy, you will receive prompt, professional, and efficient assistance in opening your corporate account, along with ongoing support for managing your account and interacting with bank officials.
Advantages of Establishing a Corporate Account With a Bank in The UAE
Financial stability of the UAE and the nation’s reputation
No inflation, complete stability in the banking sector, and the trust it offers to business associates by not being listed on any OECD or FATF blacklists.
Incorporation into the worldwide financial network
The major financial institutions of the world have branches situated in the United Arab Emirates, and banks from the UAE have a presence worldwide.
Currencies Without Currency Conversion
Simplified KYC for payouts in the national currency
When settling with counterparties in the local currency (dirham), the bank’s due diligence process is simplified.
Offsetting Procedures Without Limitations
Since third-party payments are frequently necessary for daily business operations, it is important to note that UAE banks do not consider such transactions to be suspicious.
UAE citizens are not required to exchange tax information
Expert Banking Support with Eslam Elgendy
At Eslam Elgendy, we maintain extensive contacts and strong working relationships with leading UAE banks. This enables us to have a thorough understanding of their compliance requirements and banking procedures. Our experts possess vast experience across various business sectors and activities, equipping us with the professional expertise needed to support your ongoing banking needs effectively.
Obtain a customized solution for opening a bank account in the United Arab Emirates.
When opening a bank account in the UAE, you might need the following Eslam Elgendy solutions
Types of Accounts Offered by UAE Banks
UAE banks offer a variety of corporate account types, tailored to the residency status of the account holder (resident and non-resident options). Each account type comes with its own set of requirements and conditions for opening and maintaining the account. Eslam Elgendy ensures smooth assistance with these processes.
- A comprehensive range of bank services and facilities is available, including cheque books, debit and credit cards, and loan extensions.
- Low threshold requirement: no initial deposit is necessary to open an account.
- To open an account, the intention to work with UAE partners and a valid residency visa for the account signatory are sufficient.
- There is no need to submit any insurance or investment plans to open the account.
- Simplified due diligence, as the Immigration Service has already verified the individual.
- Bank secrecy ensures the protection of the resident signatory's information.
- The account serves as a fully functional tool for cash and settlement services.
- Opening a non-resident bank account in the UAE typically takes longer, offers a limited range of bank services, and has some restrictions on online banking.
- It comes with a high threshold requirement, such as a large deposit or proof of a million-dollar turnover to qualify for account setup.
- You may only need to own real estate or have business partners in the UAE with preliminary partnership agreements to proceed with account opening.
- Additionally, an insurance or investment plan will be required.
- The due diligence process for the signatory is extensive, including checks for any similar businesses abroad and a thorough review of the source of funds.
- Details about the non-resident signatory are also reportable to the tax authorities in the jurisdiction of the account holder's tax residency.
- This type of account is generally used as an e-wallet for one-off operations.
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To open a corporate bank account, UAE banks require the following solutions:
Proof that the company’s real center of operations is in the UAE
The bank needs to verify who manages and controls the company and where the banking transactions are conducted.
Confirmation of the account signatory’s resident status
The tax residency of the account signatory must be confirmed to comply with international automatic data exchange agreements and prevent banking data disclosure.
A mandatory set of supporting documents to pass the KYC procedure
The bank’s KYC process necessitates applicants to confirm the source of funds, submit a business profile of the company, and provide the account signatory’s CV.
With Eslam Elgendy
Documents required to open a corporate bank account in the UAE:
BANKING WITH ESLAM ELGENDY
Comprehensive Banking Solutions for Corporate and Personal Accounts
When you engage Eslam Elgendy to obtain a corporate bank account, you may also receive assistance in opening personal accounts for shareholders and directors of your company. In this case, the bank will require original passports, personal bank account statements for the past six months, and proof of the center of vital interests (such as a residence address, utility bill, etc.), which Eslam Elgendy can arrange for you as well.
What UAE Banks Require to Service Corporate Bank Accounts
Transform Your Financial Future with Eslam Elgendy
For more information on corporate bank accounts and how UAE banking services ensure strict confidentiality, contact us.
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تواصل معنا
7869+JCF - طريق آل مكتوم - ديرة - رقة البطين - دبي
اتصل بنا: (+971) 556604347
البريد info@eslamelgendy.com
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