Bank Account Opening in UAE

BANK ACCOUNT OPENING

Open Your Bank Account in UAE

UAE is brimming with opportunities in almost every sphere of work. There is a ripe influx of expats every year. It is an attractive cauldron of a fast-paced life along with sunny beaches, oceans, deserts, and greenery all in one place. If you’re going to move to the United Arab Emirates, you will need to have a Bank Account for managing your finances. Having a Bank Account will make it easier for you to move money around and pay for goods and services in your new country.

UAE Central Bank adheres to an array of laws for businesses to thrive as per the compliance of the UAE government. At this juncture, businesses often require hand-holding support and a precise framework to go on with their bank account opening and other banking procedures. Our trained team of experienced personnel will help you traverse through the account opening process hassle-free.

Benefits of Opening a Bank Account

Opening a bank account in UAE has many benefits, both personally and professionally. To organize your finances, our professionals offer an interactive forum where your financial queries can be discussed. Some of the benefits of opening a bank account in UAE have been discussed below:

Easy International access and attractive interest rates.
Aids in segregating Business and Personal income.
If you own an LLC or a corporation in UAE a business bank account is a must to operate the company.
Having a business bank account with a complete record of your inflows and outflows might be helpful for filing taxes. You can utilize the account to pay each client, and vendors as all of your business expenses will be in one statement.
In addition, a business must establish credit; one way to do this is by opening a bank account. If you want to borrow money or conduct business with a supplier, having a company credit history can be helpful.
Minimal taxation system subject to specific line of business and type of business.
Easy transfer of funds and flexible investment period.

Personal Accounts

In UAE a personal account can be of 2 types. A Basic account or a Priority/Private Banking account. Generally, a basic account allows you to manage your day-to-day transactions and maintain your savings into the account to a particular threshold.

For Customers who have requirements for maintaining larger funds into the account in the form of Savings and Investments your ideal choice will be a Priority account where not only you experience privilege banking services but also enjoy a one-point banking support through a Relationship Manager.

Unlike a corporate account Personal account are a far better choice to maintain your private investments as its totally tax free and your investments are fully repatriable.
At O2 our experienced team can help you make the right choice and assist you will all the banking formalities smoothly and effectively.

Corporate Accounts

If you’re planning to use your bank account to do business in the UAE, you’ll need to open a Corporate Bank Account. The reason why you have to open a corporate account is that UAE law prohibits you from doing business with a Personal account. Generally Corporate Accounts are current accounts. The reason for this is so that they can process a large volume of transactions and can also enjoy the chequebook facility. Opening a corporate account in the UAE usually takes between two and four weeks.

When you go to a bank to open a Corporate Bank Account, it’s important to note that you’ll need a few additional documents to do so. The exact documents may vary depending on your chosen bank and your type of company, but they usually include:

Your Company Trade License
A Copy of Company’s Memorandum and Articles of Association.
Share Certificates.
Recent Bank Statement ideally 6 months of an Existing company or Personal Account.
Tenancy Contract
Visas and passports from all shareholders
Any other document to verify the record, the bank may request for and with these documents in hand, you’ll be all set to open a bank account.

O2 Group is a registered company that helps small, medium and large companies as well as entrepreneurs. We take care of all the Personal and Business requirements of our Clients and assist them with Company Incorporation, from start to end. The business development team at O2 Group works towards limiting our clients’ liabilities, and ensuring that their assets are protected with free money repatriation and zero taxation, thereby ascertaining their business growth. We assist you with all matters related to opening a Personal and Corporate Bank account in UAE, including preparing the Bank account application forms and arranging the bank visit at your discretion. We can also help you with opening an offshore bank account subject to all the banking requirements being met.

BANK ACCOUNT OPENING