What are Non-Resident Bank Accounts in the UAE?

As can be expected from a prominent business and financial hub, the UAE has a booming yet stable banking industry. With total assets worth over 813 billion U.S. dollars, the UAE’s banking sector leads in the Middle East. The ease of banking and the excellent facilities available enhance the UAE’s appeal as an investment destination. Given that you are allowed to buy properties and set up businesses in the UAE as a non-resident, it’s no surprise that you can set up bank accounts as well. Let’s learn more about these types of bank accounts, why one might need them, and what are the advantages of having one.

Non-Resident Bank Accounts in the UAE

A non-resident bank account in the UAE is simply a bank account opened for an individual who does not reside in the UAE. The non-resident bank accounts can be set up for personal or business purposes. It is key to note that for opening a business account, it is necessary to own either a free zone, mainland, or offshore business in the UAE, and such an account might be required for the business owners to conduct international business transactions.

Eligibility Criteria for Non-Resident Bank Accounts

Here are the basic documents usually required to open a non-resident bank account in the UAE.
1. Original passport
2. Proof of address in home country
3. Personal bank statements
4. CV (with personal/professional details)
5. Business license (for business accounts only)
6. MOA (for business accounts only)
7. Company share register (for business accounts only)

It is crucial to note that certain countries are often flagged as high-risk and additional documentation may be requested from citizens of these countries. Citizens of specific countries may be ineligible for opening these accounts. Moreover, the purpose of opening the account also influences the document requirements, and you may be required to produce additional documents.

Advantages of Opening Non-Resident Bank Accounts

Confidentiality

The UAE’s banking sector is well-known for the confidentiality it assures to investors. The government has robust regulations in place to protect financial information and has heavily invested in technology to safeguard financial assets.

Stability of UAE Dirham

For years, UAE’s official currency, the Dirham, has been renowned for its stability. This is mainly the reason behind its popularity in local as well as international trade. For any investor or business looking for a secure and stable financial environment, the UAE, thanks to its currency, ensures just that with protection from major currency fluctuations.

Swift Account Opening

Another key factor attracting investors to the UAE’s banks is the speed at which they can open accounts and access financial services. The simplistic procedures further add to the convenience that a user can avail.

Digital Banking Features

The safe and advanced online systems ensure that services can be accessed at the fingertips. Whether it is fund transfers or activity monitoring, all of these can be done remotely in a few clicks.

Customer Support for Non-residents

The UAE’s banks provide top-notch customer services to address queries and resolve issues that any non-resident bank account holder might face. As the UAE’s banks are staffed with expats from all over the world, account holders often benefit from the support they receive in their native language.

Bank Accounts for UAE Offshore Companies

Offshore company setup in the UAE is one of the most common purposes for setting up non-resident bank accounts. As we know, an offshore company is a legal entity that is formed for operations outside the jurisdiction where it is registered. For opening such an account, it is crucial to understand the bank’s requirements, account opening procedures, and documentation. To ensure a smooth bank account opening journey, it is necessary to consult professional banking consultants. InZone is a Dubai-based corporate service provider, and can offer you all the necessary advice and assistance to open your bank account.