News: Current account in the United Arab Emirates

Current account in the United Arab Emirates

The United Arab Emirates is one of the largest financial centres in the world. Currently, UAE banks are one of the few available and most attractive options for opening a current account for citizens of Russia and the Republic of Belarus.

UAE banks offer the convenience of managing an account through English-language online banking.

To open an account, a personal visit to the bank for identification is required.

Opening a personal account

Although UAE banks open accounts for residents of other countries, such clients are subject to increased requirements for keeping minimum account balances, purchasing additional bank investment products or insurance. But even in this case, the successful opening of an account is not guaranteed.

It is much easier to open a current account by obtaining a resident visa. In this case, the bank sees you not as a citizen of a foreign state, but as a resident of the UAE, which will shorten the period of compliance checks and increase the chances of opening an account. You can get a resident visa by registering a company in the UAE or by becoming an employee in one of the existing companies.

Opening a corporate account

UAE banks open settlement accounts mainly for UAE companies. It can be either a local (mainland) company or a free-zone company. When choosing a free zone for registering a company, please note that they have different ratings for banks.

A mandatory requirement for most banks is the presence of a real office in the UAE, leased under an agreement registered with the Dubai Land Department. At the stage of consideration of the application, the bank will conduct a check by visiting your office to make sure that you are really conducting business.

Law&Trust International provides support at every stage of the remote account opening procedure in a foreign bank. Our qualified employees know the peculiarities of the legislation, help in the selection of jurisdiction, contribute to the rapid and honest collection and subsequent execution of documentation. We guarantee the confidentiality of our customers' data, technical support and reasonable cost of services.