Banking

Banking in Dubai and the UAE

Experiencing quality banking services in the cities of the UAE is not a challenge for many businessmen and foreign investors. The United Arab Emirates is a nation that was listed as the best destination for businesses around the globe. Given the reputation of the country and its seven Emirate cities, the Central Bank of UAE and other banking and financing companies in the cities have maintained high standards for providing services for locals and international investors.

Banking in Dubai and the UAE is the safest compared to other countries. When an investor decides to set up a business in the city of Dubai, they will be able to open an account and access to many banking facilities in the city without facing many challenges. The country ensures to provide not only a safe banking experience but also a profitable investment. In return for providing such services, the country attracts more investors to enter the economy of the UAE.

How to open a bank account in Dubai?

Whether you are an expat migrating to Dubai or an investor, you will need a bank account to handle your finances while residing in the country. There are four types of bank accounts available in the UAE:

• Commercial
• Industrial
• Merchants
• And Islamic

Depending on your need for banking services, you can choose to open an account. Opening a bank account in Dubai can be done with a simple procedure.

Requirements to open a bank account as a non- UAE

The general requirements you need to provide are your passport with the UAE entry stamp, passport photo, an application form, proof that your residency visa or ID is being processed, Documents stating your employer’s name and details. Letter of recommendation from the workplace, letter of no objection from your employer.

Requirements for a corporate entity to open an account

The Dubai economy is growing with a strong financing industry in the city. The UAE law presented by the CCL for foreign investors to open accounts in Dubai and other city banks are categorized in five pathways:

• Investors must create a permanent establishment in the country
• Investors investing in business sectors such as retail, tourism, real estate, marketing, and others should establish a branch office in the city of Dubai or other Emirate cities.
• Creating an entity in the UAE Free zone trading areas
• Creating a civil company
• Entering a commercial agency agreement

Once the investor possesses the requirement to approach a bank, they can go ahead and create an account. There are many Dubai based banks and other international banking services available for investors to establish their account.

Banking fees

When opening an account in Dubai or any other city in the UAE, it is important to ensure the banking fees that will cost you to obtain the services.

Banking Hours

The banks in Dubai and UAE continue to function on a daily basis, on weekends, and weekdays. However, public holidays may affect banking hours in the country.

Investment Banking in Dubai

The emerging city of Dubai is a good place to start investment banking. The city provides many investment banking opportunities and services that will help investors to benefit. Investing bankers working in the country work for the MENA region (The Middle East and North Africa). Dubai is a great place to make money while investing.

 Tax Rates in the UAE

Tax rates in the UAE differ from city to city. Each Emirate will possess a tax rate for investors, expats, and the locals in the country. UAE has four types of tax rates in the country:

• Rental Tax
• Corporate Tax
• VAT (Value Added Tax)
• Excise Tax

Since there is no income tax in the country, there is no self-employment tax.