Banking Service
Overview
BANKING SERVICES IN DUBAI - UAE
Beijing Green Corporate Services has tie up with many banks over UAE, thereby delivering quality bank account opening services to our customers with all the procedures and documentation required.
We help businesses avoid any and all minor inconveniences usually associated with the bank account opening process in Dubai. This makes company formation in UAE a hassle-free process.
OUR BANK ACCOUNT OPENING
TYPE OF BANK ACCOUNTS IN DUBAI - UAE
The next thing to know about before looking into bank account opening in the UAE is what types of bank accounts you can open. There are several different types of bank accounts, which cater to both non-residents and residents of the UAE.
01.Current Accounts
Current accounts are ideal for transfers and transactions made on a daily basis. They come with checkbooks, which are great for issuing rent checks to your landlord. Banks in the United Arab Emirates usually allow you to open two types of current accounts. One type comes with salary transfers while the other does not. If you have a job in the UAE, you can open an account at your employer’s bank to get your salary faster. If you use a different bank from your employer, it could take up to a few days for your salary to arrive.
02. Savings Accounts
Many people in the UAE open savings accounts so that they can get the most out of their money. Savings accounts offer higher interest rates than checking accounts do, but provide limited access to funds. They also can cause penalties for withdrawals. Savings accounts usually operate on either a variable or fixed interest rate. You can choose which currency you’d like to denominate your funds in. Savings accounts can also be used as salary accounts. However, savings accounts do not usually come with a checkbook, which can make them a little inconvenient for this type of use.
03. Investment Accounts
Another type of service you can take advantage of when opening a bank account in the UAE is an investment account. In the UAE, you can sign an investment agreement with any bank, which allows you to open an investment account. The investment period for these usually ranges from 12 months to 10 years, but they can be longer, too. The investment agreement gives you a minimum assured ROI of 3-7% annually.
Just note that investment accounts come with minimum balances. The minimum required balance will vary depending on which bank you choose to partner with.
HOW TO OPEN BANK ACCOUNT IN DUBAI - UAE
Personal Accounts
To open either a current account or a savings account, UAE residents will need to provide the following documentation:
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Your original passport as well as a copy
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A copy of your UAE resident visa
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A salary certificate
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Your Emirates ID card or a copy of your registration form if you haven’t yet received it
If you’re a non-resident, you’ll only be able to open a savings account. Even though you won’t get a checkbook, you’ll still receive a debit card that you can use to withdraw money. To open a savings account as a non-resident, many banks run background checks. Then, they request the following documents:
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A recent utility bill
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A reference letter from your home bank
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The six most recent monthly bank statements from your home bank
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Information proving consistent funding sources
These documents are needed to make sure that you really do have the means to maintain a bank account in the UAE. Non-resident bank accounts can take a little longer to open thanks to the extra documentation.
Corporate Accounts
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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 speaking, corporate accounts should be current accounts. The reason for this is so that they can process a large volume of transactions. Opening a current corporate account in the UAE usually takes between two and four weeks. When you go 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:
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Your company trade license
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A certificate of your company’s registration
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Share certificates
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The company’s articles of association and memorandum
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Visas and passports from all shareholders
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Proof of income/proof of wealth/ bank statement
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CV of the shareholders
WE WORK CLOSELY WITH REPUTED BANKS
WE WORK CLOSELY WITH REPUTED BANKS
DIB BANK
DIB BANK
The Dubai Islamic Bank is an Islamic bank in Dubai, established in 1975 by Haj Saeed Bin Ahmed Al Lootah. It is the first Islamic bank in the world to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE.
ADCB BANK
ADCB BANK
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Abu Dhabi Commercial Bank PJSC, commonly called ADCB, is a bank in the United Arab Emirates. Abu Dhabi Commercial Bank was formed in 1985 as a public shareholding company with limited liability
RAK BANK
RAK BANK
RAKBANK is the trading name of the National Bank of Ras Al-Khaimah PJSC, a public joint-stock company headquartered in the Emirate of Ras Al Khaimah, in the United Arab Emirates. It is listed on the Abu Dhabi Securities Exchange.
CITI BANK
CITI BANK
Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York.
ENBD BANK
ENBD BANK
Emirates NBD Bank PJSC is Dubai's government-owned bank and is one of the largest banking groups in the Middle East in terms of assets.
MASHREQ BANK
MASHREQ BANK
Mashreqbank PSC is the oldest privately owned bank in the United Arab Emirates. It was founded as the Bank of Oman in 1967.
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