As a destination of choice for businesses from across the world, the United Arab Emirates enjoys an enviable position in the region for attracting high amounts of investment. One of the reasons that the country enjoys this position is the tax-free regime it fosters.
Apart from the emirate-specific taxes, which are only applicable to oil companies and foreign banks, the country has no other taxes for individuals. Compared with most other countries, where the interest earned on the amount deposited in savings accounts is partially or fully taxable, there is no tax as such in deposits made in UAE.
It is in fact, possible for non-residents to do all their banking activities in the UAE, but the processes and structures differ from those that are applicable to UAE residents. There are more requirements from a compliance perspective, more documentation required, and the full set of services may not be available to non-residents.
Here are the documents that are required for opening a bank account in the UAE:
- Passport Copy
- Other relevant documentation
- Physical presence
If you are planning on opening an account for your business, then you would have to also provide a business license to the bank. The time it would take for the bank to open your account after validating your details varies from bank to bank, but in most cases, the process takes up to 15 days.
A very significant point for you to remember is the mandatory physical presence at the bank at the time of opening the account. If one is not present physically at the bank for opening the account, it is a violation of regulations and is very likely to lead to legal hassles.
In order to ensure that you have the right documentation at hand and are not slipping up on any legal formalities while opening your account, it’s best to engage the services of an experienced consultant to tick all the boxes and have a smooth seamless experience. Commitbiz has years of experience providing quality consulting services to businesses in the UAE on opening and operating bank accounts. Do contact us today for more details on our services.