You’ll discover a broad banking industry in the United Arab Emirates, a thriving center of business, commerce, and finance, ready to service both expatriate residents and local and foreign investors.
The Central Bank closely monitors all banks operating in the United Arab Emirates, guaranteeing that all commercial, investment, and Islamic banks, as well as money exchange businesses, financial intermediaries, and investment organizations, operate without incident. Banks from home and abroad might be found in this bustling market. There will be 28 international banks and 23 domestic banks functioning in 2023.
In the UAE, Retail Banking
You’ll be relieved to learn that opening a bank account in the UAE is a fairly straightforward process if you’re an expat. You will have to present a number of documents, including:
- Your ID card
- A proof of your visa for employment or residency
- Your Emirates ID card, copied
- A letter from your employer or sponsor confirming your pay or stating that you have no objections.
A variety of banking services, including cash and debit cards, direct debits, standing orders, transfers, and sophisticated internet banking services, are available to you once you’ve opened an account. Additionally, Islamic finance services can be offered by banks alongside conventional ones under UAE law.
Although particular days and times may vary based on the bank and branch location, UAE banks typically operate throughout regular business hours. Language won’t be a problem because most bank employees speak English due to the significant expatriate population. Although there are many various services offered in the UAE and interest rates are modest, it is still a good idea to look into your possibilities even though you won’t make much from deposits.
Banking for businesses in the UAE
There are numerous benefits for investors who are eager to register a corporate account in the UAE. As an illustration, consider how banks in the UAE are more pro-active when lending to private businesses and provide a wide range of goods and services. Additionally, the country’s low interest rate environment results in comparatively inexpensive borrowing costs. However, as each bank could have its own distinct protocols for corporate banking, be ready for a more involved application process for business accounts.
You will often need to verify the signatories’ identities, provide a detailed structural analysis of the business, and produce documents of incorporation and trade licenses when submitting an application to register a business account in the UAE. In-depth information on the company’s directors and financial matters, such as the nature of the firm and financial projections, may also be requested by banks. Documents for verification must be signed in front of a banking officer, and for non-resident accounts, certification from the Ministry of Foreign Affairs is required.