Bank Account in Dubai
Our consultants collaborate with clients in opening a company Bank Account in Dubai. We ensure that our clients Bank Accounts are opened in well-established and proficient banks. There are numerous banks clients can choose to cooperate with within the UAE as well as abroad, each of which offer diverse features and carry different requirements. For instance, minimum balance offered varies from bank to bank and some require the personal presence of the client while others do not.
Oxford Consultants DMCC is pleased to announce that its bank account opening success rate is 98%.
Our consultants are credited introducers to the most reputable and recognized banks across the UAE as well as internationally. Thanks to our extensive experience, our consultants have become experts in regards to the requirements of each bank we cooperate with, therefore simplifying the entire procedure. Once our client’s Bank Account has been successfully opened, our firm sends the client all the details of the bank account as well as any additional information or electronic devices such as security tokens.
Individuals who are owners or partners of a UAE entity have the option of applying for both a Corporate and Personal Bank Account. All UAE banks provide clients with an array of banking services and facilities based on the type of company the clients own. For example, an owner or partner of a UAE entity may have a UAE Offshore Company or a UAE Onshore Company, each of which require different banking services. Therefore, UAE banks offer a variety of services depending on the client’s company. Furthermore, banks also provide diverse banking services and facilities according to the client’s visa. For example, banks offer other services to UAE residents and other services to non-UAE residents.
It is important to note that most of the UAE banks decline bank account applications submitted by bob-UAE corporations or companies. Non-UAE corporations and companies are granted a bank account only if they meet specific requirements and prerequisites. If a UAE bank approves the opening of a bank account of a non-UAE company, than the whole procedure requires more time, it is more expensive and the banks requirements are more extensive.
Dubai is home to a multiple domestic and foreign bank institutions that offer a wide range of banking services such as basic banking services to more advanced and particular services.
Open a Dubai Bank Account – How?
The most significant condition regarding opening a bank account in Dubai / UAE is that the client’s presence is compulsory since all documents related to opening a bank account must be signed in the presence of the banker. Exceptions are made to the aforementioned condition regarding private banking services where the minimum balance is set at more than 1 million EUR/USD/GBP and the banker is willing to travel and meet the client in his/her own country. Therefore, the banker may provide the compliance office of the bank in Dubai with proof of the client’s identity.
Cheque Requirements in Dubai
Most of the UAE banks offer UAE residents and/or UAE Onshore Companies chequebooks. Commonly, cheques are issued across the UAE when renting property for residency or offices. The reason behind this is that cheques usually settle rent payments on a yearly basis. Therefore, cheques can be issued with different dates. However, the UAE considers a bounced cheque as a criminal offense. Thus, chequebook holders must make certain their bank account can cover the amount issued on the cheque.
Credit Card Requirements in Dubai
Similar to chequebooks, credit cards are also widely used across the UAE and Dubai. However, UAE banks are strict regarding the issuance of credit cards, especially when the client has not been with the particular bank for more than six months. Prior to applying for a credit card, the majority of UAE banks oblige clients to make a security deposit, which is viewed as a guarantee that the credit card applicant has adequate funds to pay the credit card expenses. The security deposit banks ask for varies depending on the type of credit card and credit card limit.
Debit Card Requirements in Dubai
UAE banks offer UAE residents and UAE Onshore Companies with debit cards upon opening a bank account, which is linked to their account, therefore facilitating the client when making withdrawals or purchases across the UAE as well as anywhere else in the world. The holder of a debit card is responsible of setting his/her own purchase and withdrawal limit. It is important to note that most of UAE banks do not offer non-UAE residents and UAE Offshore Companies with debit cards.
Internet Banking Requirements in Dubai
Every UAE bank provides clients with internet-banking services irrespective of the client’s status. Therefore, regardless of whether the client is a UAE Offshore or UAE Onshore company or whether he/she is a UAE resident or non-UAE resident, UAE banks offer internet-banking services to everyone. This service allows clients to carryout online payments, transfers and check their bank balances from anywhere in the world. Furthermore, UAE banks provide UAE residents with additional services. For instance, UAE residents can settle utility bills by using online banking-services such as their internet, electricity or telephone bills.