The United Arab Emirates is considered the most highly developed and economically stable jurisdictions. The following advantages create the most attractive business environment - flexible taxation system, more than 30 free economic zones, about 20 of which are located in the largest city of the UAE (Dubai) and other undeniable advantages.
Alongside with a company formation lots of entrepreneurs and investors choose the United Arab Emirates as one of the most attractive environment for account opening.
In our article we focus on such issues as the account opening in the United Arab Emirates and different options for registering a business in this jurisdiction.
UAE BUSINESS ENVIRONMENT
The Arab Emirates is among TOP-15 countries in terms of ease of doing business (11th place), and is also one of the richest countries in the world.
Below you can find main business advantages of this country:
- Excellent business environment and modern infrastructure among the Arab countries;
- One of the most highly developed economies (2nd place in the Arab world);
- The country isn’t mentioned in any of the EU and OECD blacklists;
- Free Economic Zones (more than 30);
- Highly qualified specialists;
- Financial centers in Dubai and Abu Dhabi (highly developed banking sector);
- No currency control;
- Practically complete exemption from income tax, as well as no restrictions on the repatriation of income;
- Double taxation treaties (about 65 countries);
- A quick process of registering a company in UAE.
Also, the most promising business areas for those who want to establish a company in the United Arab Emirates are the following: extraction of natural resources (gas, oil, metals), chemical industry, construction, pharmaceuticals, services, IT-technology.
BANK ACCOUNT TYPES IN THE UAE
As mentioned, to register a company in the UAE you should open an account with one of the UAE banks.
In this jurisdiction, in addition to opening personal accounts for residents and non-residents, you will have access to the following types of business bank accounts for:
- Free Zone LLC;
- Trading LLC/Professional services LLC/LLP;
- Offshore company;
- Onshore/Mainland company.
The most beneficial option to open a bank account is to set up a company in Free Economic Zones – for example, Umm Al Quwain Free Zone, Jebel Ali Free Zone (JAFZA), Sharjah Airport Free Zone (SAIF) and others.
BENEFITS OF OPENING A BANK ACCOUNT IN THE UAE
If you intend to open your own business in the UAE, we would like to draw your attention the key features of a bank account opening in the UAE:
- Reliable asset protection and high level of data confidentiality;
- A stable banking and financial system;
- Flexible tariffs for transactions;
- A stable fully convertible currency (AED);
- A wide choice of UAE financial institutions.
If you want to open a corporate bank account in the UAE, we recommend you paying attention to the following advantages and peculiarities:
- The ability to open current accounts for individuals or legal entities;
- Mobile and Internet banking, providing 24/7 access to customer accounts;
- No restrictions on the number of transactions;
- A professional technical support from the bank;
- A personal manager for VIP-clients;
- A mandatory minimum account balance.
A PROCESS OF OPENING A BANK ACCOUNT
Those who are interested in bank account opening should prepare and submit the following documents to us:
- A detailed description of your business experience and skills;
- A set of company documents, bank statements on shareholders, a business plan, data on partners, directors, customers, etc. (if any).
- A Certificate of Incumbency;
- The utility bill.
Please note, that opening a bank account in the UAE is possible only with a personal visit by the client to the bank.
If you want to open a bank account in the UAE, please note that most financial institutions have English-speaking staff.
In addition, most UAE banks do not provide their services to US customers, EU-authorized jurisdictions, and high-risk countries, such as Iran, Russia, Nigeria, and North Korea. Sometimes Ukraine is included.
THE BEST BANKS IN THE UAE
If you want to open a corporate bank account in the United Arab Emirates, we offer you this list of the most prestigious and reliable banking institutions:
- Abu Dhabi Islamic Bank;
- Emirates NBD;
- Mashreq Bank;
- Noor Bank.
HOW TO OPEN A BUSINESS ACCOUNT IN THE UAE
If you are interested in opening an account with UAE banks, YB Case will offer you the following services: qualified assistance in registering a business in the United Arab Emirates, professional advice on a bank account opening for free economic zone companies in the UAE, assistance in the preparation of all necessary documents.
Terms for opening a bank account are from 3 weeks.