- Opening a bank account in the United Arab Emirates
- Open an account in Cyprus
- Opening a bank account in Mauritius
- Opening a bank account in the British Virgin Islands
- Opening a bank account in Switzerland
- Opening a bank account in Singapore
- Opening a bank account in Puerto Rico
- Opening a bank account in Belize
- Opening a bank account in the United Kingdom
The United Arab Emirates is a flourishing financial center with a highly efficient and organized regulatory framework that offers unbeatable ‘all-inclusive’ corporate solutions for businesses of all sectors and sizes. Its banking sector is well-regarded and respected on a global level and stands out as highly stable and secure due to the guaranteed support of the local government. The local financial institutions also enact very strict confidentiality and customer data protection protocols and the UAE is currently one of the leading jurisdictions in implementing progressive cyber-risk management processes for their banking sector.
When it comes to innovation and service diversification, the UAE’s advancements are to be envied even by the largest and economically strongest countries the world. Its banking sector has made incredible expansions in the field of digital banking opportunities, blockchain integration and compliance through modernized artificial intelligence technology. In terms of services offered, the UAE banks offer a full spectrum of financial instruments and banking facilities, including commercial banking, private asset management, brokerage accounts, credit and investment instruments, as well as other non-financial services such as insurance. Just like any commercial organization, the UAE banks look at clients from a potential profit perspective and experience shows that customers wishing to engage additional services offered by the bank can significantly increase the chances for successful account opening. Furthermore, it is important to note that the local banks operate under Sharia Law, that in its nature does not allow for income from interest. However, in 2018 a New Banking Law was introduced that has provided provisions under which commercial institutions are now, under certain conditions, legally permitted to charge interest for loan facilities and repayment delays. Nonetheless, credit and investment services granted by the UAE banks have a slightly different structure from the traditional Western financial institutions. However, these are very well set up and simple to understand and our experienced banking team will carefully guide you through any particularities of the local mentality and cultural aspects.
When it comes to bank choice, the UAE has a very rich selection of over 50 local and foreign financial institutions catered to every type of client, turnover and banking objective. Currently the leading five and our personal top choice are: Emirates NBD, Abu Dhabi Islamic Bank, RAK Bank, Emirates Islamic bank and Mashreq Bank.
As licensed registered agents of RAKEZ and RAK ICC, our firm has extensive experience in working with the UAE corporate and banking sector and has built trustworthy and reliable relationships with bank executives and governmental authorities alike. We can offer invaluable insight and assistance for the facilitation of company set-up and the account opening process as well as document certification, which can save clients a lot of money in notary fees. It is worth noting however, that our firm takes its reputation very seriously and will only introduce clients upon full transparency of business and transaction activity. Furthermore, we would like to point out, that like most financial institutions today, the UAE banks mostly cater to locally based businesses and individuals, however due to the systematized and coherent regulatory framework in the UAE, our firm can help you set up a solid and substantial substance in the country at a very affordable rate.
Although a personal interview is required for bank account opening in any financial institution in the UAE, our firm can make all the necessary arrangements to make this visit as comfortable and seamless as possible. Our banking experts will conduct all the necessary communications with the bank prior to your visit, prepare all the required paperwork and present your business and compliance profile to the financial institution leaving your meeting to a mere formality. Moreover, we can arrange for a full serviced VIP concierge package which will include accommodation arrangements, airport pick-up, 24/7 local assistance and a resident representative that will guide you through all the necessary procedures and visits on your business trip including the bank visit, immigration offices, if a local residence permit is to be acquired, and a guided tour to your leased business premises. Moreover, our corporate department will be available to offer any assistance you may require throughout your entire visit.
At Arnos, we strongly believe that the UAE holds the key to the future of secure, efficient and successful business management and cannot wait to share its opportunities with our clients. Contact us today, for a more detailed consultation on what this powerful jurisdiction can offer for your business.
- 1 Choose your package
- 2Submit documents
- 3Get registration documents