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For many, living in the UAE is a dream, with its luxurious lifestyle, exciting business opportunities,
and growing freelance market, yet some may not want to leave the comfort of their beloved home
country. The thought of having a business or investing in the UAE, while still enjoying life back home,
is undeniably thrilling.
Your dream of staying in your home country as well as being a shining star on the UAE’s business
scene is absolutely possible. By opening a non-resident bank account in the UAE, you gain the
freedom to manage your finances and stay connected to the vibrant UAE economy. You don’t have
to relocate!
Let’s explore the different types of non-resident bank accounts in the UAE and steps to open an
account.
Key Takeaways
- It takes 1 or 2 days to open a Non-Resident Bank Account on successful submission of all documents.
- A minimum balance of AED 3000 is required to open a non-resident savings account.
Understanding Non-Resident Bank Accounts in the UAE
A non-resident bank account is designed for someone who is officially not a resident of the UAE but
a frequent visitor who wishes to hold a bank account to manage investments and financial
transactions.
Types of Non-Resident Bank Account
As a non-resident, you can choose from a variety of bank accounts. Each has its own advantages.
Some of the account types include:
- Saving Account: Upon deposits, you can earn competitive interests in this type of account and they are easy to access.
- Current Account: This account is mostly for business purposes and everyday transactions. They provide cheque books, debit cards, and in some cases credit cards.
- Fixed Deposit Account: If you wish to invest funds for a specific period of time then this account gives a better return than a savings account.
- NRE Savings Account: This account is special for GCC or Indian nationals.
- Foreign Currency Account: To hold funds in foreign currency then this account type is best option.
Who Would Require a Non-Resident Bank Account in the
UAE?
The non-resident bank account is a valuable financial tool for individuals and businesses that wish to
manage their financial transactions without living in the city. Let us see who would benefit from this
bank account:
- International Investors: If you are an individual willing to invest in real estate, stock
exchange, or any other financial sector then you must open a non-resident bank account.
- Business Owners with Global Presence: If you are an entrepreneur who is already
established globally and wishes to set your foot in the UAE market then you will benefit from
this account.
- Expatriates Who Have Left UAE: Expats who have lived, worked, and invested in UAE but
have left UAE to live in their home countries may require an account. This allows them to
manage their transactions, collect rent, and maintain financial ties without having frequent
visits.
4.High Net-Worth Individuals: High net-worth individuals often choose UAE to manage their
wealth and enjoy tax benefits. Having a non-resident account gives them easy access to
global investment opportunities and expand their business.
- Digital Nomads: UAE is an attractive hub for digital nomads. They work remotely and often
travel across borders. With this account, they can enjoy the UAE’s tax-efficient banking
system and the best currency exchange rate for their transaction.
Documents Required for Smooth Banking Process
The list of documents required to open a bank account in UAE varies on which type of account you
choose. Are you planning to open a personal account or a corporate bank account? Below is the list
of documents needed:
List of documents required to open a personal bank account
- Passport copy that has the stamp of your entry inside the UAE
- Provide proof of address by providing the latest utility bills.
- Professional details and proofs.
- Bank reference letter from the bank from the country of your origin.
- Last six-month bank statement, tax returns or salary slip for proof of funds
- Passport size photo
- Application form filled out in person
List of documents required to open a corporate bank account
- Provide the company’s “Trade License”.
- Business structure of the company.
- Memorandum and Articles of Association (MOA/AOA)documents.
- Proof and information of all the shareholders of the company
- Proof of business ownership and operations.
- Visa details
- Proof of source of funds
- Reference letter from company’s home bank.
Most of the documents needed to be attested by the UAE consulate and the home country’s
authorities. If the documents are not in English or Arabic then they must be translated and then
attested.
Mandatory Steps to Open a Non-Resident Account
The step-by-step answers to your question “How to open a bank account in UAE for non-
residents?” are below
Step 1: The first and most crucial step before opening an account is to conduct thorough research on
banks and their services. Once you’ve gathered the necessary information, select the bank that best
meets your needs and offers superior customer service.
Step 2: As a non-resident, you will have to be in person at the bank to open an account. Recently
few banks allow online account opening services, so it is advisable to visit the bank for initial
processes.
Step 3: Provide all the required documents specified by the bank. Complete the application form and
ensure it is signed.
Step 4: The bank sends an official email with your banking details like account number and online
banking details. It takes just 1 or 2 days to open a bank account if all the documents submitted are
clear.
Step 5: Once your account is activated, start enjoying the banking facilities. All the other cards like
debit and credit cards will be delivered within 7 working days.
Banking Services Available for Non-Residents
- Digital banking
- Security measures with two-factor authentication.
- 24/7 Customer support
- Debit cards
- Credit cards
- Integration with personal finance tools
- Dedicated relationship managers
- Home equity programs
Limitations of non-resident bank account
- Some banks do not issue cheque books and credit cards to non-residents.
- There may be limitations in the number of withdrawals and transactions.
- Non-residents have to maintain a high minimum balance when compared to locals. This depends on the bank that you choose.
- The currency exchange rates may affect the cost of transactions.
UAE is known for its luxury, dynamic economy, simplicity of financial management, and tax benefits.
Opening a non-resident bank account is the best strategic move for individuals and businesses.
If you are still wondering can a non-resident open a bank account in UAE without facing rejection,
then contact Emifast. We provide personalized solutions that meet the unique needs of
entrepreneurs. We ensure to simplify your banking needs.