Opening bank accounts in the UAE

Bank account in the UAE provides concealment of information about the owners, absence of currency control, individual conditions and convenient management from any location in the world.

Reliable banking system, stable currency and presence of respectable banking institutions make the UAE one of the most attractive countries for banking services. You can contact our company to open a bank account in the UAE quickly and protect your personal information from the exchange of tax information.

A bank account in the UAE provide you following opportunities:	Features of the banking system in the UAE
Agency and loan payments are possible Convenient online banking No bank charges Profitable investment products and loan interest Transactions in any currency Simplified system for transactions in national currency	International integration: local banks have a wide presence in the world The national currency is not subject to inflation, the rate has not changed for more than 15 years Free import and export of capital No currency controls Presence of world famous banks in the country

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SORP services for opening bank accounts	Advantages of SORP
Opening personal and corporate bank accounts Tax residence in the UAE Confirmation of the center of vital interests Confirmation of the business command and control center Preparing the correct business profile for the bank Assistance with compliance procedures.	We have partnership with leading UAE banks We have a staff of experts in local and international finances, tax legislation and business practices. We have 5000 sq.m of office space equipped for work We have trained technical staff with specialized management education We have state license for tax and accounting services

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Banking options in the UAE

Two levels of banking services are available to companies and individuals in the UAE. These levels differ significantly in reliability, conditions for opening account and using services:

Account of nonresident

Account of resident

Limited list of services, just an e-wallet
Large entrance threshold. A deposit or confirmation of a large turnover is required to open an account. These amounts start from $1 million and more.
Justification for opening account in the UAE. Real estate/counterparties in the UAE with preliminary agreements are required.
Additional conditions: insurance or investment plan
Increased attention to the signatory's figure: checking for a similar business abroad, careful verification for the source of funds
International exchange of tax information for non-resident accounts
Long process to open account due to numerous checks
This option is used as a temporary measure to contribute share capital

Full range of banking services is available, including lending
Simple system of banking services. Low entry threshold is affordable for any business.
Intention to work with partners from the UAE and the presence of a residence visa for a signatory are sufficient justification for opening a bank account
No additional conditions
Simplified verification procedures, because preliminary verification of investor has been implemented by the Immigration Service
The information about resident signatory remains in the country
Fast procedure

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Choosing bank service

World trends in banking

The company has a real office space

PRESENCE OF COMMAND AND CONTROL CENTER

Confirmation of tax status for a signatory

AUTOMATIC EXCHANGE OF TAX INFORMATION

Confirmation of the source of funds, providing a summary of the signatory and business profile of the company.

PASSING THE KYC PROCEDURE

When you are choosing a banking service, you should pay attention to the following points

Planned turnovers. Account balances affect bank rates.

What banking products you are planning to use

What currency you are planning to use

What countries you are planning to work with

Place of company registration

Residence and country of origin of the signatory

What documents are required to open an account?

For individuals

For legal entities

Original passport
Resident Visa
ID Card
Extract from personal bank account for the last 6 months
Proof of residential address (for example, utility bill)
Resume, salary certificate or business ownership documents

Original passport of account holder
Resident Visa of Manager
UAE identification card of account holder
Original company statutes and stamp
Extract of the manager personal bank account for the last 6 months
Confirmation of company actual address, e.g. a lease agreement
Company summary: detailed information about company and its activities. Detailed information about three counterparties, including the country of establishment, country of activity and website
For companies older than six months - several contracts and invoices

Banks in the UAE request following documents during the service

Updates of company documents, including new license, information about new director, etc.

Contracts with counterparties

Confirmation of office space

Information about tax residence of Signatory

Application for opening a bank account in the UAE

Upon submission of your application to the SORP Group, you will receive a free expert consultation within 20 minutes. Our team of experts will help you evaluate your needs to optimize solutions for launching your project in the UAE. We provide comprehensive support through every step of the process of operating a business in the UAE. The first step to creating a successful business begins with your call or email today!

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