System
Banking system in the UAE
The central bank of the UAE or CBUAE is the banking institution that is responsible for managing currency, monetary policy, and banking and insurance regulations of the country. It regulates the banking system of the country.
There are four types of banks in UAE
Commercial Banks
Investment Banks
Industrial Banks
Islamic Banks
Apart from this, there are some special organizations for financial assistance.
The UAE has offered extensive banking facilities for foreign investors, which include corporate bank accounts, online banking services, multi-currency transactions and more. Other than the local banks, several international banks are also operating in the country. In recent years, there has been a revolutionary increase in foreign direct investment in the UAE, according to the World Investment Report.
Bank accounts
Different Types of Bank Accounts in UAE?
Before stepping into the bank account opening process, we need to understand the different types of Bank accounts available in the country. The basic account types are
Standard Savings / Standard Savings Account
This account type is designed to grow the savings of individuals by reserving funds from their earnings, which generates a certain percentage of interest.
Current Account
This account type is primarily designed for businessmen dealing with day-to-day financial transactions.
Investment Account
This account type mainly focuses on individuals & corporations who are interested in investing their funds in various financial instruments and making profit out of that.
Business Account
This account type is ideal for businesses to manage specific financial transactions.
Offshore Account
This account is opened in a foreign offshore bank outside the country by nonresidents or foreign investors.
How to open a bank account in UAE?
Opening a bank account in UAE involves various steps, starting from finding the right bank for your business transaction to managing your funds and all other transactions professionally. Our experts at Smart Business Solutions assist you through all the steps of successfully opening a bank account.
The Steps involves:
Choosing the perfect bank
Preparing documents
Determining the account type
Filling in the Application & Submitting
Opening the Bank account
F.A.Q
Solution for Your Business Formation Needs
Find answers to frequently asked questions about Corporate or Business bank accout.
There isn’t a fixed timeframe for this process, as each bank follows its own internal procedures. On average, it usually takes around 2 to 4 weeks to open an account.
Under UAE law, companies are required to have a business bank account in order to carry out financial transactions legally and stay compliant.
There are some digital banks which offers a zero-balance business account in UAE, allowing businesses to open and operate an account without the need to maintain a minimum balance.