Offshore Bank Account Formation – UAE
Banking System in UAE
The United Arab Emirates has a robust banking sector. This baking sector is regulated onshore by Central Bank of UAE. This Central Bank of UAE was established in the year 1980.
This Central bank directs all monetary, credit and banking policy in UAE banking sector and supervises the implantation of the policies. These banking policies are implemented in accordance to the state’s general policies. These policies are made to support the national economy and its stability with stability of UAE currency.
The Central Bank with its banking policies of UAE helps in maintaining the gold reserves and reserves of foreign exchange in UAE. It also acts as a bank for all the banks, which are operating in UAE. The Central Bank also serves as the state’s financial agent at International financial institutions.
Banks in UAE can be categorised in four major groups. These are commercial banks, merchant or investment banks, Industrial banks and Islamic Banks. The onshore banking is quite overcrowded in UAE, considering the size of the population of UAE. This segment is dominated by most of the state owned local banks. 85% of the total gross assets of this sector and 90% of network of branches is owned by these 23 licensed local banks in UAE.
The Banks in UAE has adopted the International Accounting Standards, since the year 1999. Islamic Banks have expanded here very considerably since recent years. There are seven dedicated Islamic Banks in UAE. This particular banking has become a very important element in the banking industry of UAE.
The banks in UAE is giving bank loans to trade and building sectors in the emirates. Any public-sector transaction in the emirates requires the guarantee of the federal government. The international fluctuation in oil prices have resulted in some slow down in the economy and banking in UAE.
UAE is one of the richest regions in the world. All the seven emirates provide great infrastructure for businesses. After Switzerland, UAE has become the most sought after place to have a bank account. The rate of interest is higher as compared to any other region. Both banks – NABD and Dubai Bank provide world class amenities to its customers.
Banks Available at UAE
National Bank of Abu Dhabi is one of the largest bank in UAE. They have a wide international presence and are present in all the emirate states. The services they provide are – private banking for individual customers, elite gold banking and Islamic banking. The amenities include online banking, special privilege credit and debit cards, wealth management, insurance and loans (car loan, home loan). Recently it has merged with First Gulf Bank making it one of the largest bank. The minimum balance required to sustain an account varies, however, it generally around USD 30,000. The bank charges maintenance fee which is around USD 50 but also offers higher interest rates of around 1.5% annually.
A person need not visit the bank in order to open an account. The bank follows strong confidentiality clause and ensures the privacy of the account owner is maintained. The bank operates in multicurrency (EUR, USD, GBP and more) and also provides multilingual service. The account owner can also apply for VISA Credit or Debit card (a minimal fee is deducted). The bank provides strong online accounting and is available to the customers 24x7. The bank account is formed within a week after all the necessary documents have been submitted.
Documents Required For Opening Bank Account
Banking Benefits in UAE
- Best infrastructure for businesses
- Low labour cost
- Major business hub for all Fortune 500 brands
- Least tax
- 24x7 banking facility
- Economically stable country
- High confidentiality and privacy
Why form an offshore bank account with DNS?
We have been helping individuals and companies to open up their bank account in various offshore locations. We have a cumulative experience of over 25 years in forming bank account for our customers. The process is hassle free and you just need to share some basic documents with us after which our account manager will handle all the necessary paperwork.