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11.12.2019

Opening a bank account in the UAE, is it complicated?

 

As known, the trickiest and controversial part during setting up a business at the prosperous foreign jurisdiction is establishing a proper bank account.

The 'proper' means an account that would be an all-green status for other well-doing jurisdictions, where your payments and money transfers are never getting denied. 

Many have already faced this issue. This was resulted due to the introduction of the Standard for Automatic Exchange of Financial Account Information in Tax Matters, or shortly CRS (The Common Reporting Standard), developed by OECD.

The problem for the applicant trying to establish a bank account in the country with integrated CRS is the necessity to provide many documents under Standard requirements.

Our experience with the UAE banks lets us affirm you can apply again and again to the same bank but you would never succeed after you were denied once.

Besides the risk of getting a denial, the inconvenience may lay in the time spent during applying for opening such an account. Thereafter, several expenses on numerous visits and long-term stay in a foreign country will take place.

For instance, according to the most conservative estimates, every single day of stay in the UAE will cost from $200 per person.

To avoid the risk of denial, save the money and time, the entrepreneurs would refer to us, the AC Business Experts DMCC, as usual practice.

Having it done the only thing needed is to visit the UAE just once, spending here a single day. We consult, providing with all the necessary instructions, analyzing the collected documents to meet all the requirements and standards given by banks of the UAE, which benefits avoiding the denial as well as getting an account at the desired bank established eventually.

More information about this and other services you may find here.

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