The UAE is a place that attracts thousands of entrepreneurs, freelancers, and investors. In this regard, once you do your business setup in Dubai, you must be able to manage your business’ money. Thus, you must consider opening an account in any of the international banks in Dubai. Although you may consider opening your account in a UAE bank, you have to consider offshore banks since they offer more benefits.
In this article, you are going to learn more about international banks in Dubai. Similarly, you will gain valuable insight into how to choose the best bank Dubai. Let us observe:
- Do you know where to find international banks in Dubai?
- Get top benefits with international banks in Dubai
- Understanding the services you can get with international banks in UAE
- See how to look for the best bank in Dubai
- How you can open a UAE offshore bank account in simple steps
- Here we have the best banks in Dubai
1. Do you know where to find international banks in Dubai?
Whether you want to set up a foreign legal entity in Dubai or any other type of company, one of the requirements is opening an account in any of the Dubai Banks.
This is because to register your business formally in the UAE you must have a bank account where you deposit the required capital if needed. However, in some types of legal entities, you will not need to have a minimum capital, but you still need to have an account in the best Dubai bank to manage the money of your company.
As you can see, it is crucial to have a bank account. Moreover, by having an account in any of the international banks in Dubai you can get additional benefits that help you boost your company.
1.1 Dubai International Financial Centre as the heart of the financial system
As you may know, Dubai is the main destination for investors and business owners. You can set up your company on the Mainland, or in any of Dubai’s Free Zones, such as the Dubai Airport Free Zone or the Dubai World Central.
Regardless of the jurisdiction where you establish your company, you can open your bank account in the Dubai International Financial Centre.
This is because many of the largest international banks in Dubai are located in this place. Thus, you can enjoy many benefits since they are privy to a 50-year tax-free environment.
As the region’s main financial centre, you can consider the several banks of Dubai to determine which one can better suits your requirements.
1.2 Is it mandatory to have a bank account for your visa?
If you are considering the UAE as a destination for your investment or residency, you have to apply for a Residence Visa in UAE.
In this regard, you may wonder if you need to open a bank account for your application. The answer to this matter varies depending on the type of visa you want to get.
In some cases, it may be necessary, while in others not. For example, you do not need a bank account for applying for a Dubai Transit Visa. However, with your UAE employment visa, you do need a bank account because you will receive your wages in said account.
Similarly, if you are applying for a business visa, you need to have an offshore bank account UAE to manage your company’s finances.
2. Get top benefits with international banks in Dubai
There are many banks in Dubai you can consider to open your account. However, you should know that you do not need to open your account in a UAE bank mandatorily. You are free to open a bank account in any bank you want, as long as you comply with the requirements established by the financial institution of your choice.
2.1 Different regulations
International banks in Dubai are not subject to the same regulations as traditional banks. Therefore, as an account holder, you can enjoy greater flexibility regarding the management of your finances.
Likewise, as a multinational business managing an international payroll, it is easier for you to make payments and enjoy the flexibility of banks with a presence in many countries.
2.2 Access to more investment opportunities
With your international bank account, you can get benefits such as investing in foreign currencies and others assets. This way you can protect against risk because you are diversifying your portfolio.
2.3 Have better management of your company’s payroll
With your bank account in any offshore bank, you can effectively process your company’s payroll.
In fact, if your workers have an account in any of the offshore it may be easier for you to pay international employees. This is because you can get more benefits when it comes to making payments.
2.4 More privacy and security
Lastly, international banks in Dubai provide their customers with greater security and privacy. This is because the bank will not disclose any information about the account holder to third parties unless he or she authorizes it.
3. Understanding the services you can get with international banks in UAE
International banks in Dubai provide outstanding benefits and you can get access to a myriad of services.
Some of the main services you can get with these banks are the following:
- Business loans.
- Investment banking.
- Trade finance.
- Account management.
- Foreign exchange services.
Also, some banks have a network of branches and ATMs and this can be very helpful for you to manage your finances.
4. See how to look for the best bank in Dubai
Opening a bank account in any of the UAE banks is part of the basic steps to expand internationally. If you choose correctly, you can enjoy several services provided by the bank of your choice.
However, deciding on the best bank to manage your income, for paying your remote employees, or for any other tasks, can be overwhelming.
Therefore, you have to consider the following aspects when it comes to selecting the best bank for your business:
- Look for a bank that can help you grow your business.
- It is best to opt for a bank that provides access to new markets so you can expand internationally.
- Find a bank that has experience dealing with businesses in your industry. This way you can get a tailored solution and they can understand your unique needs.
- It is recommended to select a bank that has a strong reputation in the offshore financial centre market.
- Compare exchange rates and associated fees related to international money transfers to select the one that suits your requirements.
As a bonus, you can look for a bank that offers extra services. Some of them can be mobile banking, asset management, or trade finance. By considering all of these aspects you can make a wise decision.
5. How you can open a UAE offshore bank account in simple steps
Opening a bank account in the UAE is a simple process. However, you must know that most banks require the individual to be present to open a bank account. Therefore, you have to apply for an entry permit and travel to the UAE to initiate the process.
Once you are in the UAE, you have to open a bank account by following the next steps:
- Set up an appointment with the bank
- Gather all the required documentation
- The bank will verify your identity and run a credit check
- After the approval, you can open the account and start using it
As you can see, it is a straightforward process and it is very similar to the process of opening a bank account in any other place in the world. You can set up your bank account in no time, you just need a little bit of planning.
6. Here we have the best banks in Dubai
If you are considering opening an account in an international bank, you have to look for the Dubai bank list that includes top financial institutions. This way you can select the one that can provide an outstanding solution for you as an account holder.
Here we have the bank in Dubai list so you can choose according to your needs:
1. Emirates National Bank of Dubai (ENBD)
Also known as Emirates NBD, this financial institution is one of the largest banks in the UAE. With a robust international presence and a leading bank in the regional sector, it is a great option for investors, entrepreneurs, and individuals.
It offers a wide range of products, and it has several ATMs across the country, so even if you travel to the outskirts of any city, you can find one nearby.
The best feature about this bank is that it is not only catered to individuals but also to businesses. Thus, you can open your account at ENBD and use it as part of your procedure for the payroll process in UAE.
2. Royal Bank of Canada
The Royal Bank of Canada is part of the Canadian banks in UAE. It has a great reputation and counts with several branches in some of the major cities in the world. As one of the leading international banks in the UAE, businesses and individuals can enjoy a myriad of banking services such as wealth management and more.
One of the best advantages of this bank is that it has more than 50,000 ATMs in more than 30 countries, so you can get your money easily wherever you are. In addition, it has a strong online presence that allows customers to carry out transactions easily from their homes.
By opening an account in this bank, you can start understanding payroll accounting and thus use it as your tool.
3. Abu Dhabi Commercial Bank (ADCB)
The Abu Dhabi Commercial Bank is very popular in the UAE since it has contributed to its development. Customers can access Islamic, commercial, and retail banking, as well as investment management solutions.
It is known for its exceptional customer service since you can have a customer representative available to you always.
Whether you are on the Mainland or in a Free Zone like KIZAD Abu Dhabi, you can open your account in the Abu Dhabi Commercial Bank, also known as ADCB.
When it comes to banking in Dubai, Citibank is a highly renowned option, and it is also worldwide known. This bank operates in more than 100 countries, so it is a great option for multinationals.
Account holders can access a full suite of banking services, both businesses and individuals. Also, it offers Islamic banking products, which makes it perfect for Muslim individuals. You can get excellent customer service and access to competitive fees and rates.
Thus, if you are looking for an offshore bank, Citibank is your go-to option.
5. Dubai Islamic Bank
Known for its offering of Islamic finance options, the Dubai Islamic banks is one of the most robust banks at Dubai. It is a leading Shariah-compliant bank, being a benchmark for other similar financial institutions.
6. Abu Dhabi Islamic Bank (ADIB)
It has more than 70 branches across the UAE, as well as 460 ATMs in the territory. It is a trusted bank since combines Shariah compliancy with contemporary banking solutions.
Thus, if you are planning to do temporary staffing in Abu Dhabi, you can consider this bank as an option to get more flexibility with your earning.
7. Mashreq Neo
It is considered one of the best banks Dubai because it is completely paperless and branchless. This is because it is the first digital bank in the UAE. Thus, customers can access a full-fledged bank in an App using their smartphones.
This helps them save time and effort while carrying out their transactions.
If you are interested in more information on how to achieve your strategic goals, you have to visit our blog. We have valuable guides on several essential aspects of living in the UAE such as how to check your visa status using ICA Smart Services or how to apply for a freelance visa in Dubai.