Bank Account Opening in the UAE
Most banks in the UAE are funded by deposits. Their strong capital levels provide a large buffer that absorbs any losses. We will provide you with all the banking assistance you need while starting your company in the UAE. From the bank account opening to bank guarantee, we are sure to be of great assistance.
The UAE has four different types of banks. These types of banks include:
- Commercial banks
- Investment banks
- Industrial banks
- Islamic banks
Islamic banks are a type of bank that has grown in popularity. In recent years, UAE banks have worked to expand their banking services to consumers using Islamic financial requirements. This is important for the many Islamic citizens living in the country.
At the moment, there are 23 Islamic bank windows and 8 full-fledged Islamic banks in the nation. These institutions make up nearly 20% of the UAE’s banking sector.
Aside from Islamic banks in the nation, the UAE banks also cater to foreigners and international consumers. They have adopted several international regulations and offer all their banking services in both Arabic and English.
A few international regulations that UAE banks comply with include:
- International Accounting Standard
- International Financial Reporting Standards
- Capital Adequacy Regulations from the Basel III Regulations
Bank Account Opening
Business entities and high-net-value individuals from various nationalities strive to open a bank account in Dubai as well as in other parts of the UAE. There are numerous formalities to open a UAE business bank account. And we can help you identify the best business bank account in the UAE.
Opening bank account in Dubai through for non-residents or corporate entities becomes extremely easy. While bank account opening requirements can look complicated, We will aid you through the right banks in the region that offer low tariffs on banking facilities, simplified reporting system, high quality of services and competitive fees.
Bank Guarantee for Business Setup
A bank guarantee is given to a company or an individual regardless of the capacity, of the entity. Thus, a nominal understanding or fee is charged between the parties involved. Some business activities in the UAE require bank guarantees to make an investment or hold a working capital. We assist companies with a short-term bank guarantee facility that can be valid for 3 days to 10 days.
There are mainly two parties involved in the process of Bank Guarantee – Principal Debtor and Beneficiary for the bank. Vista Corporate Global Business Setup assist you by becoming an enacting principal debtor making you the beneficiary. Through this, we will enhance the creditworthiness of your company to secure a bank guarantee.