In order to shore up the UAE’s position as a primary destination for international investors, specialists (doctors, engineers, ….) and global talented students, a new system of entry visas for investors and professionals has been approved, with a long-term visa for up to 10 years.
In particular the system will grant investors and talents up to 10-year residency visas for specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators, entrepreneurs and innovators as well as five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students. This will give them the opportunity to study their practical options in the future.
The decision has been taken made during a council chaired by HH Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai at the Presidential Place in Abu Dhabi on Sunday; HH Lt. General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, and HH Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, were also present.
HH Sheikh Mohammad also directed the Ministry of Economy, in coordination with the concerned parties, to implement the resolution and follow up on its developments, and to submit a detailed study in the third quarter of this year.
The new visa system will increase the chances of attracting investors and competencies to the UAE and thus, further boost the country’s economic competitiveness globally. The global investors’ ownership of UAE-based businesses is expected to reach 100% by the end of the year.
One of the final tasks on the checklist after having set up your new business in the UAE is to get your corporate bank account.
Once you a valid license in the UAE (included Free Zones: but some banks – especially in Abu Dhabi) may not accept license coming from some Free Zones. Just few banks allow you to open a corporate bank account without visa.
UAE is home to a large number of highly reputable national and international banking institutions: for example, Emirates NBD and Abu Dhabi Commercial Bank are the largest two in the region and have a network of branches throughout the UAE. They, along with Mashreq Bank, Noor Bank, Abu Dhabi Islamic Bank, United Arab Bank, First Gulf Bank, and Commercial Bank of Dubai, offer all the services that you would expect from an international bank. Some international brands are also here, such as Standard Chartered, HSBC, Citibank and Barclays – all of which offer corporate bank account services for locally registered companies.
For opening the corporate bank accounts in Dubai, UAE, the requirements are:
- Passport copy of director and from the shareholder/s – if different
- VISA Resident copy of director and from the shareholder/s – if different
- The full set of the company incorporation documents. Normally these documents are:
· Memorandum and articles.
· Certificate of incorporation.
· Information on company shareholders – shareholders registry, company extract from the official companies registry, share certificate.
· Information on company directors – directors registry, company extract from the official companies registry.
· Certificate of good standing (confirmation that the company is in good state)
Moreover the banks require the information within its KYC policies (Know Your Customer Policy) means it would require the information on the type of the activities on the account and the source of funds.
Many bank accounts require a continuous minimum balance, anywhere from AED 10,000 all the way up to AED 1 million. You can ask for multiple currencies and sub-accounts; you will need to have that minimum balance on each account.
The application process usually takes between one and two weeks, depending on your chosen bank.
Contact us for more information.