Fees for opening bank accounts in the UAE and other international financial centres?
Ras Al Khaimah / Dubai Bank Account
Opening of UAE corporate account for a foreign entity – a Cyprus, Maltese or Seychelles company or other offshore or foreign company:
On hourly charge of $195 / hour and minimum fee USD$ 1.900
However it is not recommended (preferable to open a new UAE company with a bank account – $345):
- Banks and authorities are suspicious of foreign companies with no business activities in the UAE and the compliance / control is stricter
- Because the UAE do not recognise the Hague Convention and as a result do not accept international certifications for documents by apostille and the certification procedure is expensive and time consuming (certification of each document by the Ministry of Foreign Affairs and UAE Embassy and then Ministry of Foreign Affairs in Dubai! The cost amounts to a few thousand euros)
- If the company is old and needs audited financial statements and timely review for its affairs. Also for reasons of protection from money laundering, the restraints of Islamic law and their image, the authorities of the Emirates actively refrain and thus we recommend instead the opening of a Ras Al Khaimah company with bank account
Opening of personal bank account (natural persons):
- Banks and authorities are suspicious of foreign individuals with no personal interests in the UAE (e.g. real estate) or business interests (UAE company) and the compliance / control is stricter.
- But also see above for complicated / costly document certification or need to personally travel to Dubai we we can introduce you to the bank’s officers.
- Simpler and more economical is the opening of a Ras Al Khaimah company with bank account.
Virtual office service (phone answering in the name of the company, receipt of mail and much more) and physical office – for information and fee quotes please contact us
Relocation support services for natural persons – for information and fee quotes please contact us