Dubai enjoys a central location between Europe, Africa and Asia, making it as a prime business destination for a variety of sectors. It is one of the safest cities in the world. Dubai is well serviced by international and local financial institutions and is a leading commercial center with a state-of-the-art infrastructure and outstanding business environment.
Dubai’s highly regulated environment adheres to international best practices, while operating with zero personal and corporate tax rates, as well as 100% capital repatriation with no currency restrictions. This type of financial freedom is seldom found in such a highly developed business environment. Banks in Dubai are well known as being some of the leading financial institutions in the world, providing not only stability and excellent quality, but also complete confidentiality.
Dubai has over 50 commercial banks, 29 authorized custodians, and numerous licensed money service businesses. The Dubai Financial Services Authority and Central Bank of the United Arab Emirates are the financial services regulators in Dubai.
Laws and Regulations
Various departments of the Central Bank of the United Arab Emirates and the Dubai Financial Services Authority are responsible for regulatory oversight of the banking industry in the UAE. The scope of these regulatory mandates include domestic banks, foreign banks located in the UAE as well as finance house and other financial institutions, including financial advisory practices. They also supervise Treasury Operations, Accounts and Management Information, Capital Markets, Money Markets and Foreign Exchange, Certificates of Deposit, and Back Office Settlements.
Dubai is ranked at 16th position on the 2014 Financial Secrecy Index, which places it towards the top end of the secrecy scale. Dubai accounts for a large portion of the global market for offshore financial services, making it a medium sized player amongst secrecy jurisdictions, with a very high potential for further growth. About two thirds of the UAE’s income was non-oil related by the 1990’s and around the same time Dubai grew to become the largest free-trade zone in the world, from Europe to Singapore. It is estimated that in 2014 Dubai held over $700 billion in assets and deposits because of tight secrecy. Dubai does not disclose or prevent trusts and private foundations, does not maintain company ownership details on public record, nor require that company ownership details or financial information are publicly available online. Dubai is one of the leading banking jurisdictions worldwide, regarded as the most stable and confidential centre for making deposits or holding assets while playing a full-fledged part in the modern international financial community.
Dubai is a member of the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The SWIFT network is the safest and most secure system for financial transactions worldwide.
Registratour has a relationship with an extensive network of private and major banks in Dubai. All of the banks we refer our customers to offer a full international banking platform, with multi-currency accounts (£, €, $) as well as online banking and debit/credit cards, for both corporate and private bank accounts.
Once your order has been completed, you will be assigned a dedicated account manager that will guide you through the bank account opening procedure. Then, we will carefully select with you a bank from one of our leading partners, which perfectly fits your requirements like a tailored suit.
Which documents are needed to open a bank account?
As a general rule the bank asks for a certified passport copy of the shareholder(s) and director(s) (beneficial owners), a proof of address which must be less than three months old as well as a bank reference letter. If the client goes to the bank in person to open the account, a certified copy of the passport is not required.
We will send you the additional documents necessary for opening the account by email, as an attachment, for you to sign and return to us preferably by special courier ( DHL, FedEx), along with the other documents mentioned above.