How property investors can open a bank account in Dubai?
Dubai is now a major destination of choice for property and business investment. Home to some of the world’s largest and profitable real-estate market, it is fast gaining a lot of prominence of late.
On account of the consistent returns and good value for money, property investors across the globe are lining up to buy property spread across several locations in Dubai. However, certain protocols must be followed, while looking forward to purchasing a property in Dubai.
Right before making the purchase, it is essential to open a bank account. This is necessary, as it becomes necessary to produce the manager’s cheque and for the transfer of amount, in a bid to complete the property transaction.
Procedure to open a bank account for investment in Dubai
In the context of Dubai property investment, there are 3 distinct ways to open a bank account.
- Non-residential personal bank account in Dubai for property investment
- Resident personal bank account in Dubai for property investment
- Offshore company bank account in Dubai for property investment
Non-Residential Bank Account for Dubai Property Investment
When it comes to opening the bank account for the non-residential person, certain documents must be provided. These include:
- Copy of passport with UAE entry page stamp
- Bank statement details for the last 6 months from the country of origin or anywhere in the world
- Personal profile/CV of the applicant
- Copy of sale-purchase agreement of property/property sale contract between buyer& seller/investor
- Copy of the utility bill of the applicant showing the proof of address
- Company legal documents showing proof of ownership( in case the applicant owns any company in the UAE or outside the UAE
- Bank statements for the last 3 months from the company owned by the applicant
Residential Bank Account for Dubai Property Investment
As far as the documents required for opening a residential bank account for Dubai property investment is concerned, one needs to provide the following:
- Copy of passport with UAE resident visa page
- Emirates ID card of the desired applicant
- Utility bill with proof of address
- Salary Slip from the company (if the applicant is an employee)
- Last three months bank statement of the company (Only If the applicant owning company in UAE/ outside UAE)
- Copy of company legal documents showing proof of ownership (Only if the applicant owning company in UAE / outside UAE )
- Personal Profile / CV of the applicant /
- Copy of sale-purchase agreement of property/ property sale contract between buyer & seller /investor (Signed is preferable)
- NOC from the employer ( if the applicant is an employee of a company in UAE)
- Legal documents of the employer company ( Only if the applicant is an employee of any company in UAE)
Offshore Bank Account for Dubai Property Investment
Regarding the documents required for opening an offshore bank account, with the aim to purchase a property in Dubai is concerned, it involves the following:
- Copy of Certificate of Incorporation
- Copy of Memorandum/ Article of Association
- Copy of Good Standing Certificate
- Copy of Incumbency Certificate ( if required)
- Copy of passport with UAE entry page stamp company owner/shareholders/company legal representative
- Copy of UAE residency visa page (Only if the company owner/shareholders/ company legal representative is holding UAE Visa)
- Copy of Emirates ID (Only if the company owner/shareholders/ company legal representative is holding UAE Visa)
- Last six months personal bank statement of company owner/shareholders/ company legal representative from the country of origin or anywhere in the world
- Last three months bank statement of the company (Only If the applicant owning company in UAE/ outside UAE)
- Personal profile of shareholder / legal representative
- Brief profile of the holding company and business activity of the company
- List of few clients ( if any )
- Name of the countries the holding company deals with
Conclusion:
The process of opening a bank account, especially with the intention to invest in property is not that difficult. Yes, it is a bit tedious, but then it opens up a whole new opportunity. Besides, Dubai is a major business and tourist hub and one should not miss the chance of a lifetime to secure a property in this prime destination.