How to open an account abroad for doing business?
In the life of a modern person, there can be many reasons that create the need to open a bank account outside the home state.
Someone chooses foreign banking groups to ensure the safety and growth of their financial assets, while someone needs a bank account to carry out commercial operations on the international market or to open a business abroad.
Also, the need to open a foreign bank account may be associated with frequent business trips, work, or training in a foreign country.
Account abroad, determined with the choice of country and institution
When deciding on the choice of the state where you can open a bank account, you should consider a number of criteria. First of all, it is necessary to take into account directly the very reason for opening a foreign bank account. Why do you need a bank account, and what requests should it satisfy.
If you are considering the opportunity to open an account abroad as an effective tool for the accumulation and preservation of assets, it is important to pay attention to the economic situation in the country and the prospects for further development. It is no secret that the banking sector is closely connected with the country’s economy, if significant investments come into the local economy and the various market segments are actively developing, this can serve as a guarantee of the safety of your capital.
Along with economic stability, the political situation and the position of the state in relation to private business are of no small importance. Opening an account in various jurisdictions involves both limitations and additional features.
If everything is quite simple with the definition of a country, then the choice of a banking institution directly abroad should be taken with special care. Indeed, your capabilities and the safety of financial resources directly depend on your choice.
Choosing the appropriate banking institution should pay attention to the following indicators:
The international reputation of the bank, ratings of deposit reliability and prestige;
Bank institution requirements for a minimum account balance;
The range of banking services and additional features;
Bank rates and the annual cost of servicing a personal account;
Opportunities for the deposit of tangible assets and financial assets;
Issue of international payment cards (debit, credit cards);
Availability of developed banking infrastructure (representative offices and ATM network);
Opportunities for remote access via the Internet and the cost of related equipment (stand-alone terminal and digital key).
Each individual banking institution may have different requirements for registering a bank account. If the applicant must have a personal presence in the territory of one state, then this is not required in other jurisdictions.
The same applies to the timing of opening a bank account abroad. It depends on the chosen bank and its domestic policy. On average, such a bank account registration can take no more than one working week from the moment of submitting the necessary documentation and filling out the application form.
Consider opening a bank account in the United Arab Emirates. After all, this state annually attracts millions of entrepreneurs, foreign investors, labor immigrants and just tourists from all over the world.
How to open an account in the UAE – features of the procedure
Speaking about the banking sector of the United Arab Emirates, it should be noted that this is a modern financial system that meets all international standards of service. Almost every banking institution represented in the Emirates has stable financial instruments and has the best international recommendations.
It is no secret that in recent years the economy of the Emirates has made a rapid leap forward and has earned the recognition of the entire world community. And leading international banking groups cannot ignore this fact. This is reflected in the increased interest of large foreign banks in the financial market of the United Arab Emirates. Today, a bank account in Dubai is not only an opportunity to use the most advanced financial instruments, it is a sign of respectability and success of international business.
A bank account in Dubai can be opened even by foreign citizens who do not have tax resident status. Current legislation allows the possibility of opening an account in the UAE without being a citizen of the country. This category of accounts has some limitations, which nevertheless do not impede the full use of a personal bank account. Persons who do not have resident status are not provided with check bank books, and credit cards are issued only if there is a mandatory bank deposit.