International financial experts agree that banking sector in the UAE has coped with fluctuations in the financial market. The sector has successfully overcome financial crisis that affected the banks around the world. Current banking system of the Emirates meets the highest international standards, and introduces the most advanced technologies.
Annual reports of banks in the United Arab Emirates have shown good results and actual increase of banking indicators. All of the aforesaid is confirmed by high liquidity ratios of banks UAE, sufficiency of financial reserves and excellent capital strength. As for the value of assets available the banking system of the United Arab Emirates has been holding a leading position in the world.
A good example of the Emirate with developed regional banking structure is the Emirate Ras Al Khaimah where all the major local and overseas banks are represented.
Each of the local banks is ready to offer its customers competitive prices and high standard of services.
Banks of the Emirate Ras Al Khaimah
Banks of Ras al Khaimah have quite reasonable documentation requirements for opening bank account. The business of banks is performed in strict compliance in accordance with applicable laws and international standards.
The Central Bank of the Emirate of Ras Al Khaimah - RAK Bank or National Bank of Ras Al-Khaimah, which is the largest regional banking institution with branches in a number of countries. The bank delivers a full range of modern financial instruments for investment purposes in the Emirates. Furthermore, the residents of the country may access different credit and mortgage programs.
Regional office of the National Bank of Abu Dhabi is also located in the capital of the Emirate Ras Al Khaimah. As for the level of reliability of deposits this bank has been included in top 50 banks subject to the rating conducted by renowned international journal Global Finance.
It should be noted that local banks are actively involved in investment projects and express willingness to sponsor international sporting events.
In general, the banking system of the Emirate Ras Al Khaimah provides the following services and benefits:
- Modern banking system, including online access and credit cards;
- No foreign exchange control;
- No tax on bank dividends;
- Large range of modern financial instruments and investment solutions (financial assets, investment funds, etc.);
- Wide range of credit facilities.
The absence of tax on dividends and other income received allows foreign nationals to optimize tax payments in their home country. This is possible thanks to bilateral international agreements designed to avoid double taxation.
In addition, customers of banks in the UAE may rely on total confidentiality of banking information. Furthermore, customers may enjoy confidentiality of information relating to bank transfers and ultimate beneficiaries of the accounts. It should be noted that local financial institutions do not provide information requested by foreign law enforcement agencies. Confidentiality and bank secrecy policy here is one of the strictest in the region.
Please note that local banks will not meticulously investigate your credit history in other states. However, if you once fail to pay your obligations owed to local banks, the banks may abstain from delivering any further services to you. As for standard practices here, financial and credit obligations are to be covered on time.
Ras Al Khaimah - Corporate Banking
Companies operating in the market of the United Arab Emirates may opt for the following corporate banking services:
- Operational opening of corporate bank accounts;
- Cheque books and corporate debit cards;
- Electronic and telephone banking;
- Other types of private and corporate banking services.
Banking system of the Emirate Ras Al Khaimah applies relatively simple procedure for opening a bank account. Unlike other similar offshore jurisdictions, the banks of the Emirate Ras Al Khaimah offer a simple procedure for opening an account - you should complete a standard form and enclose relevant documents.
As for the term of opening a bank account it may take from three business days for individual, and from seven business days for legal persons.
Ras Al Khaimah - corporate bank account
The service relating to opening bank account in banks of the Emirate Ras Al Khaimah is available to both individuals and legal entities. Corporate bank account may be opened by the following legal persons:
- Onshore companies registered in FTZ Ras Al Khaimah;
- Offshore companies registered in FTZ Ras Al Khaimah.
- Onshore and offshore companies registered in other Emirates of the UAE.
- Overseas companies.
There is no prerequisite relating to availability of resident status for opening corporate bank account. When choosing banking institution it is important to identify needs of your business. It is recommended to pay attention to the following factors:
- Minimum threshold for opening bank account;
- List of banking services and online access;
- Current bank fees.
To open corporate bank account in the banks of Ras Al Khaimah, you shall submit the following documentation:
- Color copies of passports of managers and shareholders of the company;
- Bank statement for previous six months, and reference letter;
- Brief description of business, including information regarding authorized capital, planned turnover, suppliers and customers, etc.;
- Summary containing description of skills and experience of managers and shareholders.
The procedure of opening bank account is not very complicated in the Emirate of Ras Al Khaimah, provided, however, that all relevant requirements are complied. If you face any problems or have questions, we would be pleased to help you and provide maximum assistance. Please feel free to contact our experts team.
