Manage your finances well in Dubai
By setting up a free-zone company in Dubai, it is generally easier to establish a business bank account than with an offshore structure. This setup can also facilitate opening a personal account and accessing various investment solutions.
If you are considering relocating to the UAE in the coming months, banking and financial matters are naturally among the points to plan for before your move.
How to open a bank account in Dubai?
If you want to open a secret bank account for your offshore company, this will not be possible in Dubai and the United Arab Emirates: the rules have become stricter, and banks are much less willing to accept this type of account.
However, with a Free-zone company, you can open a business bank account in Dubai as well as a personal account in the UAE, provided you meet the bank's requirements.
Foreigners often turn to banks such as Mashreq, FAB, Emirates NBD, or CBD. The local banking system is modern and high-quality.
To open a personal account, you simply need to have a residence visa. You are not required to open this account with the same bank as your Free-zone company.
What banking services are available?
Credit and debit cards
Banks offer credit and debit cards for everyday and business needs.
Internet banking
An efficient internet banking service makes it easy to manage accounts remotely.
Bank loans
Credit offers can be particularly useful for financing the purchase of a car or property locally.
Investment advice
An advisor can assist you with certain transactions, including buying gold or choosing investments suited to your profile.
What investments can be made from the UAE?
Some investments must comply with the principles of Islamic finance. It is therefore recommended to contact your bank or Merritt to clarify the available options.
Actions
Stocks are among the investment options available to expatriates.
Gold purchase
Buying gold is also one of the available investment options.
Obligations
Bonds can be incorporated into an investment strategy based on your profile and objectives.
Investment funds
Investment funds are also among the solutions offered by banks and financial intermediaries.
Private Banking starting at USD 1,000,000 in assets
If the value of your assets exceeds USD 1,000,000, you can access your bank's Private Banking services.
This type of support notably provides more personalized guidance and recommendations tailored to your wealth management and financial strategy.
Do you have to go through an intermediary?
Manage your investments yourself
If you have a good understanding of the financial markets, you can manage your investments directly with the broker of your choice.
Go through your bank adviser
Your bank may offer you local stocks, funds, and bonds. For assets over USD 1,000,000, the Private Banking service can also assist you.
Engage an independent property manager
It is also possible to entrust management or advisory services to an independent fund manager.
Merritt can guide you
Merritt can recommend an independent bank, broker, or fund manager from among its partners to its clients, depending on their situation and needs.