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How to eSign a document: online signature legitimateness for Banking in UAE

today I'm going to discuss what are the top five banks in Dubai in my opinion to manage your business and personal finances and what are some of the crucial mistakes I see people make when applying for bank [Music] accounts before we start my name is shazid and I have helped more than 100 entrepreneurs move to Dubai and save millions of dollars in taxes and through my videos you can learn how you can do the same so opening a bank account as part of your International tax relocation strategy is very important important when you start planting your seeds in Dubai along with getting a residency for yourself and your company of course you also need personal and business bank accounts so you can manage your money effectively from Dubai in this video I'll share with you what are the top five banks in Dubai to cater to all your financial needs starting with number one on the list is the Emirates NBD bank whether it's be business or personal banking Emirates NBD is of course the number one choice for many you can imagine the level of quality and efficiency and the service of this Bank from the fact that its ownership is the same as the world-renowned emit Airline em NBD is a government owned bank in Dubai and it's one of the largest banking group in the Middle East in terms of the assets along with its smooth branch operations mrnbd also has a really good online service and a userfriendly mobile app whenever our clients move to Dubai we usually help them open a bank account with mrnbd for their personal as well as their corporate banking on the corporate banking side msnb is a bit more selective about the clients that we work with the usually prefer a client with at least a few million dollars of net worth and those who are bringing significant amount of money when moving to the buy they also prefer businesses that are with steady flow of income in cases where our clients don't meet these requirements we assist them in opening a corporate bank account with Emirates Islamic Bank this is a bank that is part of the same group as the Emirates NBD bank but has much easier compliance and account opening requirements when it comes to corporate banking on number two we have the vi bank it's it's very similar to wise and revolute in Europe or Mercury Bank in the United States it's super easy to open and use the vi bank account especially for the when you compare it with the account opening process of Emirates NBD or em Islamic or any other bigger Banks we're getting a corporate account takes at least 30 to 45 days because of their strict Security checks and kyc requirements that known your customer however with the viewer back you can apply online right away and in just 3 to 4 days you'll know if you're approved or not and if you are approved you'll get your debit cards and checkbooks within 2 days after getting the approval it's very fast and convenient especially when you're just starting out your business in Dubai it also allows you to send and receive transfers directly in the US dollar euro or any other International currency in addition to your local theum this helps you do transactions worldwide be it personal or business without worrying what is the base currency for your account the online banking of VI bank is user friendly and offers a lot of unique features and benefits for both for personal and business accounts in addition to their 24/7 online support now number three on my list is masri Bank the bank is userfriendly and opening a personal account is super easy and also transferring large amounts to one or multiple beneficiaries is a relatively simple process with MRE Bank on the business side they also liked customers with a good profile but they aren't as selective as M NBD and it's relatively easier to get a bank account if you have a genuine business and enough funds to support that business as well one of the amazing features that masri bank offers is a cardless cash you can withdraw cash at any local ATM without a card by just logging into your mik mobile app the apps have everything you need to run an account without any hassle next on the list is the Fab bank or the first Abu Dhabi bank which is actually the parent company for V bank as well first Abu Dhabi bank is the largest bank in the UAE both in terms of assets and market capitalization and due to its large Network and contribution towards the society in terms of employ employment arts and culture and social responsibility this Bank plays a key role in the economy of the UAE it is also very good for opening and operating both personal and corporate Banks they offer several banking facilities such as personal banking Investment Banking Islamic Banking and private banking as well their online and Mobile Banking Solutions are also very smooth to operate last on my list is the rack bank or the rasela bank if you have complex situation such as you have a high-risk nationality that is not approved by other Banks or business activities that are hard for other Banks to handle Rock Bank is a good choice they're willing to work with clients who have genuine business structures and can accommodate for special needs as long as you can be a client in good standing now let's talk about what are the top factors to watch out for when opening a corporate bank account in the buy while establishing a company and obtaining a residency is a relatively easier process it's crucial to ensure you have both personal and corporate banking Arrangements in place and bank account application rejection can be a setback for your business operations which we want to avoid at all cost First let's talk about where or in which free zone your business is incorporated if you are in a well-known free zone in Dubai banks will see you as a serious client but if you are set up in the cheapest possible free zone just to save some money Banks might not take you as seriously your chosen business activities also play an important part in your banking application Banks wants to see that the activities selected are not high risk that they're beyond on the bank's risk profile as well as the choosen activities are matching the owner's previous work experience or the area of expertise that the owner hases like Canada Australia Europe or the UK you won't have any problems but if you are from what is classified as highis countries such as Sudan Iran Iraq North Korea or Russia it can be difficult to open bank accounts I won't say it's impossible but it takes longer to compare to people from countries with stronger passport that face less restrictions then comes your physical office space depending on the license activity and the bank you're dealing with they might ask you for a physical office space uh rather than the virtual one many of our clients use Virtual address provided by the free zone which usually works fine at least for the first year however some banks may require a physical address especially as they become more focused on compliance if that's the case and that bank is absolutely crucial for your International relocation strategy you will need to rent an office space and provide a proof of physical address to the bank but remember it all depends on your specific situation one more thing I've noticed is that having many partners in a company like four or five shareholders can make it really messy when it comes to applying for a business bank even if you are in a good free zone with a simple business model and the funding to back your business having multiple partners can complicate things because Bank wants to have a background check on all the partners to ensure that they're legitimate people and they're not taking too much risk the bank will ask for bank statements for each of the partners and the compliance process can drag on for months so my recommendation for my clients is usually that to start off with just one or two partners and the others can still be involved as directors or senior managers and this can make the banking process relatively smoother and easier so I'd suggest just starting the application with just one or two shareholders get through the compli process open your bank account and start using it for business transactions and then slowly build a good relationship with your bank manager during this time and once you have established trust with the bank you can introduce more partners and make changes to your shareholding structure and then go back to inform your bank about these changes and the bank will ask you for more documentation to update their records but it will not stop your business and banking operations another thing to consider is that if you're running an international Corporation and want to set up a subsidiary Branch under corporate ownership the bank will take some time because they need to verify the ultimate beneficiary owner details the bank wants to know about the company's ownership structure and who owns it and other related information and most of the documents that you submit to the bank in this case will need to be verified by the UE Embassy and the Ministry of Foreign Affairs in the relevant country so for example if the parent entity is based in London it would be the U Embassy in the UK and the Ministry of Foreign Affairs in the UK that are going to attest and verify all the documents that are submitting for your parent company to the branch entity in Dubai and this can result in substantial increase of time and cost for applying for a corporate bank account under your UE subsidiary but setting up a free zone company or banking is just one part of your overall Tax Freedom Journey moving to Dubai and navigating the exit tax system of your home country can be a hassle and if you don't know what you're doing and not to mention that you can make some costly mistakes so if you want me to explain the entire process to you and see if it makes sense in your case check out the first link in the description below where I break down my three-step tax Freedom blueprint and how it is helping my clients from Canada Australia UK and Europe save millions in taxes every year and if you want my help in doing the same for you and your business you can book a one-on-one call directly with me at setup hero.com call and we will get you started that's all for now and I will see you in the next [Music] video