A guide to Jersey Economic Substance Requirements (2021 updates)
An ultimate guide to Jersey's economic substance not only for business owners in Jersey but also for those who are thinking about incorporating one.
Ras Al Khaimah is one of seven emirates constituting the United Arab Emirates (UAE).
The UAE has a stable and well-regulated banking sector. The country has built and maintained its status as the financial hub in the Middle East and the world’s leading financial centre.
The Central Bank of UAE takes main responsibilities for overseeing, developing and maintaining the soundness of the financial system. Specifically, the Banking Supervision Department will control over licensing of financial institutions, issue and make changes to legislation for effective management, enforce compliance by regulated entities.
The banking sector in the UAE is believed to be overcrowded by domestic and large international banks in comparison with population size. At March 2019, there are 22 national banks and 27 foreign commercial banks, totaling up to 60 licensed banking institutions with more than 800 branches of which domestically owned banks dominates the industry with over 85% and 90% in terms of gross sector assets and network coverage, respectively.
UAE banks follow the modern banking model with the utilization of technology advancement i.e. AI, Blockchain, banking automation… Moreover, there is no foreign exchange control, so funds can be easily moved in and outside the country. Accounts opened within UAE banks will be provided with a unique IBAN for international fund transfer.
Wonder which can be the best bank for your Ras Al Khaimah company? Let's find out with our Banking Tool.
|Country||Bank||Online Banking||Personal Visit||Credit Card||Debit Card||Intial Deposit|
**Initial deposit is often blocked in offshore bank account; if so, this amount is often small.
However, banks in Hong Kong and Singapore do not freeze this amount, so you can use it freely. But you will be charged additional fee by not maintaining your account above min balance.
Need more references? Here is a Banking Tool to make your decision easier!
The below list shows general documents required by most banks. Additional documents might be needed depending on your case, so you might consider contacting us to get more details.