Opening a bank account in Ajman (United Arab Emirates) can be a seamless and straightforward process, suitable for both residents and non-residents. The financial sector in Ajman offers a robust banking system with an extensive range of services and facilities, making it an attractive choice for individuals and businesses alike.
| Remote opening |
Yes |
| Opening difficulty |
Simple |
| Currency |
Dirham (AED) |
| Minimum deposit |
Varies, depending on the bank and account type |
| Non-residents accepted? |
Yes |
Why choose a Bank in Ajman?
Opening a bank account in Ajman comes with several advantages, making it a popular choice for both individuals and businesses:
- Stable and well-regulated banking system.
- Wide range of banking services to cater to different needs.
- No personal income tax for individuals.
- Opportunities for foreign investments and business growth.
- Efficient and convenient digital banking facilities.
Disadvantages
While Ajman offers numerous advantages, it’s essential to consider some potential disadvantages:
- Some banks may have specific requirements for non-resident account holders.
- Currency exchange fees may apply for international transactions.
- Certain business activities may require additional approvals or permits.
Types of bank accounts in Ajman
Personal bank account
A personal bank account in Ajman allows individuals to manage their finances efficiently. Account holders can access a range of banking services, including savings accounts, current accounts, and electronic banking facilities.
Business bank account
For businesses operating in Ajman, a business bank account provides a dedicated platform to manage financial transactions, payroll, and other banking needs. It enables seamless local and international trade activities.
The banking sector in Ajman
The banking sector in Ajman is well-developed, transparent, and compliant with international standards. Compared to similar countries, Ajman’s banking system boasts stability, effective regulation, and a focus on providing innovative financial services. The attractive investment climate and business-friendly policies contribute to the growth of the banking sector.
Commercial banks in Ajman
-
- Ajman Bank
- Emirates NBD
- Mashreq Bank
- First Abu Dhabi Bank (FAB)
- Commercial Bank International (CBI)
- Abu Dhabi Islamic Bank (ADIB)
- Dubai Islamic Bank (DIB)
- Union National Bank (UNB)
- Standard Chartered Bank
- RAKBANK (Ras Al Khaimah National Bank)
How to open a bank account in Ajman
Requirements
Opening a bank account in Ajman typically requires meeting the following criteria:
- Valid identification documents, such as a passport or national ID card.
- Proof of address, which can be a utility bill or a residence permit.
- Minimum age requirement (usually 18 years old).
Required documents
When applying for a bank account in Ajman, individuals should provide the following documents:
- Passport with a valid visa, for non-residents.
- Emirates ID (if applicable).
- Proof of address, such as a utility bill or tenancy contract.
- Reference letter from an existing bank (for some accounts).
Steps
The steps to register a company in Ajman involve a systematic process to ensure compliance with legal requirements and obtain the necessary approvals:
- Choose the business activity and legal structure: Determine the nature of the business and select the appropriate legal entity, such as a Limited Liability Company (LLC) or Free Zone Company.
- Reserve the company name and obtain initial approval: Secure the desired company name and obtain preliminary approval from the Department of Economic Development (DED) or the relevant free zone authority.
- Prepare the required documents: Gather the necessary documents, including the Memorandum of Association, Articles of Association, and other relevant agreements or contracts.
- Submit the application and necessary documents to the Ajman Department of Economic Development (DED) or the relevant free zone authority: File the required paperwork and applications with the appropriate government entity for review and processing.
- Pay the required fees and obtain the final trade license: Upon approval of the application, pay the necessary registration and licensing fees to receive the final trade license.
- Register with the Chamber of Commerce and Industry: After obtaining the trade license, register the company with the local Chamber of Commerce and Industry to become a recognized legal entity.
- Open a corporate bank account to commence business operations: Once the company is registered and has obtained the necessary approvals, open a corporate bank account in Ajman to manage financial transactions.
- Fulfill any additional requirements based on the business activity: Depending on the nature of the business, certain industries or activities may have specific licensing or regulatory requirements that need to be addressed.
- Obtain necessary permits and approvals from relevant authorities, if applicable: Some business activities may require additional permits or approvals from sector-specific regulatory authorities.
- Commence business activities and maintain compliance with local regulations: After completing all necessary steps, the company is ready to start its operations while ensuring ongoing compliance with local laws and regulations.
Frequently asked questions
Can a non-resident open a bank account in Ajman (United Arab Emirates)?
Yes, non-residents can open a bank account in Ajman, making it convenient for international investors and business owners looking to access the UAE’s robust banking services and investment opportunities.
How long does it take to register a bank account in Ajman (United Arab Emirates)?
The time taken to open a bank account in Ajman can vary depending on the bank and the type of account requested. In general, the process is relatively quick and efficient, often taking a few days to a week for standard account types. However, more complex accounts or specific business requirements may take longer to process.
What are the legal requirements for company formation in Ajman?
The legal requirements for company formation in Ajman include several key elements that must be met to establish a business entity successfully:
- Determining the business activity and legal structure: Selecting the appropriate legal entity, such as an LLC, Free Zone Company, or Branch of a Foreign Company, based on the business activities and the level of ownership desired.
- Minimum share capital, if applicable: Some business entities, like an LLC, require a minimum share capital as a financial commitment to the company.
- Submitting the necessary documents to the Department of Economic Development (DED) or the relevant free zone authority: Providing all required documents, such as the Memorandum of Association, Articles of Association, and other relevant agreements.
- Obtaining approval from relevant authorities for specific business activities: Depending on the nature of the business, certain activities may require additional approvals or permits from sector-specific regulatory bodies.
- Renting office space or establishing a physical presence, if required: Some business entities may need to secure a physical office space to meet registration requirements.
- Complying with labor laws and regulations for hiring employees, if applicable: If the company plans to hire employees, it must adhere to local labor laws and fulfill related obligations.
- Obtaining relevant permits and licenses based on the business activity: Certain businesses may require additional licenses or permits from authorities related to the specific industry or activity.
- Maintaining accurate financial records and conducting audits, as required: Companies are required to keep proper financial records and may be subject to periodic audits to ensure compliance with accounting and taxation standards.
- Adhering to tax regulations and submitting regular financial reports: Companies must comply with local tax regulations and submit regular financial reports as required by law.
What is the corporate tax rate in Ajman?
Ajman is renowned for its tax-efficient environment, as it does not impose corporate income tax on businesses. This tax-free status makes it an attractive destination for companies seeking to benefit from a favorable tax regime.
How long does it take to register a company in Ajman?
The time required to register a company in Ajman can vary depending on several factors, including the business activity, legal structure, and the efficiency of the application process. In general, the registration process can take several weeks to complete. It involves the preparation and submission of documentation, review and approval by government authorities, and the issuance of the trade license. The exact timeline may also be influenced by the complexity of the business and the responsiveness of the applicant in providing necessary information.
What are the types of business entities available in Ajman?
Ajman offers various types of business entities to suit different needs and preferences of entrepreneurs:
- Limited Liability Company (LLC): An LLC allows a local or foreign investor to establish a company with limited liability. It requires a minimum of two shareholders and can conduct various business activities within Ajman.
- Free Zone Company: Setting up a company in one of Ajman’s free zones provides several advantages, including 100% foreign ownership, tax exemptions, and simplified company setup procedures. Free zone companies are ideal for businesses focusing on international trade and export-oriented activities.
- Branch of a Foreign Company: Foreign companies can establish a branch office in Ajman to conduct business activities within the UAE. This option allows the parent company to expand its presence in the region without creating a separate legal entity.
- Sole Establishment: This type of business entity allows an individual to operate a business in Ajman under their name. The individual assumes full liability for the company’s operations and debts.
- Professional Company: Professionals in various fields, such as law, engineering, or consulting, can set up a professional company in Ajman to offer their specialized services.
- The choice of business entity depends on factors such as the nature of the business, the level of ownership desired, and the business activities to be conducted.
