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Key information and main requirements:
- the bank is headquartered in Ajman, with branches all over the UAE;
- the bank opens savings (deposit) and business accounts;
- the bank only opens accounts to local companies: LLC, Free Zone Company, UAE offshore companies; personal accounts for residents and non-residents;
- the account opening timeframe - case by case (please ask your consultant);
- the minimum balance of account is AED 25 000* (~USD 6 806) for companies and AED 3 000* (~USD 817) for personal accounts;
- the beneficial owner must visit the UAE for account opening;
- USD payments are possible;
- the bank issues bank cards;
- pre-approval procedure: a positive answer means that the account is most likely to be opened;
- the fee for transfer is AED 80 * (~USD 21);
- the account maintenance fee is charged if the account drops below the minimum balance and is AED 25 (~USD 7) per month;
- online banking in English
* These fees are indicative and may vary depending on the banking package chosen by the client
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Bank's characteristics
General information and rating
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Global rating
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Credit rating
Not rated
Not rated
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N/R
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Year of foundation
2007
History
Founded in 2007. Bank shares were listed on the Dubai Financial Market in 2008. Two branches of the bank were officially opened in Ajman in 2009. The bank now has branches and ATMs throughout the UAE. Its headquarters are located in Ajman
Personnel
The staff speak English
Bank’s shareholders
25% is owned by the Ajman government, other founding shareholders include leading financial institutions and individuals from the UAE. Bank’s shares are listed on the Dubai Financial Market
Confidentiality
AML legislation is strictly observed
Minimum requirements
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Minimum balance, €
Transactions permitted per month
Initial deposit of funds, €
Deadline for the initial deposit, month
Minimum turnover, €/year
6 100
No restrictions
6 100
0
No restrictions
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Minimum balance, €
The minimum balance of account is AED 25 000 (~EUR 6 100) for companies and AED 3 000 (~EUR 732) for personal accounts
Transactions permitted per month
There are no restrictions on the number of transactions
Initial deposit of funds, €
The initial deposit equals the minimum balance
Deadline for the initial deposit, month
The initial deposit is made at the time of opening the account
How fast payments are executed
The payments are executed same day
Tariffs and services
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Outcoming transfer, €
Incoming transfer, €
Account maintenance, €/year
Payment limit for credit cards, €/day
Funds to be blocked for CC issue, €
20
0
0
N/A
N/A
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Outcoming transfer, €
The fee for transfer is AED 80
Incoming transfer, €
No fees are charged on incoming transfers
Account maintenance, €/year
The account maintenance fee is charged if the account drops below the minimum balance and is AED 25
Distant access to the account
Online banking in English
Financial products
The bank offers a wide range of banking and financial services, including bank accounts for corporate and individual clients, private banking, asset management, investments, and loans
Credit/debit cards
Both credit and debit cards are available
Account opening procedure
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Days to open for incoming transfers
Days to open for outcoming transfers
References
Business description
Purpose of the account
case by case
case by case
Not necessary
Detailed
Savings & current
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Visit to the bank
The beneficial owner must visit the country for account opening
Required
For a corporate account: completed bank questionnaires for the company and owner; bank statements from the company account for the last 6 months (if the company is new, then bank statements from the owner’s other company account); copies of existing contracts with partners; office lease contract, cash flow chart, ownership structure chart, etc.
For a personal account: proof of identity (passport); proof of address (not older than 3 months); Resident Visa; CV; bank reference letter + bank statements for the last 6 months.
The list is not exhaustive. The bank may request any other documents and information.
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