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How to open a Mercury US bank account in United Arab Emirates

By Doola

Published on 1 Aug 2024 2 min read

Establishing a Mercury US bank account in the United Arab Emirates can provide convenient access to US financial services while residing abroad. This account offers features tailored for international banking needs, enabling seamless transactions and financial management across borders.

How to Open a Mercury US Bank Account in United Arab Emirates

If you are ready to apply for a Mercury US bank account in the United Arab Emirates, follow our step-by-step guide to get started quickly and easily.

Benefits of Opening a Mercury US Bank Account in United Arab Emirates

Opening a Mercury US bank account while residing in the United Arab Emirates provides a range of advantages. Firstly, it allows seamless international transactions, which is a critical benefit for businesses dealing with US clients or suppliers. You will also benefit from lower transaction fees and more favorable exchange rates compared to many local banks.

Additionally, having a US bank account through Mercury enhances your business’s credibility by providing a US-based financial presence. This can be particularly valuable when engaging with US-based investors or partners, thereby potentially fostering more trust and opportunities for growth.

Pros and Cons of Mercury US Bank Account in United Arab Emirates

There are several pros to using a Mercury US bank account from the United Arab Emirates. These include robust digital banking features, no minimum balance requirements, and the convenience of managing your account online. Additionally, Mercury provides excellent customer support focused on helping entrepreneurs.

However, there are a few cons to consider. Despite its many benefits, Mercury digital services might not fully replace the need for a local bank account for more localized transactions. Additionally, Mercury may have limitations on certain financial services that are more readily available at traditional banks.

How to Open a US Business Bank Account from United Arab Emirates

Opening a US business bank account while residing in the United Arab Emirates involves several steps. First, you need to establish a US-based business entity, such as an LLC or corporation. This can be done online with the help of services like doola, which simplify the process considerably. Once your business entity is established, obtaining an EIN (Employer Identification Number) from the IRS is crucial.

After receiving your EIN, you will need to gather required documents such as your passport, proof of address, and business formation documents. Then, you can apply for a Mercury US bank account online. The application process is straightforward, and approval is typically granted in a few days.

Compliance Considerations

When using a Mercury US bank account from the United Arab Emirates, it’s essential to stay compliant with both US and UAE banking regulations. Ensure you keep detailed records of all transactions and are aware of any reporting requirements. Compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations is especially important to avoid any legal issues.

Tax Obligations

Using a Mercury US bank account while residing in the United Arab Emirates will have tax implications in both countries. You need to understand your obligations under US tax law, including the potential for filing requirements even as a non-resident. It is advisable to consult with a tax professional familiar with international tax laws to ensure that you are meeting all necessary tax obligations and taking advantage of any applicable tax treaties.

Can I Apply for a Mercury US Business Bank Account from United Arab Emirates?

Yes, you can apply for a Mercury US business bank account from the United Arab Emirates. doola is happy to help you open your bank account via doola’s partnership with Mercury.

Mercury cannot currently open accounts for founders operating in the following countries and regions: Afghanistan, Albania, Belarus (Republic of Belarus), Bosnia & Herzegovina, Burundi, Cambodia, Cameroon, Central African Rep, Congo (the Democratic Republic of the), Congo (the), Croatia, Cuba (Republic of Cuba), Eritrea, Haiti, Iran (Islamic Republic of Iran), Iraq, Lebanon, Liberia, Libya, Mali, Mozambique, Myanmar (Burma), Nicaragua, Nigeria, North Korea (DPRK – Democratic People’s Republic of Korea), Pakistan, Palestine (State of), Philippines, Russia (Russian Federation), Somalia, South Sudan, Sudan (the), Syria (Syrian Arab Republic), Ukraine, Venezuela (Bolivarian Republic of), Yemen, Zimbabwe.