Setting up an offshore bank account in Dubai is a viable option for companies who are situated outside Dubai. The economic stability of the UAE and its regulated banking and financial services sector are major reasons behind companies willing to set up offshore banking accounts. Yet, there are a few conditions that must be kept in mind at all times.
Key aspects to keep in mind for Open an Offshore Bank Account in UAE
- If a person is the owner or part owner of offshore or onshore company, then he/she can set up a corporate banking account.
- If a person is a non-resident or resident, then he/she can open a private bank account.
- There are few limitations imposed on offshore banking activities by financial institutions in the UAE.
- There is full privacy of confidential information of clients.
- There are zero taxation charges for offshore companies and each client benefits from optimization of taxes.
Requirements for setting up offshore banking account in UAE
- Presence of shareholder company is needed for application process.
- A bank representative will either meet the client in his/her native country or the client may visit the foreign branch of the UAE bank in another branch for verifying personal identity.
- Passport copy of shareholder with stamp of entry into United Arab Emirates.
- Copy of main pages of MD’s passport if he/she is not a shareholder.
- Company License.
- CV of shareholders, reference letter from business partners, Memorandum and Articles, existing contracts, company structure tree diagram on letterhead, certificate of good standing and other documents may be needed.
- KYC (know your customer) policies of the bank should be considered for individuals creating offshore accounts. Due diligence will be conducted for offshore accounts.
- The application form will be filled up correctly and all documents should be provided.
- The account opening procedure may vary between some days to 2-3 weeks. Offshore account creation may require more time owing to financial compliance requirements and approval of the management.
- Fees charged will be quite competitive and rates of interest may be higher in some cases.
- Account holders may use online banking facilities.
The procedure of account opening will vary from one financial institution to another. With assistance from GCC Filings, setting up an offshore bank account will not be a difficult task.